Note 3: Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

Available-for-Sale Securities:

December 31, 2019:
Mortgage-backed securities of government sponsored entities	$	6,740,450	$	7,335	$	(14,572)	$	6,733,213

December 31, 2018:
Mortgage-backed securities of government sponsored entities	$	629,447	$	3,806	$	(2,892)	$	630,361

There were no sales of available-for-sale securities in 2019. Proceeds from the sale of available-for-sale securities were $4,999,893 for the year ended December 31, 2018. No gains or losses were realized.

Expected maturities on mortgage-backed securities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2019 and 2018, the Company’s investments consisted entirely of mortgage-backed securities which are not due at a single maturity date.

Total fair value of investments at December 31, 2019 reported at less than historical cost was $5,814,388 and was approximately 86% of the Company’s investment portfolio. The decline primarily resulted from changes in market interest rates. There was $512,303 or approximately 81% of the investment portfolio reported at less than historical cost at December 31, 2018.

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018:


	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

December 31, 2019:
Mortgage-backed securities of government sponsored entities	$	5,582,540	$	(14,154)	$	231,848	$	(418)	$	5,814,388	$	(14,572)

December 31, 2018:
Mortgage-backed securities of government sponsored entities	$	—	$	—	$	512,303	$	(2,892)	$	512,303	$	(2,892)