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Securities
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities
Note 3 – Securities
The fair value of securities is as follows:
March 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
State and municipal$460,013  $15,311  $(4,121) $471,203  
Federal agency collateralized mortgage obligations253,977  4,020  (184) 257,813  
Federal agency mortgage-backed pools155,289  4,761  —  160,050  
Corporate notes10,857  553  —  11,410  
Total available for sale investment securities$880,136  $24,645  $(4,305) $900,476  
Held to maturity
State and municipal$183,478  $7,496  $(117) $190,857  
Federal agency collateralized mortgage obligations3,693  53  —  3,746  
Federal agency mortgage-backed pools12,296  425  —  12,721  
Total held to maturity investment securities$199,467  $7,974  $(117) $207,324  

December 31, 2019
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies
$1,415  $—  $(2) $1,413  
State and municipal
396,931  11,288  (2,451) 405,768  
Federal agency collateralized mortgage obligations
267,272  2,543  (563) 269,252  
Federal agency mortgage-backed pools
145,623  1,207  (258) 146,572  
Corporate notes
10,848  923  —  11,771  
Total available for sale investment securities
$822,089  $15,961  $(3,274) $834,776  
Held to maturity
State and municipal
$190,767  $7,129  $(54) $197,842  
Federal agency collateralized mortgage obligations
4,560  13  (5) 4,568  
Federal agency mortgage-backed pools
12,572  194  (29) 12,737  
Total held to maturity investment securities
$207,899  $7,336  $(88) $215,147  
Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio and held-to-maturity, Horizon intends, and has the ability, to hold them until the earlier of a recovery in fair value or maturity.
The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2020December 31, 2019
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale
Within one year$44,227  $44,107  $37,386  $37,321  
One to five years41,322  41,175  41,230  41,293  
Five to ten years114,900  119,147  117,004  122,145  
After ten years270,421  278,184  213,574  218,193  
470,870  482,613  409,194  418,952  
Federal agency collateralized mortgage obligations253,977  257,813  267,272  269,252  
Federal agency mortgage-backed pools155,289  160,050  145,623  146,572  
Total available for sale investment securities$880,136  $900,476  $822,089  $834,776  
Held to maturity
Within one year$10,082  $10,127  $7,811  $7,874  
One to five years51,401  52,364  56,037  57,048  
Five to ten years91,291  95,026  94,756  98,480  
After ten years30,704  33,340  32,163  34,440  
183,478  190,857  190,767  197,842  
Federal agency collateralized mortgage obligations3,693  3,746  4,560  4,568  
Federal agency mortgage-backed pools12,296  12,721  12,572  12,737  
Total held to maturity investment securities$199,467  $207,324  $207,899  $215,147  
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2020
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Investment Securities
State and municipal$152,037  $(3,956) $7,336  $(282) $159,373  $(4,238) 
Federal agency collateralized mortgage obligations27,685  (184) —  —  27,685  (184) 
Total temporarily impaired securities$179,722  $(4,140) $7,336  $(282) $187,058  $(4,422) 
December 31, 2019
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$1,413  $(2) $—  $—  $1,413  $(2) 
State and municipal129,942  (2,374) 6,279  (131) 136,221  (2,505) 
Federal agency collateralized mortgage obligations68,043  (308) 23,301  (260) 91,344  (568) 
Federal agency mortgage-backed pools24,740  (104) 37,822  (183) 62,562  (287) 
Corporate notes—  —  —  —  —  —  
Total temporarily impaired securities$224,138  $(2,788) $67,402  $(574) $291,540  $(3,362) 
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months Ended March 31
20202019
Sales of securities available for sale
Proceeds$32,036  $17,587  
Gross gains389  59  
Gross losses(50) (44)