2. Investment Securities

6 Months Ended

Jun. 30, 2017

Fair Value Measurements Tables

2. Investment Securities

Investment securities available for sale are carried in the consolidated balance sheets at their approximate fair value.  Investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost at June 30, 2017 and December 31, 2016 are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
June 30, 2017
U. S. Treasuries	$	125	$	-	$	-	$	125
December 31, 2016
U. S. Treasuries	$	125	$	-	$	-	$	125

The amortized cost and fair value of securities available for sale are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2017
U. S. Treasuries	$	24,001	$	-	$	1	$	24,000
U. S. Government sponsored enterprises		-		-		-		-
Mortgage-backed obligations of federal agencies		566		7		-		573
Equity securities		135		-		-		135
Total Securities Available for Sale	$	24,702	$	7	$	1	$	24,708
December 31, 2016
U. S. Treasuries	$	24,005	$	9	$	-	$	24,014
Mortgage-backed obligations of federal agencies		634		-		-		634
Equity securities		135		-		-		135
Total Securities Available for Sale	$	24,774	$	9	$	-	$	24,783

The amortized cost and fair value of securities at June 30, 2017, by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities Held to Maturity				Securities Available for Sale
	Amortized		Fair		Amortized		Fair
(dollars in thousands)	Cost		Value		Cost		Value
Due in one year or less	$	-	$	-	$	24,001	$	24,000
Due after one year through five years		125		125		-		-
Due after five years		-		-		566		573
Due after ten years		-		-		135		135
Total	$	125	$	125	$	24,702	$	24,708

There were no gains or losses on sales of available for sale securities in the three month or six month periods ended June 30, 2017 or 2016.  There were also no securities with other than temporary impairment.

In the three months ended June 30, 2017, the treasury securities were in an unrealized loss position. At March 31, 2017 and December 31, 2016, there were no securities in an unrealized loss position.

Other investments consist of investments in nineteen low-income housing and historic equity partnerships (carrying basis of $7,808,011), stock in the Federal Home Loan Bank (carrying basis $4,995,800) and various other investments (carrying basis $1,469,572).  The interests in low-income housing and historic equity partnerships have limited transferability and the interests in the other stocks are restricted as to sales.  The fair values of these securities are estimated to approximate their carrying value as of June 30, 2017.  At June 30, 2017, the Company was committed to invest an additional $4,429,838 in nine low-income housing limited partnerships.  These funds will be paid as requested by the general partner to complete the projects.  This additional investment has been reflected in the above carrying basis and in accrued liabilities on the consolidated balance sheet.  During the first quarter of 2017, both Farmers & Merchants Financial Services and VBS Mortgage ended their relationship with Bankers Title Virginia resulting in a consolidated loss of $41,914.