Securities Portfolio (Tables)

12 Months Ended

Dec. 31, 2018

Amortized Cost and Fair Value, with Gross Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost and fair value, with gross unrealized gains and losses, of securities available-for-sale were:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2018
U.S. Treasury securities	$	12,323	$	6	$	(1	)	$	12,328
Obligations of U.S. Government agencies		10,868		2		(156	)		10,714
Obligations of state and political subdivisions		49,194		155		(512	)		48,837
Mortgage-backed securities		73,444		93		(2,346	)		71,191
Money market investments		1,897		-		-			1,897
Corporate bonds and other securities		3,250		42		(12	)		3,280
Total	$	150,976	$	298	$	(3,027	)	$	148,247

December 31, 2017
Obligations of U.S. Government agencies	$	9,530	$	27	$	(122	)	$	9,435
Obligations of state and political subdivisions		64,413		489		(137	)		64,765
Mortgage-backed securities		75,906		-		(1,610	)		74,296
Money market investments		1,194		-		-			1,194
Corporate bonds and other securities		7,049		195		(10	)		7,234
Other marketable equity securities		100		97		-			197
Total	$	158,192	$	808	$	(1,879	)	$	157,121

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity are shown below.

	December 31, 2018
	Available-for-Sale
	Amortized Cost			Fair Value
	(in thousands)

Due in one year or less		$	11,285		$	11,281
Due after one year through five years			27,800			27,427
Due after five years through ten years			31,214			30,628
Due after ten years			78,780			77,014
Total debt securities			149,079			146,350
Other securities without stated maturities			1,897			1,897

Total securities		$	150,976		$	148,247

Net Realized Gains and (Losses) on Sale of Investments

The following table provides information about securities sold in the years ended December 31:

	2018			2017
	(in thousands)

Proceeds from sales		$	12,536		$	4,480

Gross realized gains		$	131		$	96

Gross realized losses		$	11		$	-

Available-for-Sale Securities and Held-to-Maturity Securities, Continuous Unrealized Loss Position

The following table shows the number of securities with unrealized losses, the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are deemed to be temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated:

	December 31, 2018
	Less Than Twelve Months						More Than Twelve Months						Total
	Gross Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value			Number of Securities
	(dollars in thousands)
Securities Available-for-Sale
U.S. Treasury securities		$	1		$	2,484		$	-		$	-		$	1		$	2,484		1
Obligations of U.S. Government agencies			47			6,014			109			3,206			156			9,220		15
Obligations of state and political subdivisions			10			5,829			502			23,727			512			29,556		45
Mortgage-backed securities			-			-			2,346			63,930			2,346			63,930		24
Corporate bonds and other securities			1			100			11			389			12			489		3
Total securities available-for-sale		$	59		$	14,427		$	2,968		$	91,252		$	3,027		$	105,679		88

	December 31, 2017
	Less Than Twelve Months						More Than Twelve Months						Total
	Gross Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses			Fair Value			Number of Securities
	(dollars in thousands)
Securities Available-for-Sale
Obligations of U. S. Government agencies		$	11		$	3,189		$	111		$	3,089		$	122		$	6,278		13
Obligations of state and political subdivisions			32			11,141			105			10,999			137			22,140		29
Mortgage-backed securities			67			9,742			1,543			64,554			1,610			74,296		24
Corporate bonds and other securities			2			1,098			8			792			10			1,890		11
Total securities available-for-sale		$	112		$	25,170		$	1,767		$	79,434		$	1,879		$	104,604		77