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

The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of held to maturity securities at the dates indicated below were as follows:



	September 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Federal Home Loan Mortgage Corporation ("FHLMC") Bond	$	998,434	$	—	$	32,813	$	965,621
Mortgage-Backed Securities ⁽¹⁾	21,293,593		69,733		628,916		20,734,410
Total Held To Maturity	$	22,292,027	$	69,733	$	661,729	$	21,700,031

	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
FHLB Bonds	$	2,000,000	$	—	$	2,984	$	1,997,016
FHLMC Bond	998,102		—		12,588		985,514
Mortgage-Backed Securities ⁽¹⁾	24,082,868		120,843		131,307		24,072,404
Total Held To Maturity	$	27,080,970	$	120,843	$	146,879	$	27,054,934

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

The FHLB, FHLMC and the Federal National Mortgage Association ("FNMA") are government sponsored enterprises ("GSEs") and the securities and bonds issued by GSEs are not backed by the full faith and credit of the United States government. At September 30, 2018, the Bank held an amortized cost and fair value of $13.9 million and $13.5 million, respectively, in GNMA mortgage-backed securities classified as held to maturity, which are included in the table above, compared to an amortized cost and fair value of $15.9 million and $15.9 million, respectively, at December 31, 2017. The Company has not invested in any private label mortgage-backed securities classified as held to maturity.

At September 30, 2018, the amortized cost and fair value of mortgage-backed securities held to maturity that were pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $20.4 million and $19.9 million, respectively, compared to an amortized cost and fair value of $22.3 million at December 31, 2017.

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

The amortized cost and fair value of investment and mortgage-backed securities held to maturity at September 30, 2018 are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since mortgage-backed securities are not due at a single maturity date, they are disclosed separately, rather than allocated over the maturity groupings set forth in the table below.



	September 30, 2018
Investment Securities:	Amortized Cost		Fair Value
One – Five Years	$	998,434	$	965,621
Mortgage-Backed Securities	21,293,593		20,734,410
Total Held to Maturity	$	22,292,027	$	21,700,031

The following tables show gross unrealized losses, fair value, and length of time that individual held to maturity securities have been in a continuous unrealized loss position at the dates indicated below.



	September 30, 2018
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLMC Bond	$	—	$	—	$	965,621	$	32,813	$	965,621	$	32,813
Mortgage-Backed Securities ⁽¹⁾	11,070,475		321,204		8,067,582		307,712		19,138,057		628,916
	$	11,070,475	$	321,204	$	9,033,203	$	340,525	$	20,103,678	$	661,729

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



	December 31, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
FHLB Bond	$	1,997,016	$	2,984	$	—	$	—	$	1,997,016	$	2,984
FHLMC Bond	985,514		12,588		—		—		985,514		12,588
Mortgage-Backed Securities ⁽¹⁾	17,645,676		103,387		1,284,971		27,920		18,930,647		131,307
	$	20,628,206	$	118,959	$	1,284,971	$	27,920	$	21,913,177	$	146,879

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

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.