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Available for Sale Securities | 12 Months Ended
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Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract] |
Available for Sale Securities | 2. Available for Sale Securities The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:
|  | December 31, 2019
|  |  |  | Gross |  | Gross |  |
|  |  |  | Unrealized |  | Unrealized |  |
|  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
U.S. government agency mortgage-backed securities–residential |  | $ | 98,842 |  | $ | 464 |  | $ | (828) |  | $ | 98,478
U.S. government agency securities |  |  | 12,049 |  |  | 53 |  |  | (26) |  |  | 12,076
Municipal securities(1) |  |  | 1,384 |  |  | 17 |  |  | (5) |  |  | 1,396
Corporate bonds |  |  | 2,250 |  |  | 25 |  |  | (2) |  |  | 2,273
Other |  |  | 555 |  |  | 54 |  |  | — |  |  | 609
Total |  | $ | 115,080 |  | $ | 613 |  | $ | (861) |  | $ | 114,832
|  | 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:
|  | December 31, 2019
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
|  |  |  | Unrealized |  |  |  | Unrealized |  |  |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
U.S. government agency mortgage-backed securities-residential |  | $ | 35,612 |  | $ | (302) |  | $ | 27,252 |  | $ | (526) |  | $ | 62,864 |  | $ | (828)
U.S. government agency securities |  |  | — |  |  | — |  |  | 7,001 |  |  | (26) |  |  | 7,001 |  |  | (26)
Municipal Securities |  |  | 490 |  |  | (5) |  |  | — |  |  | — |  |  | 490 |  |  | (5)
Corporate Bonds |  |  | 749 |  |  | (2) |  |  | — |  |  | — |  |  | 749 |  |  | (2)
Total |  | $ | 36,851 |  | $ | (309) |  | $ | 34,253 |  | $ | (552) |  | $ | 71,104 |  | $ | (861)
|  | 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 |  |  | — |  |  | — |  |  | 16,468 |  |  | (451) |  |  | 16,468 |  |  | (451)
Total |  | $ | 1,669 |  | $ | (4) |  | $ | 96,025 |  | $ | (3,269) |  | $ | 97,694 |  | $ | (3,273)
At December 31, 2019 and 2018, the Company had 80 and 96 individual available-for-sale securities with unrealized losses totaling $861 and $3,273, respectively, with an aggregate depreciation of 1.21% 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 does not consider those investments to be other-than-temporarily impaired either at December 31, 2019 or 2018. The amortized cost and fair value of available for sale debt securities at December 31, 2019 and 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:
|  | December 31, 2019 |  | December 31, 2018
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | 175 |  | $ | 175 |  | $ | 1,221 |  | $ | 1,210
After 1 but within 5 years |  |  | 7,027 |  |  | 7,001 |  |  | 17,253 |  |  | 16,780
After 5 but within 10 years |  |  | 7,806 |  |  | 7,899 |  |  | 1,975 |  |  | 1,945
After 10 years |  |  | 675 |  |  | 670 |  |  | 734 |  |  | 736
Total Maturities |  |  | 15,683 |  |  | 15,745 |  |  | 21,183 |  |  | 20,671
Mortgage-backed securities |  |  | 98,842 |  |  | 98,478 |  |  | 82,965 |  |  | 80,216
Other |  |  | 555 |  |  | 609 |  |  | 425 |  |  | 425
Total |  | $ | 115,080 |  | $ | 114,832 |  | $ | 104,573 |  | $ | 101,312
At December 31, 2019 and 2018, available for sale securities with a carrying value of $23,782 and $27,465, respectively, were pledged to secure Federal Home Loan Bank of New York borrowings. In addition $726 and $1,032 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRBNY”). Proceeds from the sale of available for sale securities and calls aggregated $11,938 and $2,113 for the years ended December 31, 2019 and 2018, respectively. There were no gross gains during the periods ended December 31, 2019 and December 31, 2018. During these two reported periods there were gross losses of $69 and $22 realized on the sales of securities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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