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Investment Securities | 6 Months Ended
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Jun. 30, 2019
Debt Securities, Available-for-sale [Abstract] |
Investment Securities |
2. | Investment Securities
The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:
|  | June 30, 2019 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (unaudited) |
U.S. Treasury securities |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
U.S. government agency mortgage-backed securities-residential |  |  | 89,707 |  |  |  | 592 |  |  |  | (586 | ) |  |  | 89,713 |
U.S. government agency securities |  |  | 19,935 |  |  |  | 29 |  |  |  | (117 | ) |  |  | 19,847 |
Municipal securities ¹ |  |  | 1,229 |  |  |  | 18 |  |  |  | - |  |  |  | 1,247 |
Other |  |  | 542 |  |  |  | 49 |  |  |  | - |  |  |  | 591 |
Total |  | $ | 111,413 |  |  | $ | 688 |  |  | $ | (703 | ) |  | $ | 111,398 |
|  | December 31, 2018 |
U.S. Treasury securities |  | $ | 3,036 |  |  | $ | - |  |  | $ | (65 | ) |  | $ | 2,971 |
U.S. government agency mortgage-backed securities-residential |  |  | 82,965 |  |  |  | 8 |  |  |  | (2,757 | ) |  |  | 80,216 |
U.S. government agency securities |  |  | 16,919 |  |  |  | - |  |  |  | (451 | ) |  |  | 16,468 |
Municipal securities ¹ |  |  | 1,228 |  |  |  | 4 |  |  |  | - |  |  |  | 1,232 |
Other |  |  | 425 |  |  |  | - |  |  |  | - |  |  |  | 425 |
Total |  | $ | 104,573 |  |  | $ | 12 |  |  | $ | (3,273 | ) |  | $ | 101,312 |
¹ The issuers of municipal securities are all within New York State. The following table presents the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position:
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  |  |  |  |  |  |  | June 30, 2019 |  |  |  |  |  |  |
|  | (unaudited) |
U.S. Treasury securities |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
U.S. government agency mortgage-backed securities-residential |  |  | - |  |  |  | - |  |  |  | 40,967 |  |  |  | (586 | ) |  |  | 40,967 |  |  |  | (586 | )
U.S. government agency securities |  |  | - |  |  |  | - |  |  |  | 12,820 |  |  |  | (117 | ) |  |  | 12,820 |  |  |  | (117 | )
Total |  | $ | - |  |  | $ | - |  |  | $ | 53,787 |  |  | $ | (703 | ) |  | $ | 53,787 |  |  | $ | (703 | )
|  | December 31, 2018 |
U.S. Treasury securities |  | $ | - |  |  | $ | - |  |  | $ | 2,971 |  |  | $ | (65 | ) |  | $ | 2,971 |  |  | $ | (65 | )
U.S. government agency mortgage-backed securities-residential |  |  | 1,669 |  |  |  | (4 | ) |  |  | 76,586 |  |  |  | (2,753 | ) |  |  | 78,255 |  |  |  | (2,757 | )
U.S. government agency securities |  |  | 0 |  |  |  | 0 |  |  |  | 16,468 |  |  |  | (451 | ) |  |  | 16,468 |  |  |  | (451 | )
Total |  | $ | 1,669 |  |  | $ | (4 | ) |  | $ | 96,025 |  |  | $ | (3,269 | ) |  | $ | 97,694 |  |  | $ | (3,273 | )
At June 30, 2019 and December 31, 2018, the Company had 59 and 96 individual available-for-sale securities with unrealized losses totaling $703 and $3,273, respectively, with an aggregate depreciation of 1.31% and 3.35%, respectively, from the Company’s amortized cost. Management believes that none of the unrealized losses on available for sale securities are other-than-temporary because substantially all of the unrealized losses in the Company’s investment portfolio relate to market interest rate changes on debt and mortgage-backed securities issued either directly by the government or from government sponsored enterprises. Because the Company does not intend to sell the securities and it is not likely that the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company did not consider those investments to be other-than-temporarily impaired at June 30, 2019 or December 31, 2018. The amortized cost and fair value of available for sale debt securities at June 30, 2019 and December 31, 2018, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:
|  | June 30, 2019 |  |  | December 31, 2018 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (unaudited) |  |  |  |  |  |  |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | 1,221 |  |  | $ | 1,217 |  |  | $ | 1,221 |  |  | $ | 1,210 |
After 1 but within 5 years |  |  | 14,186 |  |  |  | 14,074 |  |  |  | 17,253 |  |  |  | 16,780 |
After 5 but within 10 years |  |  | 5,557 |  |  |  | 5,603 |  |  |  | 1,975 |  |  |  | 1,945 |
After 10 years |  |  | 200 |  |  |  | 200 |  |  |  | 734 |  |  |  | 736 |
Total Maturities |  |  | 21,164 |  |  |  | 21,094 |  |  |  | 21,183 |  |  |  | 20,671 |
Mortgage-backed securities |  |  | 89,707 |  |  |  | 89,713 |  |  |  | 82,965 |  |  |  | 80,216 |
Other |  |  | 542 |  |  |  | 591 |  |  |  | 425 |  |  |  | 425 |
Total |  | $ | 111,413 |  |  | $ | 111,398 |  |  | $ | 104,573 |  |  | $ | 101,312 |
At June 30, 2019 and December 31, 2018, available for sale securities with a carrying value of $26,222 and $27,465, respectively, were pledged to secure Federal Home Loan Bank of New York (“FHLB”) borrowings. In addition $1,187 and $1,032 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York. During the six months ended June 30, 2019, there was $4,990 in proceeds from the sales of available for sale securities with $40 in gross losses realized. Proceeds from the sale of available for sale securities and calls aggregated $2,113 with $22 in gross losses realized for the year ended December 31, 2018.

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