The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2020 and December 31, 2019 were as follows:

(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations.

The Company’s investment securities are classified as available for sale. Agency bonds and notes, Small Business Administration guaranteed loan certificates (SBA), residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises.

Debt securities with carrying values aggregating approximately $152.1 million and $139.8 million at June 30, 2020 and December 31, 2019, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law.

The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2020, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.


	Amortized		Fair
(in thousands)	Cost		Value
Due in one year or less	$	6,218	$	6,252
Due after one year through five years		21,060		21,312
Due after five years through ten years		46,565		47,482
Due after ten years		21,781		22,103
Total		95,624		97,149
Mortgage-backed securities		92,559		94,887
Total available-for-sale securities	$	188,183	$	192,036

Other securities

Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in Federal Home Loan Bank (FHLB) stock, and Midwest Independent Bank (MIB) bankers bank stock, that do not have readily determinable fair values, are required for membership in those organizations.


	June 30,		December 31,
(in thousands)	2020		2019
Other securities:
FHLB stock	$	6,811	$	5,644
MIB stock		151		151
Equity securities with readily determinable fair values		14		13
Total other investment securities	$	6,976	$	5,808

Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2020 and December 31, 2019 were as follows:


	Less than 12 months				12 months or more				Total		Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses		Value		Losses
At June 30, 2020
U.S. government and federal agency obligations	$	596	$	(3)	$	1,481	$	(11)	$	2,077	$	(14)
Obligations of states and political subdivisions		774		(1)		—		—		774		(1)
Mortgage-backed securities		1		—		285		(3)		286		(3)
Bank issued trust preferred securities		—		—		1,207		(279)		1,207		(279)
Total	$	1,371	$	(4)	$	2,973	$	(293)	$	4,344	$	(297)

(in thousands)
At December 31, 2019
U.S. government and federal agency obligations	$	6,238	$	(69)	$	1,809	$	(8)	$	8,047	$	(77)
U.S. government-sponsored enterprises		5,949		(47)		7,488		(11)		13,437		(58)
Obligations of states and political subdivisions		10,729		(53)		1,931		(6)		12,660		(59)
Mortgage-backed securities		5,444		(37)		40,120		(391)		45,564		(428)
Bank issued trust preferred securities		—		—		1,310		(176)		1,310		(176)
Total	$	28,360	$	(206)	$	52,658	$	(592)	$	81,018	$	(798)

The total available for sale portfolio consisted of approximately 316 securities at June 30, 2020. The portfolio included 14 securities having an aggregate fair value of $4.3 million that were in a loss position at June 30, 2020. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $3.0 million at fair value at June 30, 2020. The $297,000 aggregate unrealized loss included in accumulated other comprehensive loss at June 30, 2020 was caused by interest rate fluctuations.

The total available for sale portfolio consisted of approximately 322 securities at December 31, 2019. The portfolio included 128 securities having an aggregate fair value of $81.0 million that were in a loss position at December 31, 2019. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer had a fair value of $52.7 million at December 31, 2019. The $798,000 aggregate unrealized loss included in accumulated other comprehensive loss at December 31, 2019 was caused by interest rate fluctuations.

Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at June 30, 2020 and December 31, 2019, respectively. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date, or if market yields for such investments decline. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities.

The table presents the components of investment securities gains and losses, which have been recognized in earnings:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment securities gains, net
Available for sale securities:
Gains realized on sales	$	6	$	—	$	6	$	—
Losses realized on sales		—		—		—		—
Other-than-temporary impairment recognized		—		—		—		—
Other investment securities:
Fair value adjustments, net		1		—		—		1
Investment securities gains, net	$	7	$	—	$	6	$	1

During the three and six months ended June 30, 2020, the Company received $808,000 and $1.5 million proceeds from the sale of available for sale debt securities and recognized a $6,000 gain in both periods presented. There were no securities sales during the three and six months ended June 30, 2019. The Company recognized an immaterial unrealized gain during the three and six months ended June 30, 2020 and for the three months and six months ended June 30, 2019 related to equity securities.