2. Investment Securities

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


	September 30, 2020
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. government agency mortgage-backed securities–residential	$	92,779	$	1,811	$	(183)	$	94,407
U.S. government agency securities		7,016		168		(3)		7,181
Municipal securities(1)		1,188		23		(5)		1,206
Corporate bonds		3,000		15		(17)		2,998
Other		597		—		(22)		575
Total	$	104,580	$	2,017	$	(230)	$	106,367


	December 31, 2019
U.S. government agency mortgage-backed securities–residential	$	98,842	$	464	$	(828)	$	98,478
U.S. government agency securities		12,049		53		(26)		12,076
Municipal securities(1)		1,384		17		(5)		1,396
Corporate bonds		2,250		25		(2)		2,273
Other		555		54		—		609
Total	$	115,080	$	613	$	(861)	$	114,832

1The 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, 2020
	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	$	23,935	$	(171)	$	567	$	(12)	$	24,502	$	(183)
U.S. government agency securities		2,000		(3)		—		—		2,000		(3)
Municipal Securities		495		(5)		—		—		495		(5)
Corporate Bonds		1,500		(17)		—		—		1,500		(17)
Other		537		(22)		—		—		537		(22)
Total	$	28,467	$	(218)	$	567	$	(12)	$	29,034	$	(230)


	December 31, 2019
U.S. government agency mortgage-backed securities-residential	$	35,612	$	(302)	$	27,252	$	(526)	$	62,864	$	(828)
U.S. government agency securities		—		—		7,001		(26)		7,001		(26)
Municipal Securities		490		(5)		—		—		490		(5)
Corporate Bonds		749		(2)		—		—		749		(2)
Total	$	36,851	$	(309)	$	34,253	$	(552)	$	71,104	$	(861)

At September 30, 2020, the Company had 32 individual available-for-sale securities in an unrealized loss position with unrealized losses totaling $230 with an aggregate depreciation of 0.80% 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. 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; therefore, the Company did not consider those investments to be other-than-temporarily impaired at September 30, 2020.

The amortized cost and fair value of available for sale debt securities at September 30, 2020 and December 31, 2019, 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, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	—	$	—	$	175	$	175
After 1 but within 5 years		2,000		1,997		7,027		7,001
After 5 but within 10 years		8,299		8,487		7,806		7,899
After 10 years		905		901		675		670
Total Maturities		11,204		11,385		15,683		15,745

Mortgage-backed securities		92,779		94,407		98,842		98,478
Other		597		575		555		609
Total	$	104,580	$	106,367	$	115,080	$	114,832

At September 30, 2020 and December 31, 2019, available for sale securities with a carrying value of $21,829 and $23,782, respectively, were pledged to secure Federal Home Loan Bank of New York (“FHLB”) borrowings. In addition, at September 30, 2020 and December 31, 2019, $556 and $726 of available for sale securities were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRB”), respectively.

During the nine months ended September 30, 2020, there was $6,997 in proceeds from the sales of available for sale securities with $29 in gross losses realized.