ote

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:

	December 31, 2019
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
(Amounts in thousands)
U.S. Agency securities	$	5,038	$	-	$	(4	)	$	5,034
Municipal securities		85,992		886		-			86,878
Mortgage-backed Agency securities		77,448		380		(166	)		77,662
Total	$	168,478	$	1,266	$	(170	)	$	169,574

	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
Single issue trust preferred securities		-		-		-			-
Mortgage-backed Agency securities		35,513		14		(773	)		34,754
Total	$	153,477	$	931	$	(1,292	)	$	153,116

The following table presents the amortized cost and fair value of available-for-sale debt securities, by contractual maturity, as of

December 31, 2019.

Actual maturities could differ from contractual maturities because issuers

may

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

(Amounts in thousands)	U.S. Agency Securities		U.S. Treasury Securities		Municipal Securities		Total
Amortized cost maturity:
One year or less	$	-	$	-	$	-	$	-
After one year through five years		-		-		28,739		28,739
After five years through ten years		1,941		-		48,941		50,882
After ten years		3,097		-		8,312		11,409
Amortized cost	$	5,038	$	-	$	85,992		91,030
Mortgage-backed securities								77,448
Total amortized cost							$	168,478

Fair value maturity:
One year or less	$	-	$	-	$	-	$	-
After one year through five years		-		-		29,049		29,049
After five years through ten years		1,937		-		49,517		51,454
After ten years		3,097		-		8,312		11,409
Fair value	$	5,034	$	-	$	86,878		91,912
Mortgage-backed securities								77,662
Total fair value							$	169,574

The debt securities held in the held-to-maturity portfolio at

December 31, 2018,

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

December 31, 2018:

	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 fair value of held-to-maturity debt securities, by contractual maturity, as of

December 31, 2018.

(Amounts in thousands)	U.S. Agency Securities		Corporate Notes		Total
Amortized cost maturity:
One year or less	$	17,887	$	7,126	$	25,013
After one year through five years		-		-		-
After five years through ten years		-		-		-
After ten years		-		-		-
Total amortized cost	$	17,887	$	7,126	$	25,013

Fair value maturity:
One year or less	$	17,867	$	7,123	$	24,990
After one year through five years		-		-		-
After five years through ten years		-		-		-
After ten years		-		-		-
Total fair value	$	17,867	$	7,123	$	24,990

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:

	December 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	$	975	$	(4	)	$	-	$	-		$	975	$	(4	)
Municipal securities		-		-			-		-			-		-
Mortgage-backed Agency securities		8,020		(48	)		8,319		(118	)		16,339		(166	)
Total	$	8,995	$	(52	)	$	8,319	$	(118	)	$	17,314	$	(170	)

	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 tables present 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

December 31, 2019,

and their combined depreciation in value represented

0.10%

of the debt securities portfolio. These securities included

securities in a continuous unrealized loss position for

months or longer that the Company does

not

intend to sell, and that it has determined is

not

more likely than

not

going to be required to sell, prior to maturity or recovery. 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 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 OCI. 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.

The following table presents gross realized gains and losses from the sale of available-for-sale debt securities for the periods indicated:

	Year Ended December 31,
	2019			2018			2017
(Amounts in thousands)
Gross realized gains	$	67		$	-		$	-
Gross realized losses		(110	)		(618	)		(661	)
Net loss on sale of securities	$	(43	)	$	(618	)	$	(661	)

The carrying amount of securities pledged for various purposes totaled

$27.87

million as of

December 31, 2019,

and

$38.25

million as of

December 31, 2018.