Securities

The amortized cost and fair value of securities available-for-sale at March 31, 2018 and December 31, 2017 are summarized as follows (in thousands):



	March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Government-sponsored enterprises (GSEs)	$	30,147	$	—	$	(844	)	$	29,303
Municipal securities	10,141		10		(265		)	9,886
Other debt securities	975		—		(51		)	924
Mortgage-backed securities (GSEs)	118,386		195		(2,484		)	116,097
	$	159,649	$	205	$	(3,644	)	$	156,210

Note 3. Securities, Continued



	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Government-sponsored enterprises (GSEs)	$	26,207	$	1	$	(432	)	$	25,776
Municipal securities	9,122		28		(147		)	9,003
Other debt securities	974		—		(24		)	950
Mortgage-backed securities (GSEs)	117,263		136		(1,184		)	116,215
	$	153,566	$	165	$	(1,787	)	$	151,944

At March 31, 2018 and December 31, 2017, securities with a fair value totaling approximately $83.4 million and $97.2 million, respectively were pledged to secure public funds and securities sold under agreements to repurchase.

For the three months ended March 31, 2018 and March 31, 2017, there were no available-for-sale securities sold which resulted in no realized gross gains or losses.

The amortized cost and estimated fair value of securities at March 31, 2018, by contractual maturity for non-mortgage backed securities, are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Fair Value
Due in one year or less	$	1,175	$	1,175
Due from one year to five years	21,606		21,011
Due from five years to ten years	12,665		12,237
Due after ten years	5,817		5,690
	41,263		40,113
Mortgage-backed securities	118,386		116,097
	$	159,649	$	156,210

The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of March 31, 2018 and December 31, 2017 (in thousands):



	As of March 31, 2018
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Government- sponsored enterprises (GSEs)	$	16,016	$	(281	)	$	13,287	$	(563	)	$	29,303	$	(844	)
Municipal securities	5,915		(129		)	2,077		(136		)	7,992		(265		)
Other debt securities	—		—			924		(51		)	924		(51		)
Mortgage-backed securities (GSEs)	60,316		(1,389		)	30,822		(1,095		)	91,138		(2,484		)
	$	82,247	$	(1,799	)	$	47,110	$	(1,845	)	$	129,357	$	(3,644	)

Note 3. Securities, Continued



	As of December 31, 2017
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Government- sponsored enterprises (GSEs)	$	1,358	$	(1	)	$	13,420	$	(431	)	$	14,778	$	(432	)
Municipal securities	3,418		(43		)	2,112		(104		)	5,530		(147		)
Other debt securities	950		(24		)	—		—			950		(24		)
Mortgage-backed securities (GSEs)	61,332		(407		)	35,048		(777		)	96,380		(1,184		)
	$	67,058	$	(475	)	$	50,580	$	(1,312	)	$	117,638	$	(1,787	)

At March 31, 2018, the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows:

U.S. Government-sponsored enterprises: At March 31, 2018, 9 (or nine) investments in U.S. GSE securities had unrealized losses. These unrealized losses related principally to changes in market interest rates. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is more likely than not that the Bank will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider these investments to be other-than temporarily impaired at March 31, 2018.

Municipal securities: At March 31, 2018, 19 (or nineteen) investments in obligations of municipal securities had unrealized losses. The Bank believes the unrealized losses on those investments were caused by the interest rate environment and do not relate to the underlying credit quality of the issuers. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider these investments to be other-than temporarily impaired at March 31, 2018.

Other debt securities: At March 31, 2018, 1 (or one) investment in other debt securities had unrealized losses. The Bank believes the unrealized loss on this investment was caused by the interest rate environment and does not relate to the underlying credit quality of the issuer. Because the Bank does not intend to sell the investment and it is not more likely than not that the Bank will be required to sell the investment before recovery of its amortized cost bases, which may be maturity, the Bank does not consider this investment to be other-than temporarily impaired at March 31, 2018.

Mortgage-backed securities: At March 31, 2018, 63 (or sixty three) investments in residential mortgage-backed securities had unrealized losses. This impairment is believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not deem these investments to be other-than-temporarily impaired at March 31, 2018.