Equity securities are reported at fair value on the Company’s Consolidated Statements of Financial Condition. The Company’s portfolio of equity securities had an estimated fair value of $17.7 million and $2.5 million as of December 31, 2020 and December 31, 2019, respectively. Included in this category are equity holdings of financial institutions. Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices.

The Company follows ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities," which aims to simplify accounting for financial instruments. ASU 2016-01 also includes guidance on how entities account for equity investments, present and disclose financial instruments, and measure the valuation allowance on deferred tax assets related to available-for-sale debt securities. The guidance in ASU 2016- 01 requires an entity to disaggregate the net gains and losses on the equity investments recognized in the income statement during a reporting period into realized and unrealized gains and losses. As a result, equity securities are no longer carried at fair value through other comprehensive income ("OCI") or by applying the cost method to those equity securities that do not have readily determinable values. Equity securities are generally required to be measured at fair value with market value adjustments being reflected in net income. The Company adopted this standard as of January 1, 2018.

The following table presents the disaggregated net losses on equity securities reported in the Consolidated Statements of Operations (In Thousands):

The following table sets forth information regarding the amortized cost, estimated fair values, and unrealized gains and losses for the Bank’s debt securities portfolio at December 31, 2020 by final contractual maturity. The following table does not take into consideration the effects of scheduled repayments or the effects of possible prepayments. Certain securities have interest rates that are adjustable and will reprice annually within the various maturity ranges. The effect of these repricings are not reflected in the table below.


	December 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
More than one to five years	$	3,208	$	10	$	67	$	3,151
More than five to ten years		4,799		163		-		4,962
More than ten years		40,531		741		60		41,212
Sub-total:		48,538		914		127		49,325

Corporate Debt Securities:
More than five to ten years		32,279		1,719		13		33,985
Sub-total:		32,279		1,719		13		33,985

Municipal obligations:
Due within one year		12,048		-		-		12,048
Due after ten years		4,209		189		-		4,398
Sub-total:		16,257		189		-		16,446

Total Debt Securities Available-for-Sale	$	97,074	$	2,822	$	140	$	99,756


	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities
More than one to five years	$	3,431	$	8	$	72	$	3,367
More than five to ten years		1,566		33		-		1,599
More than ten years		87,269		574		1,196		86,647
	$	92,266	$	615	$	1,268	$	91,613

The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:


	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In Thousands)
December 31, 2020
Residential mortgage-backed securities	$	6,126	$	60	$	1,278	$	67	$	7,404	$	127
Corporate Debt Securities		5,487		13		-		-		5,487		13
	$	11,613	$	73	$	1,278	$	67	$	12,891	$	140

December 31, 2019
Residential mortgage-backed securities	$	13,073	$	656	$	23,212	$	612	$	36,285	$	1,268
	$	13,073	$	656	$	23,212	$	612	$	36,285	$	1,268

Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At December 31, 2020 and 2019, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities, corporate debt securities, and municipal obligations relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at December 31, 2020 and 2019 to be temporary.