2.	SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, at period-end follow:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

March 31, 2019
Available for sale:
U.S. government and agencies	$	85,217	$	26	$	(42	)	$	85,201
State and municipal		32,118		566		(163	)		32,521
Mortgage-backed securities		182,684		1,092		(992	)		182,784
Asset-backed and other amortizing securities		38,965		33		(453	)		38,545

	$	338,984	$	1,717	$	(1,650	)	$	339,051

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

December 31, 2018
Available for sale:
U.S. government and agencies	$	84,765	$	18	$	(76	)	$	84,707
State and municipal		32,205		480		(375	)		32,310
Mortgage-backed securities		184,267		29		(2,040	)		182,256
Asset-backed and other amortizing securities		39,799		1		(877	)		38,923

	$	341,036	$	528	$	(3,368	)	$	338,196

The amortized cost and fair value of debt securities at March 31, 2019 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities are shown separately since they are not due at a single maturity date.

	Available for Sale
	Amortized Cost		Fair Value

Within 1 year	$	78,370	$	78,356
After 1 year through 5 years		7,317		7,318
After 5 years through 10 years		12,006		11,997
After 10 years		19,642		20,051
Other		221,649		221,329

	$	338,984	$	339,051

At March 31, 2019 and December 31, 2018, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

Securities with a carrying value of approximately $206.4 million and $200.0 million at March 31, 2019 and December 31, 2018, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law.

The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position:

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2019
U.S. government and agencies	$	74,872	$	9	$	5,553	$	33	$	80,425	$	42
State and municipal		918		1		13,443		162		14,361		163
Mortgage-backed securities		-		-		53,083		992		53,083		992
Asset-backed and other amortizing securities		-		-		34,060		453		34,060		453

	$	75,790	$	10	$	106,139	$	1,640	$	181,929	$	1,650

December 31, 2018
U.S. government and agencies	$	77,891	$	27	$	2,048	$	49	$	79,939	$	76
State and municipal		5,662		92		9,781		283		15,443		375
Mortgage-backed securities		108,962		293		54,035		1,747		162,997		2,040
Asset-backed and other amortizing securities		-		-		37,351		877		37,351		877

	$	192,515	$	412	$	103,215	$	2,956	$	295,730	$	3,368

There were 65 securities with an unrealized loss at March 31, 2019. Management does not believe that these losses are other than temporary as there is no intent to sell any of these securities before recovery and it is not probable that we will be required to sell any of these securities before recovery, and credit loss, if any, is not material. Any unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2019, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s consolidated financial statements.