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Securities | 12 Months Ended
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Dec. 31, 2020
Securities [Abstract] |
Securities | NOTE 3 - SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of securities were as follows:
| December 31, 2020
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | $ | 3,998 |  | $ | — |  | $ | (29) |  | $ | 3,969
States and political subdivisions |  | 70,672 |  |  | 2,419 |  |  | — |  |  | 73,091
Corporate obligations |  | 3,019 |  |  | 13 |  |  | — |  |  | 3,032
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 143,712 |  |  | 2,809 |  |  | (27) |  |  | 146,494
Total debt securities | $ | 221,401 |  | $ | 5,241 |  | $ | (56) |  | $ | 226,586
| December 31, 2019
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 70,015 |  | $ | 1,293 |  | $ | (3) |  | $ | 71,305
Corporate obligations |  | 4,097 |  |  | 3 |  |  | — |  |  | 4,100
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 135,646 |  |  | 238 |  |  | (1,084) |  |  | 134,800
Total debt securities | $ | 209,758 |  | $ | 1,534 |  | $ | (1,087) |  | $ | 210,205
The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| December 31, 2020
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government agencies | $ | 3,969 |  |  | (29) |  |  | — |  |  | — |  |  | 3,969 |  |  | (29)
Mortgage-backed securities-government sponsored entities | $ | 4,980 |  | $ | (27) |  | $ | — |  | $ | — |  | $ | 4,980 |  | $ | (27)
| $ | 8,949 |  | $ | (56) |  | $ | — |  | $ | — |  | $ | 8,949 |  | $ | (56)
| December 31, 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 | $ | 1,296 |  | $ | (2) |  | $ | 481 |  | $ | (1) |  | $ | 1,777 |  | $ | (3)
Mortgage-backed securities-government sponsored entities |  | 32,415 |  |  | (241) |  |  | 61,096 |  |  | (843) |  |  | 93,511 |  |  | (1,084)
| $ | 33,711 |  | $ | (243) |  | $ | 61,577 |  | $ | (844) |  | $ | 95,288 |  | $ | (1,087)
The Company has six debt securities in the less than twelve month category and no debt securities in the twelve months or more category as of December 31, 2020. In management’s opinion, the unrealized losses on securities reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2020. Management believes that all other unrealized losses represent temporary impairment of the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost basis. The amortized cost and fair value of debt securities as of December 31, 2020 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.
| Amortized |  | Fair
| Cost |  | Value
|  | (In Thousands)
Due in one year or less | $ | 5,498 |  | $ | 5,532
Due after one year through five years |  | 5,373 |  |  | 5,510
Due after five years through ten years |  | 23,276 |  |  | 23,676
Due after ten years |  | 43,542 |  |  | 45,374
|  | 77,689 |  |  | 80,092
Mortgage-backed securities - government sponsored entities |  | 143,712 |  |  | 146,494
| $ | 221,401 |  | $ | 226,586
Gross realized gains and gross realized losses on sales of securities available for sale were $71,000 and $0, respectively, in 2020, compared to $254,000 and $0, respectively, in 2019. The proceeds from the sales of securities totaled $24,497,000 and $27,247,000 for the years ended December 31, 2020 and 2019, respectively. Securities with a carrying value of $199,361,000 and $157,233,000 at December 31, 2020 and 2019, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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