Held to Maturity Securities

12 Months Ended

Dec. 31, 2018

Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]

Held to Maturity Securities

3.     Held to Maturity Securities

The amortized cost, gross unrealized gains and losses and fair values of held to maturity securities are as follows:

December 31, 2018

Amortized  Cost

Gross  Unrealized  Gains

Gross  Unrealized  Losses

Fair  Value

Other

$

—

$

—

$

—

$

—

Municipal securities(1)

—

—

—

—

Total

$

—

$

—

$

—

$

—

	December 31, 2017
Other		$	332	$	—	$	—	$	332
Municipal securities(1)			1,582		15		(1)		1,596
Total		$	1,914	$	15	$	(1)	$	1,928

(1)     The issuers of municipal securities are all within New York State.

The amortized cost and fair value of held to maturity debt securities at December 31, 2018 and 2017, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties:

	December 31, 2018						December 31, 2017
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Maturity:
Within 1 year		$	—		$	—		$	252		$	252
After 1 but within 5 years			—			—			576			575
After 5 but within 10 years			—			—			—			—
After 10 years			—			—			754			769
Other			—			—			332			332
Total		$	—		$	—		$	1,914		$	1,928

At December 31, 2018 and 2017, held to maturity securities with an amortized cost of  $0 and $1,362, respectively, were pledged at the FRBNY for borrowings.

During 2018, as part of an effort to increase the performance of our investment portfolio, seven underperforming bonds were swapped for better yielding instruments. It was later discovered that in the group sold were two bonds, totaling $575 in book value, which were designated as held to maturity (“HTM”). As part of that transaction, a loss on disposition of  $4 was recognized. As a further consequence of this action, in accordance with ASC 320-10-35, the four remaining HTM securities that totaled $1,163 were reclassified as available for sale (“AFS”) and the unrealized holding loss of  $1 was recognized in AOCI, net of the applicable taxes for the period ended December 31, 2018. As a result of the sale and subsequent reclassification, the whole of our investment portfolio is now AFS. Securities purchased in the future will be designated as AFS.