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2. Investment Securities | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
2. Investment Securities | Investment securities available for sale at March 31, 2020 and December 31, 2019 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | March 31, 2020
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 80,815 |  |  |  | 3,391 |  |  |  | 130 |  |  |  | 84,076 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 26,275 |  |  |  | 905 |  |  |  | 272 |  |  |  | 26,908 |
State and political subdivisions |  |  | 86,726 |  |  |  | 3,691 |  |  |  | 137 |  |  |  | 90,280 |
Trust preferred securities |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Total |  | $ | 194,066 |  |  |  | 7,987 |  |  |  | 539 |  |  |  | 201,514 |
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | December 31, 2019
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 77,812 |  |  |  | 1,371 |  |  |  | 227 |  |  |  | 78,956 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 28,265 |  |  |  | 443 |  |  |  | 311 |  |  |  | 28,397 |
State and political subdivisions |  |  | 84,686 |  |  |  | 3,657 |  |  |  | 200 |  |  |  | 88,143 |
Trust preferred securities |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Total |  | $ | 191,013 |  |  |  | 5,471 |  |  |  | 738 |  |  |  | 195,746 |
The current fair value and associated unrealized losses on investments in securities with unrealized losses at March 31, 2020 and December 31, 2019 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2020
|  | Less than 12 Months |  | 12 Months or More |  | Total |  |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Mortgage-backed securities |  | $ | 12,376 |  |  |  | 130 |  |  |  | — |  |  |  | — |  |  |  | 12,376 |  |  |  | 130 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | — |  |  |  | — |  |  |  | 5,536 |  |  |  | 272 |  |  |  | 5,536 |  |  |  | 272 |
State and political subdivisions |  |  | 8,465 |  |  |  | 137 |  |  |  | — |  |  |  | — |  |  |  | 8,465 |  |  |  | 137 |
Total |  | $ | 20,841 |  |  |  | 267 |  |  |  | 5,536 |  |  |  | 272 |  |  |  | 26,377 |  |  |  | 539 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2019
|  | Less than 12 Months |  | 12 Months or More |  | Total |  |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Mortgage-backed securities |  | $ | 28,395 |  |  |  | 177 |  |  |  | 6,351 |  |  |  | 50 |  |  |  | 34,746 |  |  |  | 227 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 2,899 |  |  |  | 10 |  |  |  | 6,151 |  |  |  | 301 |  |  |  | 9,050 |  |  |  | 311 |
State and political subdivisions |  |  | 7,367 |  |  |  | 200 |  |  |  | — |  |  |  | — |  |  |  | 7,367 |  |  |  | 200 |
Total |  | $ | 38,661 |  |  |  | 387 |  |  |  | 12,502 |  |  |  | 351 |  |  |  | 51,163 |  |  |  | 738 |
At March 31, 2020, unrealized losses in the investment securities portfolio relating to debt securities totaled $539,000. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the March 31, 2020 tables above, eight out of 95 securities issued by state and political subdivisions contained unrealized losses and 10 out of 59 securities issued by U.S. Government sponsored enterprises contained unrealized losses. These unrealized losses are considered temporary because of acceptable financial condition and results of operations of entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities, are government backed. The amortized cost and estimated fair value of investment securities available for sale at March 31, 2020, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2020 |  |  |  |
(Dollars in thousands) |  |  |  |
|  | Amortized Cost |  | Estimated Fair Value
Due within one year |  | $ | 6,679 |  |  |  | 6,770 |
Due from one to five years |  |  | 54,189 |  |  |  | 56,595 |
Due from five to ten years |  |  | 27,801 |  |  |  | 29,452 |
Due after ten years |  |  | 24,332 |  |  |  | 24,371 |
Mortgage-backed securities |  |  | 80,815 |  |  |  | 84,076 |
Trust preferred securities |  |  | 250 |  |  |  | 250 |
Total |  | $ | 194,066 |  |  |  | 201,514 |
No securities available for sale were sold during the three months ended March 31, 2020. Proceeds from sales of securities available for sale during the three months ended March 31, 2019 were $12.3 million and resulted in net gains of $231,000. Securities with a fair value of approximately $69.5 million and $66.0 million at March 31, 2020 and December 31, 2019, respectively, were pledged to secure public deposits and for other purposes as required by law.

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