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Investment in Securities | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Investment in Securities | Note 11 – 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 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 fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
|  | March 31, 2020
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 288,631 |  | $ | 12,010 |  | $ | — |  | $ | 300,641
U.S. government agencies |  |  | 85,289 |  |  | 1,564 |  |  | — |  |  | 86,853
Certificates of deposit |  |  | 500 |  |  | — |  |  | — |  |  | 500
Total |  | $ | 374,420 |  | $ | 13,574 |  | $ | — |  | $ | 387,994
|  | 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
-16- The fair values of securities with unrealized losses are as follows:
|  | March 31, 2020
|  | 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 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
|  | 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
There were no securities in an unrealized loss position as of March 31, 2020. There were 9 securities, or 3% of the total (7 greater than 12 months), in an unrealized loss position as of December 31, 2019. The amortized cost and fair value of investment 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.
|  | March 31, 2020
(In thousands) |  | Amortized Cost |  | Fair Value
Due in 1 year or less |  | $ | 61,709 |  | $ | 62,498
Due after 1 year through 5 years |  |  | 80,027 |  |  | 82,183
Due after 5 years through 10 years |  |  | 199,491 |  |  | 209,364
Due after 10 years |  |  | 33,193 |  |  | 33,949
Total |  | $ | 374,420 |  | $ | 387,994
Proceeds from sales of investment securities classified as available for sale were $19,629,000 and $1,101,000 for the three months ended March 31, 2020 and 2019, respectively. Gross realized gains were $1,069,000 and $11,000 for the three months ended March 31, 2020 and 2019, respectively. There were no securities pledged to secure public deposits or for other purposes at March 31, 2020.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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