Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Costs and Fair Values of Securities

Amortized costs and fair values of securities at March 31, 2019 and December 31, 2018 were as follows (in thousands):



	March 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Securities available for sale:
U.S. agency and mortgage-backed securities	$	96,345	$	295	$	(1,074	)	$	95,566
Obligations of states and political subdivisions	25,643		153		(160		)	25,636
Total securities available for sale	$	121,988	$	448	$	(1,234	)	$	121,202
Securities held to maturity:
U.S. agency and mortgage-backed securities	$	14,193	$	—	$	(332	)	$	13,861
Obligations of states and political subdivisions	3,796		22		(2		)	3,816
Corporate debt securities	1,500		13		—			1,513
Total securities held to maturity	$	19,489	$	35	$	(334	)	$	19,190
Total securities	$	141,477	$	483	$	(1,568	)	$	140,392



	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Securities available for sale:
U.S. agency and mortgage-backed securities	$	86,944	$	44	$	(2,066	)	$	84,922
Obligations of states and political subdivisions	15,203		31		(299		)	14,935
Total securities available for sale	$	102,147	$	75	$	(2,365	)	$	99,857
Securities held to maturity:
U.S. agency and mortgage-backed securities	$	27,420	$	—	$	(869	)	$	26,551
Obligations of states and political subdivisions	14,488		20		(174		)	14,334
Corporate debt securities	1,500		9		—			1,509
Total securities held to maturity	$	43,408	$	29	$	(1,043	)	$	42,394
Total securities	$	145,555	$	104	$	(3,408	)	$	142,251

Summary of Investments in an Unrealized Loss Position that were Temporarily Impaired

At March 31, 2019 and December 31, 2018, investments in an unrealized loss position that were temporarily impaired were as follows (in thousands):



	March 31, 2019
	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized (Loss)			Fair Value		Unrealized (Loss)			Fair Value		Unrealized (Loss)
Securities available for sale:
U.S. agency and mortgage-backed securities	$	369	$	(2	)	$	60,381	$	(1,072	)	$	60,750	$	(1,074	)
Obligations of states and political subdivisions	—		—			8,793		(160		)	8,793		(160		)
Total securities available for sale	$	369	$	(2	)	$	69,174	$	(1,232	)	$	69,543	$	(1,234	)
Securities held to maturity:
U.S. agency and mortgage-backed securities	$	—	$	—		$	13,861	$	(332	)	$	13,861	$	(332	)
Obligations of states and political subdivisions	—		—			761		(2		)	761		(2		)
Total securities held to maturity	$	—	$	—		$	14,622	$	(334	)	$	14,622	$	(334	)
Total securities	$	369	$	(2	)	$	83,796	$	(1,566	)	$	84,165	$	(1,568	)

	December 31, 2018
	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized (Loss)			Fair Value		Unrealized (Loss)			Fair Value		Unrealized (Loss)
Securities available for sale:
U.S. agency and mortgage-backed securities	$	26,350	$	(215	)	$	49,652	$	(1,851	)	$	76,002	$	(2,066	)
Obligations of states and political subdivisions	3,761		(25		)	5,127		(274		)	8,888		(299		)
Total securities available for sale	$	30,111	$	(240	)	$	54,779	$	(2,125	)	$	84,890	$	(2,365	)
Securities held to maturity:
U.S. agency and mortgage-backed securities	$	—	$	—		$	26,551	$	(869	)	$	26,551	$	(869	)
Obligations of states and political subdivisions	5,326		(37		)	6,115		(137		)	11,441		(174		)
Total securities held to maturity	$	5,326	$	(37	)	$	32,666	$	(1,006	)	$	37,992	$	(1,043	)
Total securities	$	35,437	$	(277	)	$	87,445	$	(3,131	)	$	122,882	$	(3,408	)

Amortized Cost and Fair Value of Securities

The amortized cost and fair value of securities at March 31, 2019 by contractual maturity are shown below (in thousands). Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.



	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	1,836	$	1,844	$	185	$	185
Due after one year through five years	9,009		8,992		4,179		4,159
Due after five years through ten years	27,051		27,048		4,586		4,565
Due after ten years	84,092		83,318		10,539		10,281
	$	121,988	$	121,202	$	19,489	$	19,190

Composition of Restricted Securities

The composition of restricted securities at March 31, 2019 and December 31, 2018 was as follows (in thousands):



	March 31, 2019		December 31, 2018
Federal Home Loan Bank stock	$	776	$	763
Federal Reserve Bank stock	875		875
Community Bankers’ Bank stock	50		50
	$	1,701	$	1,688