The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income are shown below.



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-Sale Securities
September 30, 2019
Certificates of deposit	$	52,996	$	—	$	—		$	52,996
Municipal securities	506		7		—			513
Mortgage-backed securities - residential	8,402		378		—			8,780
Collateralized mortgage obligations - residential	3,156		4		(9		)	3,151
	$	65,060	$	389	$	(9	)	$	65,440
December 31, 2018
Certificates of deposit	$	73,507	$	—	$	—		$	73,507
Municipal securities	509		—		—			509
Mortgage-backed securities - residential	10,116		400		(38		)	10,478
Collateralized mortgage obligations - residential	3,676		11		(2		)	3,685
	$	87,808	$	411	$	(40	)	$	88,179

The mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities or agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity Investments⁽¹⁾
December 31, 2018
Visa Class B shares	$	—	$	3,427	$	—	$	3,427

(1) Equity investments are included in Other assets in the Consolidated Statements of Financial Condition.

The amortized cost and fair values of securities by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. 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.



	September 30, 2019
	Amortized Cost		Fair Value
Due in one year or less	$	52,996	$	52,996
Due after one year through five years	506		513
	53,502		53,509
Mortgage-backed securities - residential	8,402		8,780
Collateralized mortgage obligations - residential	3,156		3,151
	$	65,060	$	65,440

Investment securities available-for-sale with carrying values of $2.2 million and $2.7 million at September 30, 2019 and December 31, 2018, respectively, were pledged as collateral on customer repurchase agreements and for other purposes as required or permitted by law.

Sales of equity securities were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Proceeds	$	—	$	—	$	3,722	$	487
Gross gains	—		—		295		—
Gross losses	—		—		—		(14		)

Securities with unrealized losses not recognized in income are as follows:



	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
September 30, 2019
Collateralized mortgage obligations - residential	$	1,663	$	(6	)	$	976	$	(3	)	$	2,639	$	(9	)

December 31, 2018
Mortgage-backed securities - residential	$	—	$	—		$	904	$	(38	)	$	904	$	(38	)
Collateralized mortgage obligations - residential	—		—			1,729		(2		)	1,729		(2		)
	$	—	$	—		$	2,633	$	(40	)	$	2,633	$	(40	)

The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered other-than-temporarily impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the impairment is other-than-temporary.

Certain collateralized mortgage obligations that the Company holds in its investment portfolio were in an unrealized loss position at September 30, 2019, but the unrealized losses were not considered significant under the Company’s impairment testing methodology. In addition, the Company does not intend to sell these securities, and it is likely that the Company will not be required to sell these securities before their anticipated recovery occurs.

The Bank, as a member of Visa USA, received 51,404 unrestricted shares of Visa, Inc. Class B common stock in connection with Visa, Inc.’s initial public offering in 2007 and a related retroactive responsibility plan. The retroactive responsibility plan obligates all former Visa USA members to indemnify Visa USA, in proportion to their equity interests in Visa USA, for certain litigation losses and expenses, including settlement expenses, for the lawsuits covered by the retrospective responsibility plan. Due to the restrictions that the retrospective responsibility plan imposes on the Company’s Visa, Inc. Class B shares, the Company had not recorded the Class B shares as an asset.

The Bank sold 25,702 shares of Visa Class B common stock in the fourth quarter of 2018 and recorded a gain of $3.6 million. For equity investments without readily determinable fair values, when an orderly transaction for the identical or similar investment of the same issuer is identified, we use the valuation techniques permitted under ASC 820 Fair Value to evaluate the observed transaction(s) and adjust the fair value of the equity investment. Based on the existing transfer restriction and the uncertainty of the outcome of the Visa litigation mentioned above, the 25,702 Visa Class B shares that the Company owned as of December 31, 2018 were recorded at $3.4 million in other assets with a corresponding gain.

The Bank sold the remaining 25,702 shares of Visa Class B common stock in the first quarter of 2019 and recorded a gain of $295,000.