The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2020 and 2019 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:

				Gross		Gross
		Amortized		Unrealized		Unrealized
	2020	Cost		Gains		Losses			Fair Value
U.S. Treasury and U.S. government sponsored entities		$	11,798	$	101	$	(54	)	$	11,845
State and political subdivisions			344,160		22,350		(204	)		366,306
Corporate bonds			3,582		132		(2	)		3,712
Mortgage-backed securities - residential			157,106		4,919		(243	)		161,782
Collateralized mortgage obligations			25,654		742		(3	)		26,393
Small Business Administration			5,411		151		0			5,562
Totals		$	547,711	$	28,395	$	(506	)	$	575,600

				Gross		Gross
		Amortized		Unrealized		Unrealized
	2019	Cost		Gains		Losses			Fair Value
U.S. Treasury and U.S. government sponsored entities		$	3,773	$	41	$	(3	)	$	3,811
State and political subdivisions			250,905		10,944		(424	)		261,425
Corporate bonds			1,238		22		0			1,260
Mortgage-backed securities - residential			145,886		2,396		(372	)		147,910
Collateralized mortgage obligations			11,459		101		(213	)		11,347
Small Business Administration			6,534		0		(54	)		6,480
Totals		$	419,795	$	13,504	$	(1,066	)	$	432,233

The proceeds from sales of available-for-sale securities and the associated gains and losses were as follows:

The tax provision (benefit) related to these net realized gains (losses) was $(90) thousand, $(2) thousand and $59 thousand respectively.

The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

Available for sale	December 31, 2020
	Amortized
Maturity	Cost		Fair Value
Within one year	$	3,132	$	3,181
One to five years		4,808		5,052
Five to ten years		32,972		34,580
Beyond ten years		318,628		339,050
Mortgage-backed securities, collateralized mortgage obligations and Small Business Administration		188,171		193,737
Totals	$	547,711	$	575,600

Securities with a carrying amount of $371 million at December 31, 2020 and $253 million at December 31, 2019 were pledged to secure public deposits and repurchase agreements. Farmers Trust had securities, with a carrying amount of $100 thousand, at year-end 2020 and 2019, pledged to qualify as a fiduciary in the State of Ohio.

In each year, there were no holdings of any other issuer that exceeded 10% of stockholders’ equity, other than the U.S. Government, its agencies and its sponsored entities.

The following table summarizes the investment securities with unrealized losses at December 31, 2020 and 2019 aggregated by major security type and length of time in a continuous unrealized loss position.

2020
	Less than 12 Months					12 Months or More				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss		Value		Loss
U.S. Treasury and U.S. government
sponsored entities	$	8,153	$	(54	)	$	0	$	0	$	8,153	$	(54	)
State and political subdivisions		19,205		(204	)		0		0		19,205		(204	)
Corporate bonds		198		(2	)		0		0		198		(2	)
Mortgage-backed securities - residential		63,401		(243	)		0		0		63,401		(243	)
Collateralized mortgage obligations		294		(3	)		0		0		294		(3	)
Small Business Administration		0		0			0		0		0		0
Total temporarily impaired	$	91,251	$	(506	)	$	0	$	0	$	91,251	$	(506	)

2019
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Treasury and U.S. government
sponsored entities	$	0	$	0		$	622	$	(3	)	$	622	$	(3	)
State and political subdivisions		30,887		(424	)		0		0			30,887		(424	)
Corporate bonds		0		0			100		0			100		0
Mortgage-backed securities - residential		14,435		(98	)		22,381		(274	)		36,816		(372	)
Collateralized mortgage obligations		1,198		(18	)		7,935		(195	)		9,133		(213	)
Small Business Administration		6,479		(54	)		1		0			6,480		(54	)
Total temporarily impaired	$	52,999	$	(594	)	$	31,039	$	(472	)	$	84,038	$	(1,066	)

The Company’s equity securities include $6.3 million in Small Business Investment Company (“SBIC”) partnership investments as well as $538 thousand in local and regional bank holdings and other miscellaneous equity funds. Unrealized gains were recognized in income in 2019 and 2020 as a result of ASU 2016-01. If an other-than-temporary impairment were to occur, the amount of the impairment recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it would be required to sell the security before recovery of its amortized cost basis. The previous amortized cost basis less the impairment recognized in earnings becomes the new amortized cost basis of the investment.

As of December 31, 2020, the Company’s security portfolio consisted of 671 securities, 45 of which were in an unrealized loss position. The majority of unrealized losses are related to the Company’s holdings in securities issued by U.S Treasury and U.S. government sponsored entities, state and political subdivisions, mortgage-backed securities - residential and collateralized mortgage obligations, as discussed below:

Unrealized losses on debt securities issued by U.S. Treasury and U.S. government sponsored entities have not been recognized into income. At December 31, 2020 and 2019 all securities issued by U.S. Treasury and U.S. government sponsored entities are backed by the federal government and management does not have the intent and does not expect to be required to sell these securities before their anticipated recovery. The fair value is expected to recover as the securities approach their maturity date.

Unrealized losses on debt securities issued by state and political subdivisions have not been recognized into income. At December 31, 2020 and 2019 all securities issued by state and political subdivisions have investment grade ratings and management does not have the intent and does not expect to be required to sell these securities before their anticipated recovery. The fair value is expected to recover as the securities approach their maturity date.

All of the Company’s holdings of mortgage-backed securities—residential at year end 2020 and 2019 were issued by U.S. Government sponsored enterprises. Unrealized losses on mortgage-backed securities—residential have not been recognized into income. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities—residential and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2020 and 2019.

The Company’s portfolio includes collateralized mortgage obligations issued by U.S. Government sponsored enterprises. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality. The Company does not have the intent to sell these collateralized mortgage obligations and it is likely that it will not be required to sell the securities before their anticipated recovery. The Company monitors all securities to ensure adequate credit support and as of December 31, 2020 and 2019, the Company believes there is no other-than-temporary impairment.

The Company’s holdings of Small Business Administration securities are issued and backed by the full faith and credit of the U.S. Government. Unrealized losses on these Small Business Administration securities have not been recognized into income. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2019 because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery.