(4) Securities

The amortized cost and fair value of securities as of March 31, 2019 and December 31, 2018 are as follows:


	March 31, 2019
			Gross	Gross
	Amortized		unrealized	unrealized	Fair
(dollars in thousands)	cost		gains	losses	value
Securities available-for-sale:
U.S. government agency mortgage-backed securities	$	23,005	69	(156)	22,918
U.S. government agency collateralized mortgage obligations		15,419	100	(114)	15,405
State and municipal securities		11,048	104	(27)	11,125
Investments in mutual funds		1,000	—	(8)	992
Total securities available-for-sale	$	50,472	273	(305)	50,440
Securities held to maturity:
U.S. Treasuries	$	1,994	—	(7)	1,987
State and municipal securities		10,718	113	(4)	10,827
Total securities held-to-maturity	$	12,712	113	(11)	12,814


	December 31, 2018
			Gross	Gross
	Amortized		unrealized	unrealized	Fair
(dollars in thousands)	cost		gains	losses	value
Securities available-for-sale:
U.S. government agency mortgage-backed securities	$	24,092	45	(271)	23,866
U.S. government agency collateralized mortgage obligations		14,754	52	(142)	14,664
State and municipal securities		11,096	22	(199)	10,919
Investments in mutual funds		1,000	—	(21)	979
Total securities available-for-sale	$	50,942	119	(633)	50,428
Securities held to maturity:
U.S. Treasuries	$	1,991	—	(13)	1,978
State and municipal securities		10,750	17	(90)	10,677
Total securities held-to-maturity	$	12,741	17	(103)	12,655

At March 31, 2019, the Corporation had twenty U.S. government sponsored agency mortgage‑backed securities, ten U.S. government sponsored agency collateralized mortgage obligations, twelve state and municipal securities, one mutual fund, and two U.S. treasuries in unrealized loss positions. At December 31, 2018, the Corporation had twenty-four U.S. government sponsored agency mortgage‑backed securities, twelve U.S. government sponsored agency collateralized mortgage obligations, twenty-six state and municipal securities, one mutual fund, and two U.S. treasurites in unrealized loss positions. At March 31, 2019, the temporary impairment is primarily the result of changes in market interest rates subsequent to purchase and the Corporation does not intend to sell these securities prior to recovery and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other‑than‑temporarily impaired.

The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at March 31, 2019 and December 31, 2018:


	March 31, 2019
	Less than 12 Months			12 Months or more		Total
	Fair		Unrealized	Fair	Unrealized	Fair	Unrealized
(dollars in thousands)	value		losses	value	losses	value	losses
Securities available-for-sale:
U.S. government agency mortgage-backed securities	$	—	—	12,625	(156)	12,625	(156)
U.S. government agency collateralized mortgage obligations		1,258	(10)	5,614	(104)	6,872	(114)
State and municipal securities		—	—	5,420	(27)	5,420	(27)
Investments in mutual funds		—	—	992	(8)	992	(8)
Total securities available-for-sale	$	1,258	(10)	24,651	(295)	25,909	(305)
Securities held-to-maturity:
U.S. Treasuries	$	—	—	1,987	(7)	1,987	(7)
State and municipal securities		—	—	1,098	(4)	1,098	(4)
Total securities held-to-maturity	$	—	—	3,085	(11)	3,085	(11)


	December 31, 2018
	Less than 12 Months			12 Months or more		Total
	Fair		Unrealized	Fair	Unrealized	Fair	Unrealized
(dollars in thousands)	value		losses	value	losses	value	losses
Securities available-for-sale:
U.S. government agency mortgage-backed securities	$	2,354	(6)	15,223	(265)	17,577	(271)
U.S. government agency collateralized mortgage obligations		2,636	(14)	5,620	(128)	8,256	(142)
State and municipal securities		957	(11)	8,746	(188)	9,703	(199)
Investments in mutual funds		980	(21)	—	—	980	(21)
Total securities available-for-sale	$	6,927	(52)	29,589	(581)	36,516	(633)
Securities held-to-maturity:
U.S. Treasuries	$	—	—	1,978	(13)	1,978	(13)
State and municipal securities		1,545	(5)	4,783	(85)	6,328	(90)
Total securities held-to-maturity	$	1,545	(5)	6,761	(98)	8,306	(103)

The amortized cost and carrying value of securities at March 31, 2019 and December 31, 2018 are shown below by contractual maturities. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties.


	March 31, 2019					December 31, 2018
	Available-for-sale			Held-to-maturity		Available-for-sale			Held-to-maturity
	Amortized		Fair	Amortized	Fair	Amortized		Fair	Amortized	Fair
(dollars in thousands)	cost		value	cost	value	cost		value	cost	value
Investment securities:
Due in one year or less	$	900	899	1,994	1,987	$	906	902	1,991	1,978
Due after one year through five years		1,725	1,720	3,748	3,774		1,236	1,226	3,154	3,148
Due after five years through ten years		5,891	5,933	6,970	7,053		6,411	6,290	7,596	7,529
Due after ten years		2,532	2,573	—	—		2,543	2,501	—	—
Subtotal		11,048	11,125	12,712	12,814		11,096	10,919	12,741	12,655
Mortgage-related securities		38,424	38,323	—	—		38,846	38,530	—	—
Mutual funds with no stated maturity		1,000	992	—	—		1,000	979	—	—
Total	$	50,472	50,440	12,712	12,814	$	50,942	50,428	12,741	12,655