Note 3 – Securities

The following table summarizes the amortized cost and fair value of the available‑for‑sale investment securities portfolios at December 31, 2020 and December 31, 2019 and the corresponding amounts of unrealized gains (losses) which are recognized in accumulated other comprehensive income:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2020:
Federal agency mortgage‑backed securities	$	5,550	$	257	$	-	$	5,807
Federal agency debt		2,682		190				2,872
Municipal bonds		2,000		19		-		2,019
Total available‑for‑sale securities	$	10,232	$	466	$	-	$	10,698
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 December 31, 2020, the Bank had two federal agency debt securities with a total amortized cost of $2.7 million and estimated total fair value of $2.9 million and an estimated average remaining life of 5.0 years. The Bank also had 22 federal agency mortgage‑backed securities with total amortized cost of $5.6 million, estimated total fair value of $5.8 million and an estimated average remaining life of 2.8 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. In 2020, the Bank purchased five municipal bonds with a total amortized cost of $2.0 million, estimated fair value of $2.0 million at December 31, 2020 and an estimated average remaining life of 6.4 years.

At December 31, 2020 and 2019, there were no securities pledged to secure public deposits since those public deposits are under $250 thousand which are fully insured by FDIC. At December 31, 2020 and 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 years ended December 31, 2020 and 2019.

The Bank held 29 and 24 securities with unrealized gains and no securities with unrealized losses at December 31, 2020 and 2019, respectively. Securities in unrealized gain positions are analyzed as part of our ongoing assessment of other‑than‑temporary improvement in fair market values primarily caused by movements in market interest rates subsequent to the purchase of such securities. All of the Bank's securities were issued by the federal government or federal government agencies, or municipalities.