7. Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale were as follows:



	June 30, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for Sale:
States and political subdivisions	$	92,821	$	1,186	$	(72)	$	93,935
Corporate obligations		8,812		17		(24)		8,805
Mortgage-backed securities-
government sponsored entities		136,572		292		(1,521)		135,343
Total debt securities	$	238,205	$	1,495	$	(1,617)	$	238,083



	December 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
Available for Sale:
States and political subdivisions	$	99,218	$	385	$	(1,990)	$	97,613
Corporate obligations		8,896		-		(256)		8,640
Mortgage-backed securities-government
sponsored entities		142,197		25		(5,198)		137,024
Total debt securities	$	250,311	$	410	$	(7,444)	$	243,277

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):



	June 30, 2019
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
States and political subdivisions	$	402	$	-	$	21,268	$	(72)	$	21,670	$	(72)
Corporate obligations		-		-		5,194		(24)		5,194		(24)
Mortgage-backed securities-government sponsored entities		3,497		(11)		95,971		(1,510)		99,468		(1,521)
	$	3,899	$	(11)	$	122,433	$	(1,606)	$	126,332	$	(1,617)



	December 31, 2018
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
States and political subdivisions	$	19,140	$	(390)	$	56,740	$	(1,600)	$	75,880	$	(1,990)
Corporate obligations		2,045		(21)		6,595		(235)		8,640		(256)
Mortgage-backed securities-government sponsored entities		8,444		(22)		122,950		(5,176)		131,394		(5,198)
	$	29,629	$	(433)	$	186,285	$	(7,011)	$	215,914	$	(7,444)

At June 30, 2019, the Company had three debt securities in an unrealized loss position in the less than twelve months category and 114 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2019. Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.

The amortized cost and fair value of debt securities as of June 30, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.



	Available for Sale
	Amortized Cost		Fair Value
		(In Thousands)

Due in one year or less	$	2,957	$	2,960
Due after one year through five years		21,142		21,144
Due after five years through ten years		44,101		44,298
Due after ten years		33,433		34,338
		101,633		102,740
Mortgage-backed securities-government sponsored entities		136,572		135,343
	$	238,205	$	238,083

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):



	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2019		2018		2019		2018
Gross realized gains	$	64	$	58	$	64	$	200
Gross realized losses		-		-		-		-
Net realized gain	$	64	$	58	$	64	$	200
Proceeds from sales of securities	$	3,299	$	3,822	$	3,626	$	14,583

Securities with a carrying value of $196,986,000 and $219,244,000 at June 30, 2019 and 2018, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.