Securities

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Note 4. Securities

The carrying amount of securities and their approximate fair values are reflected in the following table:

December 31, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
US treasury securities	$	4,988	$	27	$	—	$	5,015
US government agencies		22,444		335		—		22,779
Mortgage-backed securities		488,694		15,530		927		503,297
Municipal bonds		8,493		469		8		8,954
Total	$	524,619	$	16,361	$	935	$	540,045

December 31, 2018
US treasury securities	$	4,969	$	—	$	3	$	4,966
US government agencies		31,121		48		225		30,944
Mortgage-backed securities		345,606		1,340		3,365		343,581
Municipal bond		1,000		—		1		999
Total	$	382,696	$	1,388	$	3,594	$	380,490

Eleven securities totaling $36.2 million were sold resulting in a net gain of $620 thousand during the year ended December 31, 2019.

There were no sales of securities during the year ended December 31, 2018, and 2017.

The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.

	Less Than 12 Months				12 Months or More				Total
December 31, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-backed securities	$	42,835	$	460	$	36,518	$	467	$	79,353	$	927
Municipal bonds		—		—		92		8		92		8
Total	$	42,835	$	460	$	36,610	$	475	$	79,445	$	935

	Less Than 12 Months				12 Months or More				Total
December 31, 2018	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
US treasury securities	$	4,966	$	3	$	—	$	—	$	4,966	$	3
US government agencies		—		—		16,268		225		16,268		225
Mortgage-backed securities		164,836		1,177		51,371		2,188		216,207		3,365
Municipal bond		999		1		—		—		999		1
Total	$	170,801	$	1,181	$	67,639	$	2,413	$	238,440	$	3,594

At December 31, 2019, there were twenty-two residential mortgage-backed securities and one municipal bond in unrealized loss positions for greater than 12 months and ten residential mortgage-backed securities and ten commercial mortgage-backed securities in unrealized loss positions for less than 12 months. Unrealized losses at December 31, 2018 consisted of thirty-one residential mortgage-backed securities and six US government agencies for greater than 12 months and twenty-five residential mortgage-backed securities, one US Treasury security and one municipal bond in unrealized loss positions for less than 12 months.

These unrealized losses are primarily the result of volatility in the market and are related to market interest rates. Since none of the unrealized losses relate to marketability of the securities or the issuer’s ability to honor redemption obligations, and the Company has the intent and ability to hold these securities until they recover their value, none of the securities are deemed to be other than temporarily impaired.

All residential mortgage-backed securities in the Company’s portfolio at December 31, 2019 and 2018 were backed by US government sponsored enterprises (“GSEs”).

The following is a summary of investment securities by maturity:

	December 31, 2019
	Available-for-sale
	Amortized cost		Fair value
US treasury securities
Within one year	$	4,988	$	5,015
Total		4,988		5,015

US government agencies
Within one year		7,008		7,052
One to five years		12,520		12,673
Five to ten years		2,916		3,054
Total		22,444		22,779

Mortgage-backed securities
One to five years		5,030		5,131
Five to ten years		152,561		159,082
After 10 years		331,103		339,084
Total		488,694		503,297

Municipal bonds
After 10 years		8,493		8,954
Total		8,493		8,954

Total	$	524,619	$	540,045

The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled.

There were no investment securities pledged at December 31, 2019. At December 31, 2018, investment securities with a fair market value of $2.5 million were pledged to the Company's trust department for uninsured trust assets held by the trust department and $100 thousand was pledged to the Ohio State Treasurer to allow the Company's trust department to conduct business in the State of Ohio.