Investment Securities

The carrying values and estimated fair values of investment securities at the periods indicated are presented below:



(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2019
Securities available for sale
U.S. Treasury and government sponsored entities		$181,760		$1,123		$117		$182,766
Municipal securities	3,896		9		16		3,889
Corporate bonds	40,135		277		12		40,400
Collateralized loan obligations	22,979		6		54		22,931
Total securities available for sale		$248,770		$1,415		$199		$249,986
December 31, 2018
Securities available for sale
U.S. Treasury and government sponsored entities		$209,908		$391		$1,439		$208,860
Municipal securities	9,089		17		22		9,084
Corporate bonds	40,139		38		397		39,780
Collateralized loan obligations	13,990		—		104		13,886
Total securities available for sale		$273,126		$446		$1,962		$271,610

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018 were as follows:



	Less Than 12 Months				More Than 12 Months				Total
(In Thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2019:
Securities available for sale
U.S. Treasury and government sponsored entities		$—		$—		$67,393		$117		$67,393		$117
Corporate bonds	2,982		12		—		—		2,982		12
Collateralized loan obligations	10,936		54		—		—		10,936		54
Municipal securities	—		—		651		16		651		16
Total		$13,918		$66		$68,044		$133		$81,962		$199
December 31, 2018:
Securities available for sale
U.S. Treasury and government sponsored entities		$5,030		$6		$135,807		$1,433		$140,837		$1,439
Corporate bonds	22,285		397		—		—		22,285		397
Collateralized loan obligations	13,886		104		—		—		13,886		104
Municipal securities	—		—		1,673		22		1,673		22
Total		$41,201		$507		$137,480		$1,455		$178,681		$1,962

The unrealized losses on investments in U.S. treasury and government sponsored entities, corporate bonds, collateralized loan obligations, and municipal securities in both periods were caused by changes in interest rates. At June 30, 2019 and December 31, 2018, there were 4 and 14 available-for-sale securities with unrealized losses that have been in a loss position for less than twelve months, respectively. There were 11 and 23 securities as of June 30, 2019 and December 31, 2018 that have been in an unrealized loss position for more than twelve months, respectively. The contractual terms of the investments in a loss position do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because it is more likely than not that the Company will hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

At June 30, 2019 and December 31, 2018, $37.9 million and $58.4 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at June 30, 2019, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



(In Thousands)	Amortized Cost		Fair Value		Weighted Average Yield
US Treasury and government sponsored entities
Within 1 year		$70,013		$69,995	1.70	%
1-5 years	111,747		112,771		2.33	%
Total		$181,760		$182,766	2.09	%
Corporate bonds
Within 1 year		$14,450		$14,505	3.44	%
1-5 years	20,689		20,887		3.54	%
5-10 years	4,996		5,008		3.52	%
Total		$40,135		$40,400	3.50	%
Collateralized loan obligations
5-10 years		$3,000		$2,999	4.06	%
Over 10 years	19,979		19,932		4.01	%
Total		$22,979		$22,931	4.02	%
Municipal securities
Within 1 year		$1,905		$1,909	1.80	%
1-5 years	1,991		1,980		4.30	%
Total		$3,896		$3,889	3.08	%

The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the three and six-month periods ending June 30, 2019 and 2018, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
Three Months Ended June 30, 2019
Available for sale securities		$—		$—		$—
Three Months Ended June 30, 2018
Available for sale securities		$—		$—		$—
Six Months Ended June 30, 2019
Available for sale securities		$4,219		$23		$—
Six Months Ended June 30, 2018
Available for sale securities		$—		$—		$—

A summary of interest income for the three and six-month periods ending June 30, 2019 and 2018, on available for sale investment securities are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2019		2018		2019		2018
US Treasury and government sponsored entities		$1,071		$895		$2,142		$1,785
Other	589		343		1,098		621
Total taxable interest income		$1,660		$1,238		$3,240		$2,406
Municipal securities		$30		$64		$82		$150
Total tax-exempt interest income		$30		$64		$82		$150
Total		$1,690		$1,302		$3,322		$2,556