MARKETABLE SECURITIES

ASC Topic 320, “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:



($ in thousands)		September 30, 2019				December 31, 2018
Marketable Securities:	Fair Value Hierarchy	Cost		Fair Value		Cost		Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	748	$	747	$	250	$	248
with unrecognized losses for more than 12 months		805		804		3,861		3,812
with unrecognized gains		2,299		2,305		—		—
Total Certificates of deposit	Level 1	3,852		3,856		4,111		4,060
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		6,615		6,611		3,112		3,105
with unrecognized losses for more than 12 months		2,659		2,658		23,564		23,415
with unrecognized gains		14,058		14,076		3		4
Total U.S. Treasury and agency notes	Level 2	23,332		23,345		26,679		26,524
Corporate notes
with unrecognized losses for less than 12 months		2,003		2,002		13,696		13,665
with unrecognized losses for more than 12 months		1,670		1,669		12,542		12,431
with unrecognized gains		13,466		13,493		—		—
Total Corporate notes	Level 2	17,139		17,164		26,238		26,096
Municipal notes
with unrecognized losses for less than 12 months		—		—		2,994		2,982
with unrecognized losses for more than 12 months		—		—		4,116		4,087
with unrecognized gains		3,046		3,058		—		—
Total Municipal notes	Level 2	3,046		3,058		7,110		7,069
		$	47,369	$	47,423	$	64,138	$	63,749

The Company evaluates its securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, the Company's intention not to sell the security, and the Company's assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. The Company will then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss, which is recognized through other comprehensive income. At September 30, 2019, the fair market value of investment securities was $54,000 above their cost basis. The Company’s gross unrealized holding gains equaled $63,000 and gross unrealized holding losses equaled $9,000. The Company has determined that any unrealized losses in the portfolio were temporary as of September 30, 2019. As of September 30, 2019, the adjustment to accumulated other comprehensive loss reflected an improvement in market value of $443,000, including estimated taxes of $93,000.

The following tables summarize the maturities, at par, of marketable securities as of:



	September 30, 2019
($ in thousands)	2019		2020		2021		Total
Certificates of deposit	$	1,801	$	2,049	$	—	$	3,850
U.S. Treasury and agency notes	9,235		13,641		500		23,376
Corporate notes	2,558		14,185		400		17,143
Municipal notes	1,050		2,000		—		3,050
	$	14,644	$	31,875	$	900	$	47,419



	December 31, 2018
($ in thousands)	2019		2020		2021		Total
Certificates of deposit	$	2,311	$	1,799	$	—	$	4,110
U.S. Treasury and agency notes	17,574		9,174		—		26,748
Corporate notes	18,671		7,150		400		26,221
Municipal notes	5,111		2,000		—		7,111
	$	43,667	$	20,123	$	400	$	64,190

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.