Securities

The carrying amount of securities and their approximate fair values are reflected in the following table:



	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
December 31, 2017
US government agencies	$	22,778	$	3	$	157	$	22,624
Residential mortgage-backed securities	70,167		1		1,472		68,696
Mutual fund	2,090		—		55		2,035
Total	$	95,035	$	4	$	1,684	$	93,355

December 31, 2016
US government agencies	$	17,803	$	52	$	32	$	17,823
Residential mortgage-backed securities	52,301		3		1,031		51,273
Mutual fund	2,012		—		52		1,960
Total	$	72,116	$	55	$	1,115	$	71,056

During the year ended December 31, 2017, there were no sales of securities.

During the year ended December 31, 2016, one security was sold for $1.9 million resulting in a net gain of $1 thousand.

Twelve securities were sold for $17.7 million resulting in a net gain on sale of securities of $13 thousand during the year ended December 31, 2015.

The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.



	Less Than 12 Months				12 Months or More				Total
December 31, 2017	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
US government agencies	$	14,842	$	100	$	6,465	$	57	$	21,307	$	157
Residential mortgage-backed securities	23,481		439		40,648		1,033		64,129		1,472
Mutual fund	—		—		2,035		55		2,035		55
Total	$	38,323	$	539	$	49,148	$	1,145	$	87,471	$	1,684

	Less Than 12 Months				12 Months or More				Total
December 31, 2016	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
US government agencies	$	6,508	$	32	$	—	$	—	$	6,508	$	32
Residential mortgage-backed securities	49,109		1,017		1,635		14		50,744		1,031
Mutual fund	1,960		52		—		—		1,960		52
Total	$	57,577	$	1,101	$	1,635	$	14	$	59,212	$	1,115

At December 31, 2017, there were twenty-three residential mortgage-backed securities, three US government agencies and the 504 mutual fund in unrealized loss positions for greater than 12 months and eight residential mortgage-backed securities and five US government agency securities in unrealized loss position for less than 12 months. Unrealized losses at December 31, 2016 consisted of two residential mortgage-backed securities in unrealized loss positions for greater than 12 months and three US government agency securities, twenty-two residential mortgage-backed securities and the 504 Fund mutual fund investment in unrealized loss positions for less than 12 months.

These unrealized losses are primarily the result of volatility in the market and are related to market interest rates. Since none of the unrealized losses relate to marketability of the securities or the issuer’s ability to honor redemption obligations, and the Company has the intent and ability to hold these securities until they recover their value, none of the securities are deemed to be other than temporarily impaired.

All residential mortgage-backed securities in the Company’s portfolio at December 31, 2017 and December 31, 2016 were backed by US government sponsored enterprises (“GSEs”).

The following is a summary of investment securities by maturity:



	Available-for-sale
	Amortized cost		Fair value
US government agencies
Within one year	$	6,323	$	6,295
One to five years	16,455		16,329
Total	22,778		22,624

Residential mortgage-backed securities
Five to ten years	6,815		6,701
After 10 years	63,352		61,995
Total	70,167		68,696

Total	$	92,945	$	91,320

The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. This table excludes the 504 Fund mutual fund investment.

At December 31, 2017 and 2016, investment securities with a fair market value of $2.5 million and $1.2 million, respectively, were pledged to the Company's trust department for uninsured trust assets held by the trust department and $100 thousand was pledged to the Ohio State Treasurer to allow the Company's trust department to conduct business in the State of Ohio. In addition, $1.5 million, was pledged to secure a line of credit with the Company’s correspondent bank at December 31, 2016.