The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:

September 30, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	19,083	$	304	$	(1	)	$	19,386
Obligations of states and political subdivisions		207,077		19,170		(149	)		226,098
Mortgage-backed securities in government sponsored entities		114,113		6,317		(40	)		120,390
Total debt securities	$	340,273	$	25,791	$	(190	)	$	365,874

December 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	19,401	$	204	$	(4	)	$	19,601
Obligations of states and political subdivisions		193,646		12,409		(21	)		206,034
Mortgage-backed securities in government sponsored entities		129,145		3,863		(144	)		132,864
Total debt securities	$	342,192	$	16,476	$	(169	)	$	358,499

The amortized cost and fair value of securities at September 30, 2020, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities are shown separately.

Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	11,232	$	11,311
Due after one year through five years		14,540		14,913
Due after five years through ten years		25,421		27,602
Due after ten years		174,967		191,658
Mortgage-backed securities		114,113		120,390
Total securities available for sale	$	340,273	$	365,874

Proceeds from sales of securities available for sale, gross realized gains and gross realized losses were as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2020			2019		2020			2019
Sale proceeds	$	1,455		$	—	$	1,455		$	16,829
Gross realized gains		94			—		94			47
Gross realized losses		—			—		—			(43	)
Gains (losses) from securities called or settled by the issuer		(2	)		3		(2	)		13

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $165,109 and $139,004 as of September 30, 2020 and December 31, 2019, respectively.

Securities with unrealized losses at September 30, 2020 and December 31, 2019 not recognized in income are as follows:

September 30, 2020	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	—		$	134	$	(1	)	$	134	$	(1	)
Obligations of states and political subdivisions		5,373		(149	)		—		—			5,373		(149	)
Mortgage-backed securities in gov’t sponsored entities		2,984		(40	)		—		—			2,984		(40	)
Total temporarily impaired	$	8,357	$	(189	)	$	134	$	(1	)	$	8,491	$	(190	)

December 31, 2019	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	—		$	3,408	$	(4	)	$	3,408	$	(4	)
Obligations of states and political subdivisions		1,947		(21	)		—		—			1,947		(21	)
Mortgage-backed securities in gov’t sponsored entities		10,653		(91	)		7,732		(53	)		18,385		(144	)
Total temporarily impaired	$	12,600	$	(112	)	$	11,140	$	(57	)	$	23,740	$	(169	)

At September 30, 2020, there were a total of 10 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

The following table presents the net gains and losses on equity investments recognized in earnings for the three and nine months ended September 30, 2020 and 2019, and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020			2019
Net gains (losses) recognized on equity securities during the period	$	20	$	112	$	(126	)	$	81
Less: Net losses realized on the sale of equity securities during the period		—		—		6			—
Unrealized gains (losses) recognized on equity securities held at reporting date	$	20	$	112	$	(120	)	$	81