5. Investments

As noted in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018, 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 September 30, 2019, and December 31, 2018.


	September 30, 2019				December 31, 2018
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	6,543	$	6,550	$	1,525	$	1,532
Due from one through five years		8,621		8,883		9,752		9,861
Due from six through ten years		4,669		5,060		6,239		6,433
Due from eleven through twenty years		3,257		3,478		2,711		2,713
Total	$	23,090	$	23,971	$	20,227	$	20,539

The unrealized gains and losses on marketable securities at September 30, 2019, and at December 31, 2018, were as follows:


	September 30, 2019				December 31, 2018
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	881	$	—	$	388	$	(76)

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 September 30, 2019 and determined that no other-than-temporary market value impairment exists.