The amortized cost and fair values of securities available for sale as of March 31, 2021 and December 31, 2020 were as follows (dollars in thousands):

March 31, 2021			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
U.S. Government agencies	$	33,471	$	-	$	(910	)	$	32,561
Mortgage-backed securities/CMOs		72,795		443		(910	)		72,328
Municipal bonds		69,261		585		(1,647	)		68,199
Total Securities Available for Sale	$	175,527	$	1,028	$	(3,467	)	$	173,088

December 31, 2020			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
U.S. Government agencies	$	25,496	$	7	$	(198	)	$	25,305
Mortgage-backed securities/CMOs		77,438		844		(182	)		78,100
Municipal bonds		69,303		1,499		(121	)		70,681
Total Securities Available for Sale	$	172,237	$	2,350	$	(501	)	$	174,086

As of March 31, 2021, there were $130.7 million, or 80 issues of individual securities, held in an unrealized loss position. These securities have an unrealized loss of $3.5 million and consisted of 29 mortgage-backed/collateralized mortgage obligations (“CMOs”), 34 municipal bonds, and 17 agency bonds.

The following table summarizes all securities with unrealized losses, segregated by length of time in a continuous unrealized loss position, at March 31, 2021, and December 31, 2020 (dollars in thousands):

March 31, 2021
	Less than 12 Months					12 Months or more					Total
			Unrealized					Unrealized					Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
U.S. Government agencies	$	30,561	$	(910	)	$	—	$	—		$	30,561	$	(910	)
Mortgage-backed/CMOs		52,510		(910	)		—		—			52,510		(910	)
Municipal bonds		46,852		(1,632	)		750		(15	)		47,602		(1,647	)
	$	129,923	$	(3,452	)	$	750	$	(15	)	$	130,673	$	(3,467	)

December 31, 2020
	Less than 12 Months					12 Months or more				Total
			Unrealized					Unrealized				Unrealized
	Fair Value		Losses			Fair Value		Losses		Fair Value		Losses
U.S. Government agencies	$	19,298	$	(198	)	$	—	$	—	$	19,298	$	(198	)
Mortgage-backed/CMOs		24,523		(182	)		—		—		24,523		(182	)
Municipal bonds		21,501		(121	)		—		—		21,501		(121	)
	$	65,322	$	(501	)	$	—	$	—	$	65,322	$	(501	)

The Company’s securities portfolio is primarily made up of fixed rate bonds, the prices of which move inversely with interest rates. Any unrealized losses are considered by management to be driven by 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 bonds approach their maturity date or repricing date or if market yields for such investments decline. At the end of any accounting period, the portfolio may have both unrealized gains and losses. Management does not believe any of the securities in an unrealized loss position are impaired due to credit quality. Accordingly, as of March 31, 2021, management believes the impairments detailed in the table above are temporary, and no impairment loss has been realized in the Company’s consolidated income statement.

An “other-than-temporary impairment” (“OTTI”) is considered to exist if either of the following conditions are met: it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, or the Company does not expect to recover the security’s entire amortized cost basis (even if the Company does not intend to sell). In the event that a security would suffer impairment for a reason that was “other than temporary,” the Company would be expected to write down the security’s value to its new fair value, and the amount of the write down would be included in earnings as a realized loss. As of March 31, 2021, management has concluded that none of its investment securities have an OTTI based upon the information available. Additionally, management has the ability to hold any security with an unrealized loss until maturity or until such time as the value of the security has recovered from its unrealized loss position.

Securities having carrying values of $5.9 million at March 31, 2021 were pledged as collateral to secure public deposits and facilitate borrowing from the Federal Reserve Bank of Richmond (“FRB”). At December 31, 2020, securities having carrying values of $6.0 million were similarly pledged.

For the three months ended March 31, 2021, there were no sales of securities. For the three months ended March 31, 2020, proceeds from the sales of securities amounted to $5.4 million, with realized gains of $53 thousand.

Restricted securities are securities with limited marketability and consist of stock in the FRB, the Federal Home Loan Bank of Atlanta (“FHLB”), and CBB Financial Corporation, the holding company for Community Bankers Bank. These restricted securities, totaling $2.7 million and $3.0 million as of March 31, 2021 and December 31, 2020, are carried at cost.