The amortized cost, gross unrealized gains, gross unrealized losses, and approximate fair value of securities available for sale consisted of the following:

	September 30, 2019
		Gross	Gross	Estimated
	Amortized	Unrealized	Unrealized	Fair
(dollars in thousands)	Cost	Gains	Losses	Value

Investment and mortgage backed securities:
U.S. government-sponsored enterprises (GSEs)	$5,038	$1	$(8)	$5,031
State and political subdivisions	40,966	852	(33)	41,785
Other securities	5,176	72	(214)	5,034
Mortgage-backed GSE residential	117,908	1,579	(331)	119,156
Total investments and mortgage-backed securities	$169,088	$2,504	$(586)	$171,006

	June 30, 2019
		Gross	Gross	Estimated
	Amortized	Unrealized	Unrealized	Fair
(dollars in thousands)	Cost	Gains	Losses	Value

Investment and mortgage backed securities:
U.S. government-sponsored enterprises (GSEs)	$7,284	$1	$(15)	$7,270
State and political subdivisions	42,123	728	(68)	42,783
Other securities	5,176	75	(198)	5,053
Mortgage-backed GSE residential	109,297	1,449	(317)	110,429
Total investments and mortgage-backed securities	$163,880	$2,253	$(598)	$165,535

The amortized cost and estimated fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

	September 30, 2019
	Amortized	Estimated
(dollars in thousands)	Cost	Fair Value
Within one year	$ 4,511	$ 4,511
After one year but less than five years	9,749	9,799
After five years but less than ten years	18,017	18,298
After ten years	18,903	19,242
Total investment securities	51,180	51,850
Mortgage-backed securities	117,908	119,156
Total investments and mortgage-backed securities	$ 169,088	$ 171,006

The carrying value of investment and mortgage-backed securities pledged as collateral to secure public deposits and securities sold under agreements to repurchase amounted to $114.2 million at September 30, 2019 and $143.7 million at June 30, 2019. The securities pledged consist of marketable securities, including $2.3 million and $5.6 million of U.S. Government and Federal Agency Obligations, $27.1 million and $47.3 million of Mortgage-Backed Securities, $54.2 million and $55.7 million of Collateralized Mortgage Obligations, $30.4 million and $34.9 million of State and Political Subdivisions Obligations, and $200,000 and $300,000 of Other Securities at September 30 and June 30, 2019, respectively.

The following tables show our investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30 and June 30, 2019:

	September 30, 2019
	Less than 12 months		12 months or more		Total
		Unrealized		Unrealized		Unrealized
	Fair Value	Losses	Fair Value	Losses	Fair Value	Losses

(dollars in thousands)
U.S. government-sponsored enterprises (GSEs)	$ -	$ -	$ 3,489	$ 8	$ 3,489	$ 8
Obligations of state and political subdivisions	2,877	14	2,585	19	5,462	33
Other securities	-	-	966	214	966	214
Mortgage-backed securities	29,390	185	11,783	146	41,173	331
Total investments and mortgage-backed securities	$ 32,267	$ 199	$ 18,823	$ 387	$ 51,090	$ 586

	June 30, 2019
	Less than 12 months		12 months or more		Total
		Unrealized		Unrealized		Unrealized
	Fair Value	Losses	Fair Value	Losses	Fair Value	Losses

(dollars in thousands)
U.S. government-sponsored enterprises (GSEs)	$ -	$ -	$ 6,969	$ 15	$ 6,969	$ 15
Obligations of state and political subdivisions	-	-	8,531	68	8,531	68
Other securities	-	-	985	198	985	198
Mortgage-backed securities	1,175	1	34,148	316	35,323	317
Total investments and mortgage-backed securities	$ 1,175	$ 1	$ 50,633	$ 597	$ 51,808	$ 598

Other securities. At September 30, 2019, there were two pooled trust preferred securities with an estimated fair value of $764,000 and unrealized losses of $209,000 in a continuous unrealized loss position for twelve months or more. These unrealized losses were primarily due to the long-term nature of the pooled trust preferred securities and a reduced demand for these securities, and concerns regarding the financial institutions that issued the underlying trust preferred securities.

The September 30, 2019, cash flow analysis for these two securities indicated it is probable the Company will receive all contracted principal and related interest projected. The cash flow analysis used in making this determination was based on anticipated default, recovery, and prepayment rates, and the resulting cash flows were discounted based on the yield spread anticipated at the time the securities were purchased. Other inputs include the actual collateral attributes, which include credit ratings and other performance indicators of the underlying financial institutions, including profitability, capital ratios, and asset quality. Assumptions for these two securities included prepayments averaging 1.5 percent, annually, annual defaults averaging 50 basis points, and a recovery rate averaging 10 percent of gross defaults, lagged two years.

One of these two securities has continued to receive cash interest payments in full since our purchase; the other security received principal-in-kind (PIK), in lieu of cash interest, for a period of time following the recession and financial crisis which began in 2008, but resumed cash interest payments during fiscal 2014. Our cash flow analysis indicates that cash interest payments are expected to continue for both securities. Because the Company does not intend to sell these securities and it is not more-likely-than-not that the Company will be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2019.

The Company does not believe any other individual unrealized loss as of September 30, 2019, represents other-than-temporary impairment (OTTI). However, the Company could be required to recognize OTTI losses in future periods with respect to its available for sale investment securities portfolio. The amount and timing of any required OTTI will depend on the decline in the underlying cash flows of the securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in the period the OTTI is identified.

Credit losses recognized on investments. During fiscal 2009, the Company adopted ASC 820, formerly FASB Staff Position 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly.” There were no credit losses recognized in income and other losses or recorded in other comprehensive income (loss) for the three-month periods ended September 30, 2019 and 2018.