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 which were recognized in accumulated other comprehensive income:


			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2020:
Federal agency mortgage-backed securities	$	7,317	$	299	$	—	$	7,616
Federal agency debt		3,014		76		—		3,090
Total available-for-sale securities	$	10,331	$	375	$	—	$	10,706
December 31, 2019:
Federal agency mortgage-backed securities	$	7,792	$	164	$	—	$	7,956
Federal agency debt		3,014		36		—		3,050
Total available-for-sale securities	$	10,806	$	200	$	—	$	11,006

At March 31, 2020, the Bank had two federal agency debt securities with total amortized cost of $3.0 million, estimated total fair value of $3.1 million and an estimated average remaining life of 5.3 years. The Bank also had 22 federal agency mortgage-backed securities with total amortized cost of $7.3 million, estimated total fair value of $7.6 million and an estimated average remaining life of 3.04 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.

There were no securities pledged to secure public deposits at March 31, 2020 and December 31, 2019. At March 31, 2020 and December 31, 2019, 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 months ended March 31, 2020 and 2019.

The Bank held 24 securities with unrealized gains at March 31, 2020 and December 31, 2019. All of the Bank's securities were issued by the federal government or its agencies. The unrealized gains on our available-for-sale securities at March 31, 2020 were primarily caused by movements in market interest rates subsequent to the purchase of such securities.