NOTE (3) – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios at September 30, 2014 and December 31, 2013 and the corresponding amounts of unrealized gains and losses which are recognized in accumulated other comprehensive income (loss):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2014:	(In thousands)
Residential mortgage-backed	$	15,450	$	469	$	-	$	15,919
U.S. Government and federal agency	1,929		14		-		1,943
Total available-for-sale securities	$	17,379	$	483	$	-	$	17,862
December 31, 2013:
Residential mortgage-backed	$	8,917	$	480	$	-	$	9,397
Total available-for-sale securities	$	8,917	$	480	$	-	$	9,397

The amortized cost and fair value of the investment securities portfolios are shown by contractual maturity at September 30, 2014. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily residential mortgage-backed securities, are shown separately.

	Available-for-Sale
Maturity	Amortized Cost		Fair Value
	(In thousands)
Within one year	$	-	$	-
One to five years	-		-
Five to ten years	1,929		1,943
Beyond ten years	-		-
Residential mortgage-backed	15,450		15,919
Total	$	17,379	$	17,862

At September 30, 2014 and December 31, 2013, securities pledged to secure public deposits and FHLB advances had a carrying amount of $1.2 million and $9.4 million, respectively. At September 30, 2014 and December 31, 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

During the first quarter of 2014, $8.6 million of residential mortgage-backed securities and $1.9 million of U.S. Government and federal agency securities were purchased and were classified as available-for-sale. There were no sales of securities during the three and nine months ended September 30, 2014 and 2013.