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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2019
INVESTMENT SECURITIES [Abstract]  
Amortized Cost and Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of investment securities at December 31, 2019 and 2018 were as follows (in thousands):
     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
December 31, 2019
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. Agency securities
 
$
83,410
  
$
1,523
  
$
(70
)
 
$
84,863
 
  U.S. Treasuries
  
27,394
   
267
   
-
   
27,661
 
  Obligations of state and
                
    political subdivisions
  
60,667
   
865
   
(77
)
  
61,455
 
  Corporate obligations
  
3,250
   
78
   
-
   
3,328
 
  Mortgage-backed securities in
                
    government sponsored entities
  
63,086
   
468
   
(155
)
  
63,399
 
Total available-for-sale securities
 
$
237,807
  
$
3,201
  
$
(302
)
 
$
240,706
 
                 
       
Gross
   
Gross
     
   
Amortized
   
Unrealized
   
Unrealized
   Fair
 
December 31, 2018
  
Cost
   
Gains
   
Losses
   Value 
Available-for-sale securities:
                
  U.S. Agency securities
 
$
106,516
  
$
509
  
$
(640
)
 
$
106,385
 
  U.S. Treasuries
  
33,813
   
-
   
(455
)
  
33,358
 
  Obligations of state and
                
    political subdivisions
  
52,074
   
150
   
(177
)
  
52,047
 
  Corporate obligations
  
3,000
   
34
   
-
   
3,034
 
  Mortgage-backed securities in
                
    government sponsored entities
  
46,839
   
59
   
(712
)
  
46,186
 
Total available-for-sale securities
 
$
242,242
  
$
752
  
$
(1,984
)
 
$
241,010
 
Unrealized Losses and Fair Value of Investments
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018 (in thousands).  As of December 31, 2019, the Company owned 46 securities each of  whose fair value was less than its cost basis.
 
 
Less than Twelve Months
  
Twelve Months or Greater
  
Total
 
     
Gross
     
Gross
     
Gross
 
  
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
2019
 
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
U.S. agency securities
 
$
14,587
  
$
(63
)
 
$
13,094
  
$
(7
)
 
$
27,681
  
$
(70
)
U.S. Treasuries
  
-
   
-
   
-
   
-
   
-
   
-
 
Obligations of states and
                        
     political subdivisions
  
7,508
   
(75
)
  
1,507
   
(2
)
  
9,015
   
(77
)
Corporate obligations
  
-
   
-
   
-
   
-
   
-
   
-
 
Mortgage-backed securities in
                        
     government sponsored entities
  
27,737
   
(97
)
  
9,559
   
(58
)
  
37,296
   
(155
)
    Total securities
 
$
49,832
  
$
(235
)
 
$
24,160
  
$
(67
)
 
$
73,992
  
$
(302
)
                         
2018
                        
U.S. agency securities
 
$
5,981
  
$
(5
)
 
$
52,673
  
$
(635
)
 
$
58,654
  
$
(640
)
U.S. Treasuries
  
4,948
   
(31
)
  
28,410
   
(424
)
  
33,358
   
(455
)
Obligations of states and
                        
     political subdivisions
  
8,979
   
(22
)
  
12,441
   
(155
)
  
21,420
   
(177
)
Corporate obligations
  
-
   
-
   
-
   
-
   
-
   
-
 
Mortgage-backed securities in
                        
     government sponsored entities
  
5,272
   
(18
)
  
32,570
   
(694
)
  
37,842
   
(712
)
    Total securities
 
$
25,180
  
$
(76
)
 
$
126,094
  
$
(1,908
)
 
$
151,274
  
$
(1,984
)
Gross Gains and Losses on Available-for-sale Securities
Gross gains and gross losses were realized as follows on available for sale securities (in thousands):
 
 
2019
  
2018
  
2017
 
Gross gains
 
$
25
  
$
160
  
$
1,205
 
Gross losses
  
(1
)
  
(179
)
  
(170
)
Net (losses) gains
 
$
24
  
$
(19
)
 
$
1,035
 
Unrealized Gains (Losses) Related to Equity Securities
The following table presents the net gains on the Company’s equity investments recognized in earnings during 2019 and 2018 and the portion of unrealized gains for the period that relates to equity investments held at December 31, 2019 and 2018 (in thousands):
Equity Securities
 
2019
  
2018
 
Net gains recognized in equity securities during the period
 
$
120
  
$
-
 
Less: Net gains realized on the sale of equity securities during the period
  
-
   
-
 
Net unrealized  gains
 
$
120
  
$
-
 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
Municipal securities that have been refunded and will therefore pay-off on the call date are reflected in the table below utilizing the call date as the date of repayment as payment is guaranteed on that day:

  
Amortized
    
 
 
Cost
  
Fair Value
 
Available-for-sale securities:
      
  Due in one year or less
 
$
24,612
  
$
24,626
 
  Due after one year through five years
  
79,537
   
81,217
 
  Due after five years through ten years
  
42,306
   
42,728
 
  Due after ten years
  
91,352
   
92,135
 
Total
 
$
237,807
  
$
240,706