NOTE 2 - SECURITIES

Amortized cost and fair value of investment securities, by category, at March 31, 2020 are summarized as follows:

2020	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available for sale
Mortgage-backed securities
U. S. sponsored agency MBS - residential	$	282,478	$	10,827	$	(14	)	$	293,291
U. S. sponsored agency CMO’s - residential		56,361		566		(159	)		56,768
Total mortgage-backed securities of government sponsored agencies		338,839		11,393		(173	)		350,059
U. S. government sponsored agency securities		12,080		151		-			12,231
Obligations of states and political subdivisions		40,020		348		(56	)		40,312
Other securities		1,959		46		(129	)		1,876
Total available for sale	$	392,898	$	11,938	$	(358	)	$	404,478

Amortized cost and fair value of investment securities, by category, at December 31, 2019 are summarized as follows:

2019	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available for sale
Mortgage-backed securities
U. S. sponsored agency MBS - residential	$	276,013	$	3,618	$	(322	)	$	279,309
U. S. sponsored agency CMO’s - residential		61,989		768		(113	)		62,644
Total mortgage-backed securities of government sponsored agencies		338,002		4,386		(435	)		341,953
U. S. government sponsored agency securities		30,538		280		(88	)		30,730
Obligations of states and political subdivisions		15,570		453		(6	)		16,017
Other securities		1,956		98		-			2,054
Total available for sale	$	386,066	$	5,217	$	(529	)	$	390,754

The amortized cost and fair value of securities at March 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
Available for sale
Due in one year or less	$	7,085	$	7,124
Due after one year through five years		29,988		29,948
Due after five years through ten years		10,543		10,647
Due after ten years		6,443		6,700
Mortgage-backed securities of government sponsored agencies		338,839		350,059
Total available for sale	$	392,898	$	404,478

There were no sales of securities during the first three months of 2020 and 2019.

Securities with unrealized losses at March 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss

U.S government sponsored agency MBS – residential	$	851	$	(14	)	$	-	$	-		$	851	$	(14	)
U.S government sponsored agency CMO – residential		10,747		(109	)		2,449		(50	)		13,196		(159	)
Obligations of states and political subdivisions		4,968		(56	)		-		-			4,968		(56	)
Other securities		848		(129	)		-		-			848		(129	)
Total temporarily impaired	$	17,414	$	(308	)	$	2,449	$	(50	)	$	19,863	$	(358	)

Securities with unrealized losses at December 31, 2019 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss

U.S government sponsored agency securities	$	10,851	$	(84	)	$	3,957	$	(4	)	$	14,808	$	(88	)
U.S government sponsored agency MBS – residential		50,945		(199	)		12,930		(123	)		63,875		(322	)
U.S government sponsored agency CMO’s – residential		4,376		(3	)		8,815		(110	)		13,191		(113	)
Obligations of states and political subdivisions		1,866		(6	)		-		-			1,866		(6	)
Total temporarily impaired	$	68,038	$	(292	)	$	25,702	$	(237	)	$	93,740	$	(529	)

The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at March 31, 2020 and December 31, 2019 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities. Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve.