Note

Debt

Securities

The following tables present the amortized cost and fair value of available-for-sale debt securities, including gross unrealized gains and losses, as of the dates indicated:

	March 31, 2019
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
(Amounts in thousands)
U.S. Agency securities	$	1,079	$	-	$	(1	)	$	1,078
U.S. Treasury securities		-		-		-			-
Municipal securities		95,810		1,231		(44	)		96,997
Mortgage-backed Agency securities		34,851		92		(421	)		34,522
Total	$	131,740	$	1,323	$	(466	)	$	132,597

	December 31, 2018
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
(Amounts in thousands)
U.S. Agency securities	$	1,108	$	5	$	-		$	1,113
U.S. Treasury securities		19,970		-		(10	)		19,960
Municipal securities		96,886		912		(509	)		97,289
Mortgage-backed Agency securities		35,513		14		(773	)		34,754
Total	$	153,477	$	931	$	(1,292	)	$	153,116

The remaining debt securities held in the held-to-maturity portfolio at year-end matured during the

first

quarter of

2019.

The funds were used to repay the Company’s remaining wholesale repurchase agreement of

$25

million. The following table presents the amortized cost and fair value of held-to-maturity debt securities, including gross unrealized gains and losses, at year-end:

	December 31, 2018
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
(Amounts in thousands)
U.S. Agency securities	$	17,887	$	-	$	(20	)	$	17,867
Corporate securities		7,126		-		(3	)		7,123
Total	$	25,013	$	-	$	(23	)	$	24,990

The following table presents the amortized cost and aggregate fair value of available-for-sale debt securities by contractual maturity, as of the date indicated. Actual maturities could differ from contractual maturities because issuers

may

have the right to call or prepay obligations with or without penalties.

	March 31, 2019
	Amortized
(Amounts in thousands)	Cost		Fair Value
Available-for-sale debt securities
Due within one year	$	-	$	-
Due after one year but within five years		17,977		18,188
Due after five years but within ten years		78,912		79,887
Due after ten years		-		-
		96,889		98,075
Mortgage-backed securities		34,851		34,522
Total debt securities available for sale	$	131,740	$	132,597

The following tables present the fair values and unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than

months and for

months or longer as of the dates indicated:

	March 31, 2019
	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
(Amounts in thousands)
U.S. Agency securities	$	1,068	$	(1	)	$	-	$	-		$	1,068	$	(1	)
Municipal securities		-		-			4,999		(44	)		4,999		(44	)
Mortgage-backed Agency securities		518		(2	)		16,317		(419	)		16,835		(421	)
Total	$	1,586	$	(3	)	$	21,316	$	(463	)	$	22,902	$	(466	)

	December 31, 2018
	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
(Amounts in thousands)
U.S. Treasury securities	$	19,960	$	(10	)	$	-	$	-		$	19,960	$	(10	)
Municipal securities		7,116		(62	)		18,081		(447	)		25,197		(509	)
Mortgage-backed Agency securities		15,762		(99	)		15,344		(674	)		31,106		(773	)
Total	$	42,838	$	(171	)	$	33,425	$	(1,121	)	$	76,263	$	(1,292	)

The following table presents the fair values and unrealized losses for held-to-maturity debt securities in a continuous unrealized loss position for less than

months and for

months or longer as of the dates indicated:

	December 31, 2018
	Less than 12 Months				12 Months or Longer					Total
	Fair		Unrealized		Fair		Unrealized			Fair		Unrealized
	Value		Losses		Value		Losses			Value		Losses
(Amounts in thousands)
U.S. Agency securities	$	-	$	-	$	17,867	$	(20	)	$	17,867	$	(20	)
Corporate securities		-		-		7,123		(3	)		7,123		(3	)
Total	$	-	$	-	$	24,990	$	(23	)	$	24,990	$	(23	)

There were

individual debt securities in an unrealized loss position as of

March 31, 2019,

and their combined depreciation in value represented

0.35%

of the debt securities portfolio. There were

individual debt securities in an unrealized loss position as of

December 31, 2018,

and their combined depreciation in value represented

0.74%

of the debt securities portfolio.

The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”). The initial indicator of OTTI for debt securities is a decline in fair value below book value and the severity and duration of the decline. The credit-related OTTI is recognized as a charge to noninterest income and the noncredit-related OTTI is recognized in other comprehensive income (“OCI”). During the

three

months ended

March 31, 2019

and

2018,

the Company incurred

OTTI charges on debt securities. Temporary impairment on debt securities is primarily related to changes in benchmark interest rates, changes in pricing in the credit markets, and other current economic factors.

There were

gross realized gains or losses from the sale of available-for-sale debt securities for the

three

months ended

March 31, 2019

2018.

The carrying amount of securities pledged for various purposes totaled

$27.14

million as of

March 31, 2019,

and

$38.25

million as of

December 31, 2018.