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Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Securities
The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows:
Securities Available-for-Sale:
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
2019
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
307,943

 
$
16,366

 
$
(9
)
 
$
324,300

MBS/CMO
 
526,907

 
5,414

 
(1,796
)
 
530,525

Total
 
$
834,850

 
$
21,780

 
$
(1,805
)
 
$
854,825

 
 
 
 
 
 
 
 
 
2018
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
291,449

 
$
4,407

 
$
(1,323
)
 
$
294,533

MBS/CMO
 
529,805

 
1,029

 
(12,756
)
 
518,078

Total
 
$
821,254

 
$
5,436

 
$
(14,079
)
 
$
812,611


    
All mortgage-backed securities in the above table (identified above and throughout this Note 2 as "MBS/CMO") are residential and multi-family mortgage-backed securities and guaranteed by government sponsored entities. 

The amortized cost and fair value of Securities at December 31, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed securities are not due at a single maturity date and are shown separately. 
 
 
Amortized
Cost
 
Fair
Value
Securities Available-for-Sale:
 
 

 
 

Due in one year or less
 
$
2,512

 
$
2,518

Due after one year through five years
 
19,642

 
20,070

Due after five years through ten years
 
68,972

 
72,546

Due after ten years
 
216,817

 
229,166

MBS/CMO
 
526,907

 
530,525

Total
 
$
834,850

 
$
854,825


 
 
2019
 
2018
 
2017
Proceeds from the Sales of Securities are summarized below: 
 
Available-
for-Sale
 
Available-
for-Sale
 
Available-
for-Sale
 
 
 
 
 
 
 
Proceeds from Sales
 
$
82,601

 
$
91,013

 
$
49,459

Gross Gains on Sales
 
1,248

 
706

 
596

 
 
 
 
 
 
 
Income Taxes on Gross Gains
 
262

 
148

 
209



The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $245,664 and $211,239 as of December 31, 2019 and 2018, respectively.

Below is a summary of securities with unrealized losses as of year-end 2019 and 2018, presented by length of time the securities have been in a continuous unrealized loss position: 
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
December 31, 2019
 
 

 
 

 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
4,631

 
$
(9
)
 
$
—

 
$
—

 
$
4,631

 
$
(9
)
MBS/CMO
 
89,267

 
(241
)
 
155,989

 
(1,555
)
 
245,256

 
(1,796
)
Total
 
$
93,898

 
$
(250
)
 
$
155,989

 
$
(1,555
)
 
$
249,887

 
$
(1,805
)

 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
December 31, 2018
 
 

 
 

 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
37,936

 
$
(286
)
 
$
49,071

 
$
(1,037
)
 
$
87,007

 
$
(1,323
)
MBS/CMO
 
56,386

 
(601
)
 
356,218

 
(12,155
)
 
412,604

 
(12,756
)
Total
 
$
94,322

 
$
(887
)
 
$
405,289

 
$
(13,192
)
 
$
499,611

 
$
(14,079
)


Securities are written down to fair value when a decline in fair value is not considered temporary. In estimating other-than-temporary losses, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The Company doesn’t intend to sell or expect to be required to sell these securities, and the decline in fair value is largely due to changes in market interest rates; therefore, the Company does not consider these securities to be other-than-temporarily impaired. All mortgage-backed securities and collateralized mortgage obligations (MBS/CMO) in the Company’s portfolio are guaranteed by government sponsored entities, are investment grade, and are performing as expected.
 
The Company’s equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at December 31, 2019 and 2018. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company's equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At December 31, 2019, there was no additional impairment recognized through earnings.