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Investment in Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment in Securities | Note 3 Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale at December 31, 2019 and 2018 are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The table below presents the balances of securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows:
|  | December 31, 2019
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 310,720 |  | $ | 13,727 |  | $ | — |  | $ | 324,447
U.S. government agencies |  |  | 97,380 |  |  | 507 |  |  | 169 |  |  | 97,718
Certificates of deposit |  |  | 500 |  |  | — |  |  | — |  |  | 500
Total |  | $ | 408,600 |  | $ | 14,234 |  | $ | 169 |  | $ | 422,665
|  | December 31, 2018
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 332,732 |  | $ | 3,791 |  | $ | 1,806 |  | $ | 334,717
U.S. government agencies |  |  | 106,153 |  |  | 86 |  |  | 1,417 |  |  | 104,822
Certificates of deposit |  |  | 1,995 |  |  | — |  |  | — |  |  | 1,995
Total |  | $ | 440,880 |  | $ | 3,877 |  | $ | 3,223 |  | $ | 441,534
The fair values of securities with unrealized losses are as follows:
|  | December 31, 2019
|  | Less than 12 months |  | 12 months or more |  | Total
(In thousands) |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair value |  | Unrealized Losses
State and political subdivisions |  | $ | — |  | $ | — |  | $ | — |  | $ | ─ |  | $ | — |  | $ | —
U.S. government agencies |  |  | 3,801 |  |  | 12 |  |  | 17,593 |  |  | 157 |  |  | 21,394 |  |  | 169
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | ─ |  |  | — |  |  | —
Total |  | $ | 3,801 |  | $ | 12 |  | $ | 17,593 |  | $ | 157 |  | $ | 21,394 |  | $ | 169
|  | December 31, 2018
|  | Less than 12 months |  | 12 months or more |  | Total
(In thousands) |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair value |  | Unrealized Losses
State and political subdivisions |  | $ | 91,248 |  | $ | 556 |  | $ | 60,546 |  | $ | 1,250 |  | $ | 151,794 |  | $ | 1,806
U.S. government agencies |  |  | 30,409 |  |  | 130 |  |  | 38,005 |  |  | 1,287 |  |  | 68,414 |  |  | 1,417
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 121,657 |  | $ | 686 |  | $ | 98,551 |  | $ | 2,537 |  | $ | 220,208 |  | $ | 3,223
41 Table of Contents There were 9 securities, or 3% of the total (7 greater than 12 months), in an unrealized loss position as of December 31, 2019 compared to 136 securities, or 43% (61 greater than 12 months), in an unrealized loss position as of December 31, 2018. All unrealized losses are reviewed to determine whether the losses are other than temporary. Management believes that all unrealized losses are temporary since they are market driven, the Company does not have the intent to sell the security, and it is more likely than not that the Company will not be required to sell prior to recovery of the amortized basis. The amortized cost and fair value of debt and equity securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
|  | December 31, 2019
(In thousands) |  | Amortized Cost |  | Fair Value
Due in 1 year or less |  | $ | 51,219 |  | $ | 51,485
Due after 1 year through 5 years |  |  | 97,799 |  |  | 100,179
Due after 5 years through 10 years |  |  | 222,143 |  |  | 233,289
Due after 10 years |  |  | 37,439 |  |  | 37,712
No stated maturity |  |  | — |  |  | —
Total |  | $ | 408,600 |  | $ | 422,665
The premium related to the purchase of state and political subdivisions was $6,408,000 and $6,857,000 in 2019 and 2018, respectively. There were no securities pledged to secure public deposits and for other purposes at December 31, 2019. Proceeds from sales of debt securities classified as available-for-sale were $4,648,000 in 2019, $58,520,000 in 2018, and $0 in 2017. Gross realized gains on the sales in 2019, 2018, and 2017 were $19,000, $180,000, and $0, respectively. Gross realized losses on sales in 2019, 2018, and 2017 were $0, $222,000, and $0, respectively.

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