NOTE (3) – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the periods indicated 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)
June 30, 2016:
Residential mortgage-backed	$	12,939	$	490	$	-	$	13,429
U.S. Government and federal agency		1,953		71		-		2,024

Total available-for-sale securities	$	14,892	$	561	$	-	$	15,453

December 31, 2015:
Residential mortgage-backed	$	11,796	$	371	$	-	$	12,167
U.S. Government and federal agency	1,946		27		-		1,973

Total available-for-sale securities	$	13,742	$	398	$	-	$	14,140

At June 30, 2016, the Bank’s investment portfolio had an estimated remaining life of 3.8 years. The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity at June 30, 2016. 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	1,953		2,024
Five to ten years	-		-
Beyond ten years	-		-
Residential mortgage-backed	12,939		13,429

Total	$	14,892	$	15,453

At June 30, 2016 and December 31, 2015, securities pledged to secure public deposits had a carrying amount of $641 thousand and $719 thousand, respectively. At June 30, 2016 and December 31, 2015, 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 six months ended June 30, 2016 and 2015.