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

September 30, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	53,247	$	186	$	(156	)	$	53,277
Obligations of states and political subdivisions		240,179		17,086		(550	)		256,715
Mortgage-backed securities in government sponsored entities		184,553		3,974		(370	)		188,157
Total debt securities	$	477,979	$	21,246	$	(1,076	)	$	498,149

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 September 30, 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	$	9,132	$	9,172
Due after one year through five years		31,533		31,732
Due after five years through ten years		45,283		47,236
Due after ten years		207,478		221,852
Mortgage-backed securities		184,553		188,157
Total securities available for sale	$	477,979	$	498,149

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2021		2020			2021		2020
Sale proceeds	$	—	$	1,455		$	1,785	$	1,455
Gross realized gains		—		94			1,785		94
Gross realized losses		—		—			—		—
Gains (losses) from securities called or settled by the issuer		4		(2	)		2		(2	)

During the second quarter of 2021, the Company recorded a $1.785 million gain on the sale of its 7,361 shares of Visa Class B shares. As a result of this sale, the Company no longer owns any Visa Class B shares. The carrying value of the Visa Class B shares on the Company’s balance sheet was nominal as the Bank had no other historical cost basis in the shares.

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $174,794 and $159,527 as of September 30, 2021 and December 31, 2020, respectively.

Securities with unrealized losses at September 30, 2021 and December 31, 2020 not recognized in income are set forth in the tables below, segregated by securities with maturities of 12 months or less and securities with maturities of more than 12 months:

September 30, 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	$	23,327	$	(119	)	$	2,048	$	(37	)	$	25,375	$	(156	)
Obligations of states and political subdivisions		36,646		(550	)		—		—			36,646		(550	)
Mortgage-backed securities in gov’t sponsored entities		72,464		(282	)		3,521		(88	)		75,985		(370	)
Total temporarily impaired	$	132,437	$	(951	)	$	5,569	$	(125	)	$	138,006	$	(1,076	)

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 September 30, 2021, there were a total of 60 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- and nine-months ended September 30, 2021 and 2020, and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net gains (losses) recognized on equity securities during the period	$	50	$	20	$	191	$	(126	)
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	$	50	$	20	$	191	$	(120	)