Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to  the length of time and the extent to which the fair value has been less than cost,  the financial condition and near-term prospects of the issuer and  the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

Details concerning investment securities with unrealized losses as of and are as follows:

At out of - mortgage-backed securities, - out of - municipal securities, out of other asset-backed securities, and our only U.S. Government agency obligation was in a loss position. At out of - mortgage-backed securities and out of - municipal securities were in a loss position. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. Because the Company had the ability and intent to hold debt securities until maturity, no declines were deemed to be other-than-temporary as of and

 

During the Company sold debt security for proceeds of and realized a gross gain of During the Company did not sell any investment securities. During the Company sold investment securities for proceeds of and realized a gross loss of on those sales.

 

At and securities with a carrying value of approximately and respectively, were pledged to secure public deposits as required by law and for other purposes.

The amortized cost and estimated fair value of securities classified as held-to-maturity and available-for-sale at by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.