Note 4: Securities

The aggregate amortized costs and fair values of available-for-sale securities as of the dates stated were as follows.

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2018	Cost		Gains		(Losses)			Value
U.S. Government agencies and mortgage backed securities	$	52,073	$	1	$	(1,938	)	$	50,136
State and municipal obligations		20,525		12		(599	)		19,938
Corporate bonds		11,177		5		(41	)		11,141
Total available-for-sale securities	$	83,775	$	18	$	(2,578	)	$	81,215

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2017	Cost		Gains		(Losses)			Value
U.S. Government agencies and mortgage backed securities	$	49,964	$	6	$	(687	)	$	49,283
State and municipal obligations		21,113		195		(155	)		21,153
Corporate bonds		6,696		23		(2	)		6,717
Total available-for-sale securities	$	77,773	$	224	$	(844	)	$	77,153

Securities with fair values of $18.3 million and $19.4 million were pledged as collateral for securities sold under repurchase agreements as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018 and December 31, 2017, all the securities pledged for repurchase agreements were state and municipal obligations. All the repurchase agreements had remaining contractual maturities that were overnight and continuous. Securities sold under repurchase agreements were $6.1 million and $9.5 million as of September 30, 2018 and December 31, 2017, respectively, and are included in liabilities on the consolidated balance sheets. The securities pledged to each agreement are reviewed daily and can be changed at the option of the Bank with minimal risk of loss due to fair value changes.

Securities in an unrealized loss position at September 30, 2018 and December 31, 2017, by period of the unrealized loss, are shown below. The unrealized loss positions were primarily related to interest rate movements and not the credit quality of the issuers. All agency securities and state and municipal securities are investment grade or better, and their losses are considered temporary. Management does not intend to sell nor expect to be required to sell these securities, and all amortized cost bases are expected to be recovered. Securities with unrealized loss positions at September 30, 2018 included 56 U.S. government agencies, 49 state and municipal obligations, and 2 corporate bonds. Securities with unrealized loss positions at December 31, 2017 included 36 U.S. government agencies, 34 state and municipal obligations, and one corporate bond.

The following tables provide additional information on these securities as of the dates stated.

	Less than 12 months					12 months or more					Total
September 30, 2018	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Government agencies and mortgage backed securities	$	17,047	$	(498	)	$	32,892	$	(1,440	)	$	49,939	$	(1,938	)
State and municipal obligations		11,996		(191	)		5,767		(408	)		17,763		(599	)
Corporate bonds		2,484		(41	)		—		—			2,484		(41	)
Total temporarily impaired securities	$	31,527	$	(730	)	$	38,659	$	(1,848	)	$	70,186	$	(2,578	)

	Less than 12 months					12 months or more					Total
December 31, 2017	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Government agencies and mortgage backed securities	$	25,053	$	(353	)	$	16,184	$	(334	)	$	41,237	$	(687	)
State and municipal obligations		2,753		(15	)		5,787		(140	)		8,540		(155	)
Corporate bonds		498		(2	)		—		—			498		(2	)
Total temporarily impaired securities	$	28,304	$	(370	)	$	21,971	$	(474	)	$	50,275	$	(844	)

The following table presents the amortized cost and fair value by contractual maturity of securities available for sale as of the dates stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2018				December 31, 2017
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	978	$	973	$	3,583	$	3,514
Due after one year but less than five years		45,633		44,382		37,747		37,425
Due after five years but less than ten years		28,063		27,236		28,441		28,250
Due after ten years		9,101		8,624		8,002		7,964
Total available-for-sale securities	$	83,775	$	81,215	$	77,773	$	77,153

Restricted Securities

The Company’s investment in Federal Home Loan Bank of Atlanta (“FHLB”) stock totaled $4.3 million and $3.7 million at September 30, 2018 and December 31, 2017, respectively. The Company also had an investment in Federal Reserve Bank of Richmond (“FRB”) stock, which totaled $2.3 million at September 30, 2018 and $1.9 million at December 31, 2017. The investments in both FHLB and FRB stock are required investments related to the Bank’s membership in the FHLB and FRB. These securities do not have a readily determinable fair value as their ownership is restricted, and they lack an active market for trading. Additionally, per charter provisions related to the FHLB and FRB stock, all repurchase transactions of such stock must occur at par. Accordingly, these securities are carried at cost and are periodically evaluated for impairment.