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

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

The following tables present 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:


	December 31, 2022
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	37,857	$	(2,315)	$	37,857	$	(2,315)
U.S. government agency mortgage-backed securities-residential		23,384		(2,711)		121,151		(26,681)		144,535		(29,392)
U.S. government agency securities		9,160		(869)		13,289		(1,467)		22,449		(2,336)
Municipal securities		1,529		(4)		3,127		(327)		4,656		(331)
Corporate bonds		6,873		(627)		5,844		(856)		12,717		(1,483)
Total	$	40,946	$	(4,211)	$	181,268	$	(31,646)	$	222,214	$	(35,857)


	December 31, 2021
	Less Than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	49,007	$	(268)	$	5,797	$	(182)	$	54,804	$	(450)
U.S. government agency mortgage-backed securities-residential		139,019		(3,035)		11,002		(311)		150,021		(3,346)
U.S. government agency securities		14,625		(131)		—		—		14,625		(131)
Municipal securities		2,469		(40)		—		—		2,469		(40)
Corporate bonds		5,885		(65)		—		—		5,885		(65)
Total	$	211,005	$	(3,539)	$	16,799	$	(493)	$	227,804	$	(4,032)

At December 31, 2022 and 2021, the Company had 242 and 160 individual available-for-sale securities with unrealized losses totaling $35,857 and $4,032, respectively, with an aggregate depreciation of 13.89% and 1.77%, 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. Management believes that the reasons for the decline in fair value are due to the rising interest rates at the reporting date. As of December 31, 2022, unrealized losses were primarily attributable to changes in interest rates as it relates to when the investment securities were purchased, and not due to the credit quality of the investment securities. 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 does not consider those investments to be other-than-temporarily impaired either at December 31, 2022 or 2021.

The amortized cost and fair value of available for sale debt securities at December 31, 2022 and 2021, 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:


	December 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	16,923	$	16,512	$	12,729	$	12,726
After 1 but within 5 years		46,162		42,225		67,912		67,463
After 5 but within 10 years		21,689		19,572		22,595		22,567
After 10 years		—		—		395		394
Total Maturities		84,774		78,309		103,631		103,150
Mortgage-backed securities		173,926		144,534		179,493		176,491
Other		644		816		620		642
Total	$	259,344	$	223,659	$	283,744	$	280,283

At December 31, 2022 and 2021, available for sale securities with a carrying value of $15,407 and $8,316, respectively, were pledged to secure Federal Home Loan Bank of New York borrowings. In addition, $958 and $1,054 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRBNY”). Proceeds from the sale of available for sale securities aggregated $14,816 and $4,000 for the years ended December 31, 2022 and 2021, respectively. There were no gross gains during the periods ended December 31, 2022 and December 31, 2021. During the periods ended December 31, 2022 and 2021, there were gross losses of $170 and $4, respectively, realized on the sales and calls of securities.