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Securities | 3 Months Ended
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Mar. 31, 2019
Securities |
Securities | NOTE (3) – Securities The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the periods indicated and the corresponding amounts of unrealized gains and losses which were recognized in accumulated other comprehensive income (loss):
|  |  |  | Gross |  | Gross |  |
|  |  |  | Unrealized |  | Unrealized |  |
|  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
|  | (In thousands)
March 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 9,171 |  | $ | 83 |  | $ | (31) |  | $ | 9,223
Federal agency debt |  |  | 5,320 |  |  | — |  |  | (26) |  |  | 5,294
Total available-for-sale securities |  | $ | 14,491 |  | $ | 83 |  | $ | (57) |  | $ | 14,517
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 9,575 |  | $ | 88 |  | $ | (155) |  | $ | 9,508
Federal agency debt |  |  | 5,317 |  |  | — |  |  | (103) |  |  | 5,214
Total available-for-sale securities |  | $ | 14,892 |  | $ | 88 |  | $ | (258) |  | $ | 14,722
At March 31, 2019, the Bank had three federal agency debt securities with total amortized cost of $5.3 million, estimated total fair value of $5.3 million and an estimated average remaining life of 3.6 years. The Bank also had 22 federal agency mortgage-backed securities with total amortized cost of $9.2 million, estimated total fair value of $9.2 million and an estimated average remaining life of 4.4 years. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. There were no securities pledged to secure public deposits at March 31, 2019 and December 31, 2018. At March 31, 2019 and December 31, 2018, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. There were no sales of securities during the three months ended March 31, 2019 and 2018. The Bank held 8 securities with unrealized losses at March 31, 2019 compared to 10 securities with unrealized losses at December 31, 2018. Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value has been less than the cost, and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. All of the Bank’s securities were issued by the federal government or its agencies. The unrealized losses on our available-for-sale securities at March 31, 2019 were primarily caused by movements in market interest rates subsequent to the purchase of such securities. We do not consider these unrealized losses to be other than temporary impairment.

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