2. Investment Securities

The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:


	September 30, 2019
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. government agency mortgage-backed securities–residential	$	92,951	$	754	$	(407)	$	93,298
U.S. government agency securities		19,366		91		(71)		19,386
Municipal securities 1		888		20		—		908
Corporate Bonds		1,500		15		—		1,515
Other		541		57		—		598
Total	$	115,246	$	937	$	(478)	$	115,705


	December 31, 2018
U.S. Treasury securities	$	3,036	$	—	$	(65)	$	2,971
U.S. government agency mortgage-backed securities–residential		82,965		8		(2,757)		80,216
U.S. government agency securities		16,919		—		(451)		16,468
Municipal securities(1)		1,228		4		—		1,232
Other		425		—		—		425
Total	$	104,573	$	12	$	(3,273)	$	101,312

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

The following table presents the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position:


	September 30, 2019
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. government agency mortgage-backed securities-residential	$	12,419	$	(56)	$	29,600	$	(351)	$	42,019	$	(407)
U.S. government agency securities		—		—		12,862		(71)		12,862		(71)
Total	$	12,419	$	(56)	$	42,462	$	(422)	$	54,881	$	(478)


	December 31, 2018
U.S. Treasury securities	$	—	$	—	$	2,971	$	(65)	$	2,971	$	(65)
U.S. government agency mortgage-backed securities-residential		1,669		(4)		76,586		(2,753)		78,255		(2,757)
U.S. government agency securities		0		0		16,468		(451)		16,468		(451)
Total	$	1,669	$	(4)	$	96,025	$	(3,269)	$	97,694	$	(3,273)

At September 30, 2019 and December 31, 2018, the Company had 61 and 96 individual available-for-sale securities with unrealized losses totaling $478 and $3,273, respectively, with an aggregate depreciation of 0.87% and 3.35%, respectively, from the Company’s amortized cost.

Management believes that none of the unrealized losses on available for sale securities are other-than-temporary because substantially all of the unrealized losses in the Company’s investment portfolio relate to market interest rate changes on debt and mortgage-backed securities issued either directly by the government or from government sponsored enterprises. Because the Company does not intend to sell the securities and it is not likely that the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company did not consider those investments to be other-than-temporarily impaired at September 30, 2019 or December 31, 2018.

The amortized cost and fair value of available for sale debt securities at September 30, 2019 and December 31, 2018, 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. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:


	September 30, 2019				December 31, 2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	1,075	$	1,074	$	1,221	$	1,210
After 1 but within 5 years		13,443		13,374		17,253		16,780
After 5 but within 10 years		7,056		7,181		1,975		1,945
After 10 years		180		180		734		736
Total Maturities		21,754		21,809		21,183		20,671

Mortgage-backed securities		92,951		93,298		82,965		80,216
Other		541		598		425		425
Total	$	115,246	$	115,705	$	104,573	$	101,312

At September 30, 2019 and December 31, 2018, available for sale securities with a carrying value of $25,327 and $27,465, respectively, were pledged to secure Federal Home Loan Bank of New York (“FHLB”) borrowings. In addition, $728 and $1,032 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York.

During the nine months ended September 30, 2019, there was $5,554 in proceeds from the sales of available for sale securities with $40 in gross losses realized. Proceeds from the sale of available for sale securities and calls aggregated $2,113 with $22 in gross losses realized for the year ended December 31, 2018.