3. INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities are as follows (dollars in thousands):


	June 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Securities available for sale:
U.S. Government and agency obligations	$	61,299	$	215	$	(3)	$	61,511
Mortgage-backed securities - residential		78		—		—		78
Asset-backed securities		65		49		(4)		110
Collateralized mortgage obligations - residential		430		298		(44)		684
Municipal obligations		13,381		6		(2)		13,385
Total available for sale securities	$	75,253	$	568	$	(53)	$	75,768

Securities held to maturity:
Municipal obligations	$	4,822	$	95	$	—	$	4,917
Corporate debt securities		2,000		—		—		2,000
Total held to maturity securities	$	6,822	$	95	$	—	$	6,917

Equity securities:
Preferred stock	$	6,007	$	29	$	(980)	$	5,056
Common stock		2,807		1,204		(534)		3,477
Total equity securities	$	8,814	$	1,233	$	(1,514)	$	8,533


	June 30, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Securities available for sale:
U.S. Government and agency obligations	$	70,706	$	164	$	(3)	$	70,867
Mortgage-backed securities - residential		109		3		—		112
Asset-backed securities		75		55		(2)		128
Collateralized mortgage obligations - residential		525		401		(37)		889
Municipal obligations		14,666		33		—		14,699
Total available for sale securities	$	86,081	$	656	$	(42)	$	86,695

Securities held to maturity:
Municipal obligations	$	3,873	$	14	$	—	$	3,887

Equity securities:
Preferred stock	$	6,007	$	52	$	(1,019)	$	5,040
Common stock		2,807		1,066		(255)		3,618
Total equity securities	$	8,814	$	1,118	$	(1,274)	$	8,658

The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):


	June 30, 2020
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	10,195	$	(3)	$	—	$	—	$	10,195	$	(3)
Mortgage-backed securities - residential (1)		33		—		2		—		35		—
Asset-backed securities		5		(1)		4		(3)		9		(4)
Collateralized mortgage obligations - residential		21		(1)		137		(43)		158		(44)
Municipal obligations		3,609		(2)		—		—		3,609		(2)
	$	13,863	$	(7)	$	143	$	(46)	$	14,006	$	(53)


	June 30, 2019
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	4,969	$	(1)	$	7,988	$	(2)	$	12,957	$	(3)
Mortgage-backed securities - residential (1)		1		—		2		—		3		—
Asset-backed securities		—		—		5		(2)		5		(2)
Collateralized mortgage obligations - residential		15		(9)		160		(28)		175		(37)
	$	4,985	$	(10)	$	8,155	$	(32)	$	13,140	$	(42)

(1)

Unrealized losses on these securities are less than $500.

The above tables represent securities at June 30, 2020 and 2019, where the current fair value is less than the related amortized cost. There were 58 and 37 securities with unrealized losses at June 30, 2020 and 2019, respectively. Unrealized losses on debt securities are primarily related to increases in credit spreads since the securities were purchased. Unrealized losses on agency-backed and certain private-label mortgage-backed securities, asset-backed securities and collateralized mortgage obligation securities are not considered other than temporary based upon analysis completed by management considering credit rating of the instrument, length of time each security has spent in an unrealized loss position and the strength of the underlying collateral.

During the years ended June 30, 2020 and 2019, management reviewed all private-label mortgage-backed securities, asset-backed securities and collateralized mortgage obligations which were rated less than investment grade for impairment, resulting in no additional impairment charges in fiscal 2020 and 2019. In fiscal 2020, 55 securities with an amortized cost of $0.4 million and remaining par value of $1.8 million were evaluated. In fiscal 2019, 62 securities with an amortized cost of $0.5 million and remaining par value of $2.0 million were evaluated.

The table below presents a rollforward of the credit losses recognized in earnings (dollars in thousands):


Balance, July 1, 2018	$	1,506

Reductions for amounts realized for securities transactions		(29)

Balance, June 30, 2019		1,477

Reductions for amounts realized for securities transactions		(263)

Balance, June 30, 2020	$	1,214

The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately.


	June 30, 2020
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	56,397	$	56,613
Due after one to five years		18,283		18,283
Mortgage-backed securities - residential		78		78
Asset-backed securities		65		110
Collateralized mortgage obligations - residential		430		684
	$	75,253	$	75,768

Securities held to maturity:
Due in one year or less	$	3,636	$	3,731
Due after one to five years		1,076		1,076
Due after five to ten years		2,110		2,110
	$	6,822	$	6,917


	June 30, 2019
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	75,416	$	75,593
Due after one to five years		9,956		9,973
Mortgage-backed securities - residential		109		112
Asset-backed securities		75		128
Collateralized mortgage obligations - residential		525		889
	$	86,081	$	86,695

Securities held to maturity:
Due in one year or less	$	3,748	$	3,762
Due after one to five years		—		—
Due after five to ten years		125		125
	$	3,873	$	3,887

During the year ended June 30, 2020, the Company received $5.0 million in proceeds from the sale of securities available for sale, realizing gross gains of $83,000. During the year ended June 30, 2020, the Company realized gross gains of $58,000 from other securities transactions. During the year ended June 30, 2019, there were no sales of securities available for sale.

During the years ended June 30, 2020 and 2019, there were no sales of securities held to maturity.

At June 30, 2020 and 2019, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of our equity. As of June 30, 2020 and 2019, the carrying value of available for sale securities pledged to secure FHLBNY advances and municipal deposits was $65.0 million and $84.9 million, respectively.