7. Investment and Mortgage-Backed Securities, Held to Maturity

During the quarter ended June 30, 2015 the Company transferred 22 mortgage-backed securities classified as available for sale to its held to maturity portfolio. At the date of the transfer these securities had a fair value $32.8 million, which resulted in an unrealized gain of $602,000 that is reported in accumulated other comprehensive income and will be amortized over the remaining life of the securities. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of held to maturity securities at June 30, 2015 are as follows:



	June 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage-Backed Securities (1)	$	32,270,915	$	—	$	428,293	$	31,842,622
Total Held to Maturity	$	32,270,915	$	—	$	428,293	$	31,842,622

^{(1) COMPRISED OF GSES OR GNMA MORTGAGE-BACKED SECURITIES}

Other than the mortgage-backed securities included above, there were no other investment securities classified as held to maturity at June 30, 2015. There were no investment or mortgage-backed securities classified as held to maturity at December 31, 2014.

7. Investment and Mortgage-Backed Securities, Held to Maturity, Continued

At June 30, 2015, the Bank held GNMA mortgage-backed securities that had an amortized cost and fair value of $22.7 million and $22.4 million, respectively. The Company has not invested in any private label mortgage-backed securities.

At June 30, 2015, the amortized cost and fair value of mortgage-backed securities held to maturity pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $28.2 million and $27.9 million, respectively.

The following tables show gross unrealized losses and fair value and length of time that individual held to maturity securities have been in a continuous unrealized loss position for six months ended June 30, 2015.



	June 30, 2015
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-Backed Securities (1)	$	31,842,622	$	428,293	$	—	$	—	$	31,842,622	$	428,293
	$	31,842,622	$	428,293	$	—	$	—	$	31,842,622	$	428,293

^{(1) COMPRISED OF GNMA MORTGAGE-BACKED SECURITIES}

The Company’s held to maturity portfolio is recorded at amortized cost. The Company has the ability and intent to hold these securities to maturity. There were no sales of securities held to maturity during the six months ended June 30, 2015. There were no securities classified as held to maturity during the six months ended June 30, 2014.