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 were recognized in accumulated other comprehensive income (loss):


			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
	(In thousands)
September 30, 2019:
Federal agency mortgage-backed securities	$	8,245	$	167	$	(2)	$	8,410
Federal agency debt		5,178		83		—		5,261
Total available-for-sale securities	$	13,423	$	250	$	(2)	$	13,671
December 31, 2018:
Federal agency mortgage-backed securities	$	9,575	$	88	$	(155)	$	9,508
Federal agency debt		5,317		—		(103)		5,214
Total available-for-sale securities	$	14,892	$	88	$	(258)	$	14,722

At September 30, 2019, the Bank had 3 federal agency debt securities with total amortized cost of $5.2 million, estimated total fair value of $5.3 million and an estimated average remaining life of 3.3 years. The Bank also had 22 federal agency mortgage-backed securities with total amortized cost of $8.2 million, estimated total fair value of $8.4 million and an estimated average remaining life of 3.9 years. 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 with unrealized losses at September 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


	Less than 12 months				12 months or more				Total
			Gross				Gross		Estimated		Gross
	Estimated		Unrealized		Estimated		Unrealized		Fair		Unrealized
	Fair Value		Losses		Fair Value		Losses		Value		Losses
	(In thousands)
September 30, 2019:
Federal agency mortgage-backed securities	$	623	$	(2)	$	—	$	—	$	623	$	(2)
Total temporarily impaired	$	623	$	(2)	$	—	$	—	$	623	$	(2)
December 31, 2018:
Federal agency mortgage-backed securities	$	2,649	$	(25)	$	4,213	$	(130)	$	6,862	$	(155)
Federal agency debt		1,979		(10)		3,235		(93)		5,214		(103)
Total temporarily impaired	$	4,628	$	(35)	$	7,448	$	(223)	$	12,076	$	(258)

At September 30, 2019 and December 31, 2018, there were no securities pledged to secure public deposits since those public deposits are under $250 thousand and are fully insured by the Federal Deposit Insurance Corporation (“FDIC”). At September 30, 2019 and December 31, 2018, 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, 2019 and 2018.

The Bank held one security with unrealized losses at September 30, 2019 compared to 10 securities with unrealized losses at December 31, 2018. Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value has been less than the cost, and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. All of the Bank’s securities were issued by the federal government or its agencies. The unrealized losses on our available-for-sale securities at September 30, 2019 were primarily caused by movements in market interest rates subsequent to the purchase of such securities. We do not consider these unrealized losses to be other than temporary impairment.