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Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The amortized cost and fair value of securities available-for-sale at December 31, 2019 and 2018 are summarized as follow (in thousands):
|  | December 31, 2019 |  |  |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Government-sponsored enterprises (GSEs) |  | $ | 19,015 |  |  | $ | 41 |  |  | $ | (56) |  |  | $ | 19,000 |
Municipal securities |  | 63,792 |  |  | 618 |  |  | (19) |  |  | 64,391 |
Other debt securities |  | 3,481 |  |  | 22 |  |  | (33) |  |  | 3,470 |
Mortgage-backed securities (GSEs) |  | 91,531 |  |  | 382 |  |  | (426) |  |  | 91,487 |
Total |  | $ | 177,819 |  |  | $ | 1,063 |  |  | $ | (534) |  |  | $ | 178,348 |
|  | December 31, 2018 |  |  |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Government-sponsored enterprises (GSEs) |  | $ | 44,117 |  |  | $ | 12 |  |  | $ | (626) |  |  | $ | 43,503 |
Municipal securities |  | 55,248 |  |  | 276 |  |  | (363) |  |  | 55,161 |
Other debt securities |  | 977 |  |  | — |  |  | (67) |  |  | 910 |
Mortgage-backed securities (GSEs) |  | 103,875 |  |  | 153 |  |  | (1,914) |  |  | 102,114 |
Total |  | $ | 204,217 |  |  | $ | 441 |  |  | $ | (2,970) |  |  | $ | 201,688 |
The amortized cost and estimated market value of securities at December 31, 2019, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 3,292 |  |  | $ | 3,290 |
Due from one year to five years |  | 11,015 |  |  | 10,962 |
Due from five years to ten years |  | 12,514 |  |  | 12,569 |
Due after ten years |  | 59,467 |  |  | 60,040 |
|  | 86,288 |  |  | 86,861 |
Mortgage-backed securities |  | 91,531 |  |  | 91,487 |
Total |  | $ | 177,819 |  |  | $ | 178,348 |
The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of December 31, 2019 and 2018 (in thousands):
|  | As of December 31, 2019 |  |  |  |  |  |  |  |  |  |
|  | Less than 12 Months |  |  |  | 12 Months or Greater |  |  |  | Total |  |
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Government- sponsored enterprises (GSEs) |  | $ | 2,972 |  |  | $ | (43) |  |  | $ | 5,987 |  |  | $ | (13) |  |  | $ | 8,959 |  |  | $ | (56) |
Municipal securities |  | 3,656 |  |  | (16) |  |  | 527 |  |  | (3) |  |  | 4,183 |  |  | (19) |
Other debt securities |  | — |  |  | — |  |  | 947 |  |  | (33) |  |  | 947 |  |  | (33) |
Mortgage-backed securities (GSEs) |  | 13,208 |  |  | (194) |  |  | 19,988 |  |  | (232) |  |  | 33,196 |  |  | (426) |
Total |  | $ | 19,836 |  |  | $ | (253) |  |  | $ | 27,449 |  |  | $ | (281) |  |  | $ | 47,285 |  |  | $ | (534) |
|  | As of December 31, 2018 |  |  |  |  |  |  |  |  |  |
|  | Less than 12 Months |  |  |  | 12 Months or Greater |  |  |  | Total |  |
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Government- sponsored enterprises (GSEs) |  | $ | 14,763 |  |  | $ | (237) |  |  | $ | 13,728 |  |  | $ | (389) |  |  | $ | 28,491 |  |  | $ | (626) |
Municipal securities |  | 16,455 |  |  | (150) |  |  | 4,767 |  |  | (213) |  |  | 21,222 |  |  | (363) |
Other debt securities |  | — |  |  | — |  |  | 910 |  |  | (67) |  |  | 910 |  |  | (67) |
Mortgage-backed securities (GSEs) |  | 10,516 |  |  | (155) |  |  | 69,884 |  |  | (1,759) |  |  | 80,400 |  |  | (1,914) |
Total |  | $ | 41,734 |  |  | $ | (542) |  |  | $ | 89,289 |  |  | $ | (2,428) |  |  | $ | 131,023 |  |  | $ | (2,970) |
At December 31, 2019, the categories of temporarily impaired securities in an unrealized loss position twelve months or greater are as follows (dollars in thousands):
|  | Gross Unrealized Loss |  | Number of Securities
U.S. Government- sponsored enterprises (GSEs) |  | $ | (13) |  |  | 2 |
Municipal securities |  | (3) |  |  | 1 |
Other debt securities |  | (33) |  |  | 1 |
Mortgage-backed securities (GSEs) |  | (232) |  |  | 31 |
|  | $ | (281) |  |  | 35
The Company reviews the securities portfolio on a quarterly basis to monitor its exposure to other-than-temporary impairment. A determination as to whether a security's decline in fair value is other-than-temporary takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Company may consider in the other-than-temporary impairment analysis include the length of time and extent to which the security has been in an unrealized loss position, changes in security ratings, financial condition and near-term prospects of the issuer, as well as security and industry specific economic conditions. Based on this evaluation, the Company concluded that any unrealized losses at December 31, 2019 represented a temporary impairment, as these unrealized losses are primarily attributable to changes in interest rates and current market conditions, and not credit deterioration of the issuers. As of December 31, 2019, the Company does not intend to sell any of the securities, does not expect to be required to sell any of the securities, and expects to recover the entire amortized cost of all of the securities. Sales and redemption of available-for-sale securities for the years ended December 31, 2019 and 2018, were as follows (in thousands):
|  | 2019 |  | 2018
Proceeds from sales and redemption |  | $ | 32,070 |  |  | $ | 75,625 |
Gains realized |  | 35 |  |  | 1 |
Losses realized |  | 1 |  |  | 0 |
Securities with a carrying value of $92.3 million and $103.7 million at December 31, 2019 and 2018, respectively, were pledged to secure various deposits, securities sold under agreements to repurchase, as collateral for federal funds purchased from other financial institutions and serve as collateral for borrowings at the Federal Home Loan Bank. Restricted Investments: Our other investments consist of Restricted non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of December 31, 2019, the Company determined that there was no impairment on its other investment securities. The following is the amortized cost and carrying value of other investments (in thousands):
|  | As of December 31, |  |  |
|  | 2019 |  | 2018 |
Federal Reserve Bank stock |  | $ | 7,917 |  |  | 7,010 |  |
Federal Home Loan Bank stock |  | 4,646 |  |  | 4,139 |  |
First National Bankers Bank stock |  | 350 |  |  | 350 |  |
|  | $ | 12,913 |  |  | $ | 11,499 |  |

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