Note 3 – Investment Securities -

The amortized cost and fair values of investment securities available-for-sale were as follows:


			Gross		Gross
March 31, 2019:	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		(Losses)		Value
Mortgage-Backed Securities:
FHLMC	$	3,037	$	—	$	(80)	$	2,957
FNMA		211		—		(1)		210
GNMA		574		10		—		584
SBA 7a Pools		2,863		5		(12)		2,856
Total Investment Securities Available-for-Sale	$	6,685	$	15	$	(93)	$	6,607


			Gross		Gross
December 31, 2018:	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		(Losses)		Value
Mortgage-Backed Securities:
FHLMC	$	3,139	$	—	$	(117)	$	3,022
FNMA		232		—		(2)		230
GNMA		612		8		—		620
SBA 7a Pools		1,920		—		(11)		1,909
Total Investment Securities Available-for-Sale	$	5,903	$	8	$	(130)	$	5,781

All investment securities held on March 31, 2019 and December 31, 2018, were government-sponsored mortgage-backed or SBA pool securities.

The amortized cost and fair values of the investment securities available-for-sale at March 31, 2019, by contractual maturity, are shown below. For mortgage-backed securities and SBA 7a pools, expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-Sale
March 31, 2019	Amortized		Fair
(in thousands)	Cost		Value
Amounts Maturing:
After One Year through Five Years	$	211	$	210
After Five Years through Ten Years		1,878		1,866
After Ten Years		4,596		4,531
	$	6,685	$	6,607

No investment securities were pledged to secure advances from the FHLB at March 31, 2019 and December 31, 2018.

Proceeds from sales and calls of available-for-sale investment securities were approximately $‑0‑ for the three months ended March 31, 2019 and $1,076,000 for the year ended December 31, 2018, resulting in approximately $‑0‑ and $55,000 realized losses for the three months ended March 31, 2019 and for year ended December 31, 2018, respectively.

Gross unrealized losses in investment securities at March 31, 2019 and December 31, 2018, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, are as follows:


March 31, 2019
(in thousands)	Less Than 12 Months				12 Months or More				Totals
Security			Unrealized				Unrealized				Unrealized
Description	Fair Value		(Losses)		Fair Value		(Losses)		Fair Value		(Losses)
Mortgage-Backed
Securities:
FHLMC	$	—	$	—	$	2,957	$	(80)	$	2,957	$	(80)
FNMA		—		—		210		(1)		210		(1)
SBA 7a Pools		1,866		(12)		—		—		1,866		(12)
	$	1,866	$	(12)	$	3,167	$	(81)	$	5,033	$	(93)


December 31, 2018
(in thousands)	Less Than 12 Months				12 Months or More				Totals
Security			Unrealized				Unrealized				Unrealized
Description	Fair Value		(Losses)		Fair Value		(Losses)		Fair Value		(Losses)
Mortgage-Backed
Securities:
FHLMC	$	—	$	—	$	3,022	$	(117)	$	3,022	$	(117)
FNMA		230		(2)		—		—		230		(2)
SBA 7a Pools		1,909		(11)		—		—		1,909		(11)
	$	2,139	$	(13)	$	3,022	$	(117)	$	5,161	$	(130)

Management evaluates securities for other-than temporary impairment on a periodic and regular basis, as well as when economic or market concerns warrant such evaluation. No declines at March 31, 2019 and December 31, 2018, were deemed to be other-than-temporary.

In analyzing an issuer’s financial condition, management considers whether the federal government or its agencies issued the securities, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial statements.