Note 5—Securities Available for Sale

Securities available for sale as of September 30, 2014 and 2013 were as follows:



			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2014	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government Agencies:
Due within five years	$	4,997	$	—	$	30	$	4,967
Due after five but within ten years		9,995		—		241		9,754
Due after ten years but within fifteen years		5,000		—		148		4,852
Corporate bonds due after five years but within ten years		4,364		53		-		4,417
Municipal bonds:
Due within five years		1,281		17		-		1,298
Due after five years but within ten years		2,436		58		3		2,491
Mortgage-backed securities		11,492		178		84		11,586
	$	39,565	$	306	$	506	$	39,365



			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2013	Cost		Gains		Losses		Value
	(In thousands)
U.S. Government Agencies:
Due after five but within ten years	$	14,990	$	—	$	760	$	14,230
Due after ten years but within fifteen years		5,000		—		404		4,596
Corporate bonds due after five years but within ten years		4,384		—		78		4,306
Municipal bonds:
Due within five years		988		—		8		980
Due after five years but within ten years		2,753		32		38		2,747
Mortgage-backed securities		13,497		203		139		13,561
	$	41,612	$	235	$	1,427	$	40,420

The age of unrealized losses and fair value of related securities available for sale at September 30, 2014 and September 30, 2013 were as follows:



	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2014	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Government Agencies	$	—	$	—	$	19,573	$	419	$	19,573	$	419
Municipal bonds		—		—		1,324		3		1,324		3
Mortgage-backed securities		—		—		3,743		84		3,743		84
	$	—	$	—	$	24,640	$	506	$	24,640	$	506



	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2013	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Government Agencies	$	18,826	$	1,164	$	—	$	—	$	18,826	$	1,164
Corporate bonds		4,306		78						4,306		78
Municipal bonds		2,625		46						2,625		46
Mortgage-backed securities		4,353		139		—		—		4,353		139
	$	30,110	$	1,427	$	—	$	—	$	30,110	$	1,427

When the fair value of security is below its amortized cost, additional analysis is performed to determine whether other-than-temporary impairment conditions exist. Securities are analyzed quarterly for possible other-than-temporary impairment. In addition to the severity of unrealized losses and the length of time such losses have existed, the analysis considers (i) whether the Company has the intent to sell the securities prior to recovery and/or maturity and (ii) whether it is more likely than not that the Company will have to sell the securities prior to recovery and/or maturity. Often, the information available to conduct these assessments is limited and rapidly changing, making estimates of fair value subject to judgment. If actual information or conditions are different than estimated, the extent of the impairment of the security may be different than previously estimated, which could have a material effect on the Company’s consolidated financial statements.

The unrealized losses reported on securities at September 30, 2014 relate to four securities issued by U.S. Government Agencies, one Municipal bond and one Mortgage-backed security. These unrealized losses were due to changes in interest rates.

All mortgage-backed securities are U.S. Government Agencies backed and collateralized by residential mortgages.

There were no sales of securities available for sale during the years ended September 30, 2014 and 2013.

Refer to Note 9 for disclosure of pledged securities.