The amortized cost and approximate fair value of investment securities classified as AFS are summarized below as of the dates presented (dollars in thousands).


December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Obligations of U.S. government agencies and corporations	$	36,648	$	201	$	(28)	$	36,821
Obligations of state and political subdivisions	21,650		490		(3)		22,137
Corporate bonds	27,583		348		(223)		27,708
Residential mortgage-backed securities	119,934		2,675		(11)		122,598
Commercial mortgage-backed securities	58,098		1,202		(154)		59,146
Total	$	263,913	$	4,916	$	(419)	$	268,410


December 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Obligations of U.S. government agencies and corporations	$	33,651	$	100	$	(100)	$	33,651
Obligations of state and political subdivisions	32,920		541		(12)		33,449
Corporate bonds	19,245		192		(274)		19,163
Residential mortgage-backed securities	100,948		1,083		(85)		101,946
Commercial mortgage-backed securities	71,340		564		(308)		71,596

Total	$	258,104	$	2,480	$	(779)	$	259,805

Proceeds from sales of investment securities AFS and gross realized gains and losses are summarized below for the periods presented (dollars in thousands).


	Twelve months ended December 31,
	2020		2019		2018
Proceeds from sales	$	56,466	$	65,834	$	7,021
Gross gains	$	2,300	$	608	$	35
Gross losses	$	(11)	$	(346)	$	(21)

The amortized cost and approximate fair value of investment securities classified as HTM are summarized below as of the dates presented (dollars in thousands).


December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Obligations of state and political subdivisions	$	8,225	$	12	$	—	$	8,237
Residential mortgage-backed securities	4,209		203		—		4,412
Total	$	12,434	$	215	$	—	$	12,649


December 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Obligations of state and political subdivisions	$	9,487	$	14	$	—	$	9,501
Residential mortgage-backed securities	4,922		57		—		4,979
Total	$	14,409	$	71	$	—	$	14,480

Securities are classified in the consolidated balance sheets according to management’s intent. The Company had no securities classified as trading as of December 31, 2020 or December 31, 2019.

The number of AFS securities, fair value, and unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands). There were no HTM securities in a continuous loss position as of December 31, 2020 or December 31, 2019.


		Less than 12 Months				12 Months or More				Total
December 31, 2020	Count	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. government agencies and corporations	12	$	9,080	$	(19)	$	4,043	$	(9)	$	13,123	$	(28)
Obligations of state and political subdivisions	4	505		(3)		204		—		709		(3)
Corporate bonds	22	6,970		(133)		2,559		(90)		9,529		(223)
Residential mortgage-backed securities	6	11,070		(11)		—		—		11,070		(11)
Commercial mortgage-backed securities	26	6,921		(57)		7,965		(97)		14,886		(154)
Total	70	$	34,546	$	(223)	$	14,771	$	(196)	$	49,317	$	(419)


		Less than 12 Months				12 Months or More				Total
December 31, 2019	Count	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. government agencies and corporations	21	$	19,980	$	(94)	$	955	$	(6)	$	20,935	$	(100)
Obligations of state and political subdivisions	10	212		(1)		371		(11)		583		(12)
Corporate bonds	21	495		(5)		7,829		(269)		8,324		(274)
Residential mortgage-backed securities	32	12,341		(56)		6,190		(29)		18,531		(85)
Commercial mortgage-backed securities	57	29,072		(274)		2,516		(34)		31,588		(308)

Total	141	$	62,100	$	(430)	$	17,861	$	(349)	$	79,961	$	(779)

Unrealized losses are generally due to changes in interest rates. Beginning in the first quarter of 2020, the COVID-19 pandemic has led to ongoing disruption and volatility in the capital markets, causing fluctuations of fair values across asset classes. The Company has the intent to hold these securities either until maturity or a forecasted recovery, and it is more likely than not that the Company will not have to sell the securities before the recovery of their amortized cost basis. Due to the nature of the investment, current market prices, and the current interest rate environment, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2020 and 2019.

The amortized cost and approximate fair value of investment debt securities, by contractual maturity (including mortgage-backed securities), are shown below as of the dates presented (dollars in thousands). Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Securities Available For Sale					Securities Held to Maturity
December 31, 2020		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year		$	1,669	$	1,691	$	830	$	832
Due after one year through five years		12,937		13,014		2,745		2,751
Due after five years through ten years		64,159		64,865		4,650		4,654
Due after ten years		185,148		188,840		4,209		4,412
Total debt securities		$	263,913	$	268,410	$	12,434	$	12,649


	Securities Available For Sale					Securities Held to Maturity
December 31, 2019		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year		$	2,174	$	2,175	$	790	$	792
Due after one year through five years		13,525		13,675		3,575		3,582
Due after five years through ten years		66,551		66,568		5,122		5,126
Due after ten years		175,854		177,387		4,922		4,980
Total debt securities		$	258,104	$	259,805	$	14,409	$	14,480