v3.19.1

Investment Securities | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and estimated fair value of investment securities at December 31, 2018 and 2017 are summarized as follows (in thousands):
Investment Securities Available for Sale |  |  |  |  |  |
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
(in thousands) |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises |  | $ | 17,496 |  |  | $ | — |  |  | $ | (136 | ) |  | $ | 17,360 |
Municipal |  | 517 |  |  | — |  |  | (16 | ) |  | 501 |
Corporate |  | 2,908 |  |  | 28 |  |  | (51 | ) |  | 2,885 |
Mortgage-backed securities |  | 26,836 |  |  | 46 |  |  | (696 | ) |  | 26,186 |
|  | $ | 47,757 |  |  | $ | 74 |  |  | $ | (899 | ) |  | $ | 46,932 |
December 31, 2017 |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises |  | $ | 17,489 |  |  | $ | 1 |  |  | $ | (120 | ) |  | $ | 17,370 |
Municipal |  | 518 |  |  | — |  |  | (3 | ) |  | 515 |
Corporate |  | 3,060 |  |  | 67 |  |  | (50 | ) |  | 3,077 |
Mortgage-backed securities |  | 33,310 |  |  | 179 |  |  | (422 | ) |  | 33,067 |
|  | $ | 54,377 |  |  | $ | 247 |  |  | $ | (595 | ) |  | $ | 54,029 |
Proceeds from sales of securities sold during the year ended December 31, 2018, were $345 thousand and resulted in aggregate realized losses of $2 thousand. No securities were sold during the year ended December 31, 2017. Information related to unrealized losses in the investment portfolio as of December 31, 2018 and 2017 are as follows (in thousands):
Investment Securities Unrealized Losses |  |  |  |  |  |  |  |  |  |
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
(in thousands) |  |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises |  | $ | 496 |  |  | $ | (2 | ) |  | $ | 16,864 |  |  | $ | (134 | ) |  | $ | 17,360 |  |  | $ | (136 | )
Municipal |  | — |  |  | — |  |  | 501 |  |  | (16 | ) |  | 501 |  |  | (16 | )
Corporate |  | — |  |  | — |  |  | 857 |  |  | (51 | ) |  | 857 |  |  | (51 | )
Mortgage-backed securities |  | 2,294 |  |  | (7 | ) |  | 21,037 |  |  | (689 | ) |  | 23,331 |  |  | (696 | )
|  | $ | 2,790 |  |  | $ | (9 | ) |  | $ | 39,259 |  |  | $ | (890 | ) |  | $ | 42,049 |  |  | $ | (899 | )
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises |  | $ | 8,967 |  |  | $ | (26 | ) |  | $ | 7,906 |  |  | $ | (94 | ) |  | $ | 16,873 |  |  | $ | (120 | )
Municipal |  | 515 |  |  | (3 | ) |  | — |  |  | — |  |  | 515 |  |  | (3 | )
Corporate |  | — |  |  | — |  |  | 1,010 |  |  | (50 | ) |  | 1,010 |  |  | (50 | )
Mortgage-backed securities |  | 11,204 |  |  | (165 | ) |  | 13,645 |  |  | (257 | ) |  | 24,849 |  |  | (422 | )
|  | $ | 20,686 |  |  | $ | (194 | ) |  | $ | 22,561 |  |  | $ | (401 | ) |  | $ | 43,247 |  |  | $ | (595 | )
At December 31, 2018, there were nine U.S. government-sponsored enterprises securities, two corporate securities, fifteen mortgage-backed securities, and one municipal security that had been in a loss position for greater than twelve months. Management believes that all unrealized losses have resulted from temporary changes in the interest rates and current market conditions and not as a result of credit deterioration. Management has the ability and the intent to hold these investment securities until maturity or until they recover in value. A summary of pledged securities at December 31, 2018 and 2017 are shown below:
Pledged Securities |  |
|  | For the Years Ended December 31,
|  | 2018 |  | 2017
(in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Securities sold under agreements to repurchase |  | $ | 16,032 |  |  | $ | 15,862 |  |  | $ | 14,405 |  |  | $ | 14,475 |
Federal Home Loan Bank advances |  | 6,713 |  |  | 6,662 |  |  | 7,433 |  |  | 7,454 |
|  | $ | 22,745 |  |  | $ | 22,524 |  |  | $ | 21,838 |  |  | $ | 21,929 |
Contractual maturities of U.S. government-sponsored enterprises and corporate securities at December 31, 2018 and 2017 are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investment Securities - Contractual Maturities |  |  |  |  |  |
|  | For the Years Ended December 31,
|  | 2018 |  | 2017
(in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 16,496 |  |  | $ | 16,377 |  |  | $ | — |  |  | $ | — |
Over one to five years |  | 1,000 |  |  | 983 |  |  | 17,489 |  |  | 17,370 |
Over five to ten years |  | 2,000 |  |  | 2,028 |  |  | 2,518 |  |  | 2,582 |
Over ten years |  | 1,425 |  |  | 1,358 |  |  | 1,060 |  |  | 1,010 |
Mortgage-backed securities(1) |  | 26,836 |  |  | 26,186 |  |  | 33,310 |  |  | 33,067 |
|  | $ | 47,757 |  |  | $ | 46,932 |  |  | $ | 54,377 |  |  | $ | 54,029 |
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(1) | Mortgage-backed securities are due in monthly installments.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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