3. Investments

As noted in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities, as the Company has the intent and ability to hold all investments to maturity.

Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of March 31, 2020 and December 31, 2019.


	March 31, 2020				December 31, 2019
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	2,129	$	2,143	$	5,904	$	5,915
Due from one through five years		7,615		7,861		8,336		8,621
Due from six through ten years		4,818		5,209		4,255		4,618
Due from eleven through twenty years		2,648		2,844		3,223		3,430
Total	$	17,210	$	18,057	$	21,718	$	22,584

The unrealized gains and losses on marketable securities at March 31, 2020, and at December 31, 2019, were as follows:

March 31, 2020

December 31, 2019

Unrealized

Gains

Losses

Gains

Losses

(Dollars in thousands)

Municipal bonds

847

—

866

–

The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2020 and determined that no other-than-temporary market value impairment exists.