7.	INVESTMENT AND MORTGAGE-BACKED SECURITIES

The following tables summarize the major categories of securities owned by the Company as of the dates indicated:

	At September 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities available-for-sale:
Agency Notes	$	40,000	$	47	$	—		$	40,047
Corporate Securities		26,102		441		—			26,543
Pass-through MBS issued by GSEs		241,616		5,822		(7	)		247,431
Agency CMOs		203,847		1,815		(75	)		205,587
Total securities available-for-sale	$	511,565	$	8,125	$	(82	)	$	519,608

	At December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities available-for-sale:
Agency Notes	$	25,110	$	45	$	(10	)	$	25,145
Corporate Securities		11,167		—		(32	)		11,135
Pass-through MBS issued by GSEs		356,039		574		(2,000	)		354,613
Agency CMOs		113,470		157		(1,635	)		111,992
Total securities available-for-sale	$	505,786	$	776	$	(3,677	)	$	502,885

The carrying amount of securities pledged as collateral for the Bank's first loss guarantee was $27,728 and $27,248 at September 30, 2019 and December 31, 2018, respectively.

At September 30, 2019, the available-for-sale agency notes possessed a weighted average contractual maturity of 6.6 years. At September 30, 2019, available-for-sale agency CMO and MBS securities possessed a weighted average contractual maturity of 16.2 years. At September 30, 2019, the corporate securities possessed a weighted average contractual maturity of 5.7 years.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Corporate Securities:
Proceeds	$	—	$	—	$	3,038	$	—
Gross gains		—		—		39		—
Tax expense on gain		—		—		12		—
Gross losses		—		—		—		—
Tax benefit on loss		—		—		—		—
Pass through MBS issued by GSEs:
Proceeds		15,149		274		106,860		274
Gross gains		22		4		270		4
Tax expense on gain		7		1		86		1
Gross losses		2		—		520		—
Tax benefit on loss		—		—		166		—
Agency CMOs:
Proceeds		11,224		—		20,606		158,484
Gross gains		46		—		144		1,370
Tax expense on gain		15		—		46		440
Gross losses		—		—		—		—
Tax benefit on loss		—		—		—		—

The Company holds marketable equity securities as the underlying mutual fund investments of the BMP, held in a rabbi trust. The Company may sell these securities on a periodic basis in order to pay retirement benefits to plan retirees. There are no gains or losses recognized from the sales of marketable equity securities. A summary of the sales of marketable equity securities is listed below for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Proceeds:
Marketable equity securities	$	161	$	394	$	434	$	923

The remaining gain or loss on securities shown in the unaudited condensed consolidated statements of income was due to market valuation changes. Net gains of $14 and $94 were recognized on marketable equity securities for the three-month period ended September 30, 2019 and 2018, respectively. Net gains of $430 and $110 were recognized on marketable equity securities for the nine-month period ended September 30, 2019 and 2018, respectively.

The following table summarizes the gross unrealized losses and fair value of investment securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated:

	September 30, 2019
	Less than 12 Consecutive Months				12 Consecutive Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale:
Pass-through MBS issued by GSE	$	4,748	$	7	$	—	$	—	$	4,748	$	7
Agency CMOs		56,272		50		4,492		25		60,764		75

	December 31, 2018
	Less than 12 Consecutive Months				12 Consecutive Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available-for-sale:
Agency Notes	$	5,100	$	10	$	—	$	—	$	5,100	$	10
Corporate Securities		11,135		32		—		—		11,135		32
Pass through MBS issued by GSEs		216,451		1,049		45,489		951		261,940		2,000
Agency CMOs		52,605		439		39,833		1,196		92,438		1,635

The issuers of securities available-for-sale are primarily U.S. government-sponsored entities or agencies. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality. It is likely that the Company will not be required to sell the securities before their anticipated recovery, and as such, the Company does not consider these securities to be other-than-temporarily-impaired at September 30, 2019.