NOTE (4) – 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:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
March 31, 2021:
Federal agency mortgage-backed securities	$	5,033	$	228	$	-		$	5,261
Federal agency debt		2,682		100		-			2,782
Municipal bonds		2,000		6		(26	)		1,980
Total available-for-sale securities	$	9,715	$	334	$	(26	)	$	10,023
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

At March 31, 2021, the Bank had two federal agency debt securities with total amortized cost of $2.7 million, estimated total fair value of $2.8 million and an estimated average remaining life of 4.4 years. The Bank also had 20 federal agency mortgage-backed securities with total amortized cost of $5.0 million, estimated total fair value of $5.3 million and an estimated average remaining life of 3.4 years. In addition, as of March 31, 2021, the Bank had five municipal bonds with total amortized cost of $2.0 million, estimated total fair value of $2.0 million and average remaining life of 6.5 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.

No securities were pledged to secure public deposits at March 31, 2021 and December 31, 2020. At March 31, 2021 and December 31, 2020, no holdings of securities of any one issuer, other than the U.S. Government and its agencies exceeded 10% of stockholders’ equity.

The Bank did not purchase or sell any securities during the three months ended March 31, 2021 and 2020.

At March 31, 2021, the Bank held 23 securities with unrealized gains and four securities with unrealized losses. All securities with unrealized losses were in a loss position for less than 12 months. At December 31, 2020, the Bank held 29 securities with unrealized gains and no securities with unrealized losses. Securities in unrealized gain or loss positions are analyzed as part of our ongoing assessment of other than temporary fluctuations 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.