Securities Available for Sale

Securities available for sale consist of the following at the dates indicated:



	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Government Agencies	$	48,025	$	1	$	(484	)	$	47,542
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	71,949		88		(1,438		)	70,599
Municipal Bonds	30,865		127		(226		)	30,766
Corporate Bonds	6,166		25		(168		)	6,023
Equity Securities	63		—		—			63
Total	$	157,068	$	241	$	(2,316	)	$	154,993



	June 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Government Agencies	$	65,947	$	184	$	(301	)	$	65,830
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	92,841		411		(281		)	92,971
Municipal Bonds	34,135		403		(28		)	34,510
Corporate Bonds	6,267		114		(88		)	6,293
Equity Securities	63		—					$	63
Total	$	199,253	$	1,112	$	(698	)	$	199,667

Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.



	June 30, 2018
	Amortized Cost		Estimated Fair Value
Due within one year	$	28,728	$	28,573
Due after one year through five years	41,273		40,663
Due after five years through ten years	5,749		5,829
Due after ten years	9,306		9,266
Mortgage-backed securities	71,949		70,599
Total	$	157,005	$	154,930



	June 30, 2017
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,430	$	1,430
Due after one year through five years	75,025		74,949
Due after five years through ten years	19,535		19,828
Due after ten years	10,359		10,426
Mortgage-backed securities	92,841		92,971
Total	$	199,190	$	199,604

Gross proceeds and gross realized gains and losses from sales of securities recognized in net income follow:



	June 30,
	2018		2017			2016
Gross proceeds from sales of securities	$	—	$	19,279		$	—
Gross realized gains from sales of securities	—		70			—
Gross realized losses from sales of securities	—		(48		)	—

Securities available for sale with costs totaling $136,914 and $156,592 with market values of $135,313 and $154,264 at June 30, 2018 and June 30, 2017, respectively, were pledged as collateral to secure various public deposits and borrowings.

The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2018 and June 30, 2017 were as follows:



	June 30, 2018
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government Agencies	$	10,962	$	(93	)	$	35,605	$	(391	)	$	46,567	$	(484	)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	39,238		(827		)	21,297		(611		)	60,535		(1,438		)
Municipal Bonds	19,795		(208		)	1,446		(18		)	21,241		(226		)
Corporate Bonds	—		—			3,566		(168		)	3,566		(168		)
Total	$	69,995	$	(1,128	)	$	61,914	$	(1,188	)	$	131,909	$	(2,316	)



	June 30, 2017
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government Agencies	$	46,767	$	(222	)	$	6,921	$	(79	)	$	53,688	$	(301	)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	42,921		(240		)	3,970		(41		)	46,891		(281		)
Municipal Bonds	9,153		(28		)	—		—			9,153		(28		)
Corporate Bonds	$	3,734	$	(88	)	$	—	$	—		$	3,734	$	(88	)
Total	$	102,575	$	(578	)	$	10,891	$	(120	)	$	113,466	$	(698	)

The total number of securities with unrealized losses at June 30, 2018, and June 30, 2017 were 218 and 136, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other than temporary impairment losses during the years ended June 2018, 2017 or 2016.

As a requirement for membership, the Bank invests in stock of the FHLB and the Federal Reserve Bank. No ready market exists for these stocks and the carrying value approximates its fair value based on the redemption provisions of the FHLB and the Federal Reserve Bank.