NOTE (3) – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios at September 30, 2015 and December 31, 2014 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
	(In thousands)
September 30, 2015:
Residential mortgage-backed	$	12,329	$	471	$	-	$	12,800
U.S. Government and federal agency	1,942		54		-		1,996

Total available-for-sale securities	$	14,271	$	525	$	-	$	14,796

December 31, 2014:
Residential mortgage-backed	$	14,578	$	540	$	-	$	15,118
U.S. Government and federal agency	1,932		25		-		1,957

Total available-for-sale securities	$	16,510	$	565	$	-	$	17,075

At September 30, 2015, the Bank’s investment portfolio had an estimated remaining life of 4.3 years. The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity at September 30, 2015. 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	1,942		1,996
Five to ten years	-		-
Beyond ten years	-		-
Residential mortgage-backed	12,329		12,800

Total	$	14,271	$	14,796

At September 30, 2015 and December 31, 2014, securities pledged to secure public deposits had a carrying amount of $731 thousand and $1.2 million, respectively. At September 30, 2015 and December 31, 2014, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

There were no sales of securities during the three and nine months ended September 30, 2015 and 2014.