Securities Available for Sale

Amortized cost and fair value of securities available for sale are summarized as follows.



	September 30, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government agency securities	$	16,697	$	—	$	207	$	16,490
State, county and municipals	147,186		798		198		147,786
Mortgage-backed securities	169,262		3,267		652		171,877
Corporate debt securities	79,749		3,408		10		83,147
Total	$	412,894	$	7,473	$	1,067	$	419,300



	December 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government agency securities	$	22,467	$	—	$	818	$	21,649
State, county and municipals	163,702		76		3,252		160,526
Mortgage-backed securities	134,350		328		3,034		131,644
Corporate debt securities	87,352		66		1,093		86,325
Total	$	407,871	$	470	$	8,197	$	400,144

The following table presents gross unrealized losses and the related estimated fair value of investment securities available for sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.



	September 30, 2019
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
U.S. government agency securities	$	—	$	—	$	16,490	$	207	$	16,490	$	207	3
State, county and municipals	44,012		138		8,370		60		52,382		198		139
Mortgage-backed securities	38,515		127		40,783		525		79,298		652		150
Corporate debt securities	2,044		10		—		—		2,044		10		1
Total	$	84,571	$	275	$	65,643	$	792	$	150,214	$	1,067	293



	December 31, 2018
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
U.S. government agency securities	$	—	$	—	$	21,649	$	818	$	21,649	$	818	3
State, county and municipals	16,136		98		130,975		3,154		147,111		3,252		440
Mortgage-backed securities	20,568		132		89,189		2,902		109,757		3,034		204
Corporate debt securities	51,592		677		9,757		416		61,349		1,093		33
Total	$	88,296	$	907	$	251,570	$	7,290	$	339,866	$	8,197	680

As of September 30, 2019, the Company does not consider its securities AFS with unrealized losses to be other-than-temporarily impaired, as the unrealized losses in each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. The Company has the ability and intent to hold its securities to maturity. There were no other-than-temporary impairments charged to earnings during the nine months ended September 30, 2019 or 2018.

The amortized cost and fair value of securities AFS by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.



	September 30, 2019
(in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	18,762	$	18,770
Due in one year through five years	184,588		187,185
Due after five years through ten years	33,877		34,314
Due after ten years	6,405		7,154
	243,632		247,423
Mortgage-backed securities	169,262		171,877
Securities AFS	$	412,894	$	419,300

Proceeds and realized gains / losses from the sale of securities AFS were as follows.



	Nine Months Ended September 30,
(in thousands)	2019			2018
Gross gains	$	152		$	—
Gross losses	(120		)	—
Gains (losses) on sales of securities AFS, net	$	32		$	—
Proceeds from sales of securities AFS	$	13,240		$	—