The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:

March 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	26,511	$	167	$	(173	)	$	26,505
Obligations of states and political subdivisions		212,232		16,938		(438	)		228,732
Mortgage-backed securities in government sponsored entities		97,407		4,459		(279	)		101,587
Total debt securities	$	336,150	$	21,564	$	(890	)	$	356,824

December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	21,479	$	220	$	(6	)	$	21,693
Obligations of states and political subdivisions		208,013		21,000		(1	)		229,012
Mortgage-backed securities in government sponsored entities		106,824		5,963		(28	)		112,759
Total debt securities	$	336,316	$	27,183	$	(35	)	$	363,464

The amortized cost and fair value of securities at March 31, 2021, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities are shown separately.

Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	9,145	$	9,250
Due after one year through five years		19,813		20,100
Due after five years through ten years		30,263		32,010
Due after ten years		179,522		193,877
Mortgage-backed securities		97,407		101,587
Total securities available for sale	$	336,150	$	356,824

Proceeds from sales of securities available for sale, gross realized gains and gross realized losses were as follows:

	Three Months Ended
	March 31,
	2021			2020
Sale proceeds	$	—		$	—
Gross realized gains		—			—
Gross realized losses		—			—
Gains (losses) from securities called or settled by the issuer		(1	)		—

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $166,698 and $159,527 as of March 31, 2021 and December 31, 2020, respectively.

Securities with unrealized losses at March 31, 2021 and December 31, 2020 not recognized in income are as follows:

March 31, 2021	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	13,806	$	(172	)	$	118	$	(1	)	$	13,924	$	(173	)
Obligations of states and political subdivisions		10,932		(438	)		—		—			10,932		(438	)
Mortgage-backed securities in gov’t sponsored entities		12,325		(279	)		—		—			12,325		(279	)
Total temporarily impaired	$	37,063	$	(889	)	$	118	$	(1	)	$	37,181	$	(890	)

December 31, 2020	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	6,501	$	(5	)	$	126	$	(1	)	$	6,627	$	(6	)
Obligations of states and political subdivisions		1,874		(1	)		—		—			1,874		(1	)
Mortgage-backed securities in gov’t sponsored entities		5,755		(28	)		—		—			5,755		(28	)
Total temporarily impaired	$	14,130	$	(34	)	$	126	$	(1	)	$	14,256	$	(35	)

At March 31, 2021, there were a total of 30 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

The following table presents the net gains and losses on equity investments recognized in earnings for the three months ended March 31, 2021, and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Net gains (losses) recognized on equity securities during the period	$	88	$	(141	)
Less: Net losses realized on the sale of equity securities during the period		—		6
Unrealized gains (losses) recognized on equity securities held at reporting date	$	88	$	(135	)