

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	7,500,000	$	52,000	$	—		$	7,552,000
Mortgage-backed securities	276,235,000		9,106,000		(189,000		)	285,152,000
State and political subdivisions	19,206,000		1,018,000		—			20,224,000
	$	302,941,000	$	10,176,000	$	(189,000	)	$	312,928,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	35,981,000	$	207,000	$	—		$	36,188,000
Mortgage-backed securities	51,142,000		1,392,000		(7,000		)	52,527,000
State and political subdivisions	239,719,000		5,819,000		(345,000		)	245,193,000
Corporate securities	14,750,000		590,000		—			15,340,000
	$	341,592,000	$	8,008,000	$	(352,000	)	$	349,248,000
Restricted equity securities
Federal Home Loan Bank Stock	$	8,957,000	$	—	$	—		$	8,957,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	9,994,000	$	—	$	—		$	9,994,000



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	7,500,000	$	—	$	(102,000	)	$	7,398,000
Mortgage-backed securities	323,277,000		4,173,000		(833,000		)	326,617,000
State and political subdivisions	25,113,000		1,392,000		—			26,505,000
	$	355,890,000	$	5,565,000	$	(935,000	)	$	360,520,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	32,840,000	$	47,000	$	(26,000	)	$	32,861,000
Mortgage-backed securities	14,431,000		450,000		(16,000		)	14,865,000
State and political subdivisions	219,585,000		4,936,000		(109,000		)	224,412,000
Corporate securities	14,750,000		157,000		—			14,907,000
	$	281,606,000	$	5,590,000	$	(151,000	)	$	287,045,000
Restricted equity securities
Federal Home Loan Bank Stock	$	7,945,000	$	—	$	—		$	7,945,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	8,982,000	$	—	$	—		$	8,982,000



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	5,000,000	$	16,000	$	—		$	5,016,000
Mortgage-backed securities	317,269,000		1,394,000		(3,240,000		)	315,423,000
State and political subdivisions	4,955,000		4,000		(122,000		)	4,837,000
	$	327,224,000	$	1,414,000	$	(3,362,000	)	$	325,276,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	31,155,000	$	48,000	$	(280,000	)	$	30,923,000
Mortgage-backed securities	17,560,000		372,000		(146,000		)	17,786,000
State and political subdivisions	225,204,000		3,162,000		(1,801,000		)	226,565,000
Corporate securities	7,300,000		—		(6,000		)	7,294,000
	$	281,219,000	$	3,582,000	$	(2,233,000	)	$	282,568,000
Restricted equity securities
Federal Home Loan Bank Stock	$	7,945,000	$	—	$	—		$	7,945,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	8,982,000	$	—	$	—		$	8,982,000



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	66,000	$	66,000	$	1,331,000	$	1,337,000
Due in 1 to 5 years	25,221,000		26,159,000		27,854,000		28,361,000
Due in 5 to 10 years	62,462,000		65,032,000		184,037,000		189,214,000
Due after 10 years	215,192,000		221,671,000		128,370,000		130,336,000
	$	302,941,000	$	312,928,000	$	341,592,000	$	349,248,000



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	127,000	$	127,000	$	1,334,000	$	1,338,000
Due in 1 to 5 years	36,534,000		36,778,000		25,860,000		26,323,000
Due in 5 to 10 years	93,134,000		95,014,000		179,133,000		182,834,000
Due after 10 years	226,095,000		228,601,000		75,279,000		76,550,000
	$	355,890,000	$	360,520,000	$	281,606,000	$	287,045,000



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	—	$	—	$	1,429,000	$	1,431,000
Due in 1 to 5 years	15,670,000		15,736,000		21,096,000		21,203,000
Due in 5 to 10 years	107,978,000		108,698,000		176,967,000		178,044,000
Due after 10 years	203,576,000		200,842,000		81,727,000		81,890,000
	$	327,224,000	$	325,276,000	$	281,219,000	$	282,568,000

At March 31, 2020, securities with a fair value of $208,376,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a fair value of $214,173,000 as of December 31, 2019 and $189,711,000 at March 31, 2019, pledged for the same purposes.

Gains and losses on the sale of securities are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the three months ended March 31, 2020 and 2019:



	For the three months ended March 31,
	2020			2019
Proceeds from sales of securities	$	68,620,000		$	—
Gross realized gains	1,098,000			—
Gross realized losses	(346,000		)	—
Net gain	$	752,000		$	—
Related income taxes	$	158,000		$	—

Management reviews securities with unrealized losses for other than temporary impairment. As of March 31, 2020, there were 70 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 14 had been temporarily impaired for 12 months or more. The Company has the ability and intent to hold its impaired securities until a recovery of their amortized cost, which may be at maturity.



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
Mortgage-backed securities	$	2,963,000	$	(27,000	)	$	7,424,000	$	(169,000	)	$	10,387,000	$	(196,000	)
State and political subdivisions	19,556,000		(345,000		)	—		—			19,556,000		(345,000		)
	$	22,519,000	$	(372,000	)	$	7,424,000	$	(169,000	)	$	29,943,000	$	(541,000	)

As of December 31, 2019, there were 86 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 28 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2019 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	12,372,000	$	(128,000	)	$	—	$	—		$	12,372,000	$	(128,000	)
Mortgage-backed securities	54,244,000		(359,000		)	18,696,000		(490,000		)	72,940,000		(849,000		)
State and political subdivisions	10,532,000		(101,000		)	304,000		(8,000		)	10,836,000		(109,000		)
	$	77,148,000	$	(588,000	)	$	19,000,000	$	(498,000	)	$	96,148,000	$	(1,086,000	)

As of March 31, 2019, there were 291 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 274 had been temporarily impaired for 12 months or more. In the first quarter of 2019, one issuer of securities held in the portfolio was downgraded by a rating agency to less than investment grade. These securities totaled approximately 0.09% of overall state and municipal security holdings and were subsequently sold during the third quarter 2019. Information regarding securities temporarily impaired as of March 31, 2019 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	—	$	—		$	10,875,000	$	(280,000	)	$	10,875,000	$	(280,000	)
Mortgage-backed securities	24,525,000		(138,000		)	198,272,000		(3,248,000		)	222,797,000		(3,386,000		)
State and political subdivisions	1,264,000		(3,000		)	58,168,000		(1,920,000		)	59,432,000		(1,923,000		)
Corporate securities	2,994,000		(6,000		)	—		—			2,994,000		(6,000		)
	$	28,783,000	$	(147,000	)	$	267,315,000	$	(5,448,000	)	$	296,098,000	$	(5,595,000	)

During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 with a corresponding fair value of $89,757,000 from available for sale to held to maturity. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in accumulated other comprehensive income (loss), net of tax and is amortized over the remaining lives of the

securities as an adjustment of the yield. The amortization of the net unrealized loss reported in accumulated other comprehensive income (loss) will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from available for sale to held to maturity was $174,000, net of tax, at March 31, 2020. This compares to $182,000 and $194,000, net of taxes, at December 31, 2019 and March 31, 2019, respectively. These securities were transferred as a part of the Company's overall investment and balance sheet strategies.

The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a minimum required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB. The Bank uses the FHLB for a portion of its wholesale funding needs. As of March 31, 2020 and 2019, and December 31, 2019, the Bank's investment in FHLB stock totaled $8,957,000, $7,945,000 and $7,945,000, respectively. FHLB stock is a non-marketable equity security and therefore is reported at cost, which equals par value. The Company periodically evaluates its investment in FHLB stock for impairment based on, among other factors, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through March 31, 2020. The Company will continue to monitor its investment in FHLB stock.