Investments

The amortized cost and fair value of our available-for-sale (“AFS”) securities and the corresponding amounts of gross unrealized gains and losses at the dates indicated were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2020
Municipal bonds	$	4,173	$	137	$	(3	)	$	4,307
Agency mortgage-backed securities	6,865		99		(35		)	6,929
Total	$	11,038	$	236	$	(38	)	$	11,236

December 31, 2019
Municipal bonds	$	3,197	$	173	$	—		$	3,370
Agency mortgage-backed securities	5,888		56		(8		)	5,936
Total	$	9,085	$	229	$	(8	)	$	9,306

The amortized cost and fair value of AFS securities at March 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities of AFS securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily mortgage-backed investments, are shown separately.



	March 31, 2020
	Amortized Cost		Fair Value
Due within one year	$	1,048	$	1,045
Due after one year through five years	491		498
Due after five years through ten years	1,440		1,474
Due after ten years	1,194		1,290
Mortgage-backed securities	6,865		6,929
Total	$	11,038	$	11,236

There were no pledged securities at March 31, 2020 or December 31, 2019.

There were no sales of AFS securities during the three months ended March 31, 2020 or 2019.

The following tables summarize the aggregate fair value and gross unrealized loss by length of time of those investments that have been in a continuous unrealized loss position at the dates indicated (in thousands):



	March 31, 2020
	Less Than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds	$	1,276	$	(3	)	$	—	$	—	$	1,276	$	(3	)
Agency mortgage-backed securities	3,835		(35		)	—		—		3,835		(35		)
Total	$	5,111	$	(38	)	$	—	$	—	$	5,111	$	(38	)



	December 31, 2019
	Less Than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds	$	3,387	$	(8	)	$	—	$	—	$	3,387	$	(8	)
Total	$	3,387	$	(8	)	$	—	$	—	$	3,387	$	(8	)

There were no credit losses recognized in earnings during the three and three months ended March 31, 2020 or 2019 relating to the Company’s securities.

At March 31, 2020, the securities portfolio consisted of 14 agency mortgage-backed securities and nine municipal securities with a total portfolio fair value of $11.2 million. At December 31, 2019, the securities portfolio consisted of 13 agency mortgage-backed securities and eight municipal securities with a fair value of $9.3 million. At March 31, 2020, there were ten securities in an unrealized loss position for less than 12 months, and no securities in an unrealized loss position for more than 12 months. At December 31, 2019, there were five securities in an unrealized loss position for less than 12 months, and there were no securities in an unrealized loss position for more than 12 months. The unrealized losses were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not related to the underlying credit of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. The unrealized losses on these investments are not considered other-than-temporary impairment ("OTTI") as of March 31, 2020, because the decline in fair value is not attributable to credit quality and because we do not intend, and it is not likely that we will be required, to sell these securities before recovery of their amortized cost basis. Additional deterioration in market and economic conditions related to COVID-19 pandemic may, however, have an adverse impact on credit quality in the future and result in OTTI charges.