The amortized cost and fair value of investment securities available-for-sale and securities held-to-maturity, with gross unrealized gains and losses, at follows:

 

 

 

In commercial mortgage-backed securities (“MBS”) with a fair market value of million were transferred from available-for-sale to held-to-maturity. These securities had an aggregate unrealized loss of million million, net of tax) on the date of transfer. The net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive pre-tax income in the accompanying balance sheet as of totaled million. This amount was amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities. As a result, the amortized cost of these investments of million is higher than the million carrying value of the securities as of There were transfers of securities during the years ended and

At and investment securities with a fair market value of million and million, respectively, were pledged to secure repurchase agreements, to secure public and trust deposits, to secure interest rate swaps, and for other purposes as required and permitted by law.

 

At and commercial mortgage-backed obligations include million and million, respectively, of delegated underwriting and servicing (“DUS”) bonds collateralized by multi-family properties and backed by an agency of the United States government, and million of private-label securities collateralized by commercial properties.

 

At and included within the asset-backed securities balance of million are collateralized loan obligations totaling million at and million at Included in these amounts are million and million of a security equally collateralized by the Federal Family Education loan Program and Private Student Loan Programs as of and respectively.

 

The amortized cost and fair value of investment securities available-for-sale and held-to-maturity aggregated by maturity at is shown below. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. All of the Company’s residential agency-pass through securities and residential collateralized mortgage obligations are backed by an agency of the United States government. None of our residential agency-pass through securities and residential collateralized mortgage obligations are private-label securities.

 

 

Sales of investment securities available-for-sale for the years ended and are as follows:

 

 

Management evaluates its investments quarterly for other than temporary impairment, relying primarily on industry analyst reports, observation of market conditions and interest rate fluctuations. The following table shows gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position for securities with unrealized losses at and None of the securities are deemed to be other than temporarily impaired since none of the unrealized losses relate to the marketability of the securities or the issuer’s ability to honor redemption obligations, as all but of the bonds are issued by United States government agencies with the remaining bond being partially guaranteed by a government agency, and it is more likely than not that the Company will not have to sell the investments before recovery of their amortized cost basis. At there are securities in a loss position for months or more. At securities were in a loss position for months or more.

 

 

The Company has nonmarketable equity securities consisting of investments in several unaffiliated financial institutions, as well as the investments in statutory trusts. These investments totaled million and million at and respectively. Included in these amounts were million and million of FHLB stock at and respectively. All nonmarketable equity securities were evaluated for impairment as of and The following factors have been considered in determining the carrying amount of FHLB stock: management’s current belief that the Company has sufficient liquidity to meet all operational needs in the foreseeable future and would not need to dispose of the stock below recorded amounts, management’s belief that the FHLB has the ability to absorb economic losses given the expectation that the FHLB has a high degree of government support and redemptions and purchases of the stock are at the discretion of the FHLB. At and the Company estimated that the fair values of nonmarketable equity securities equaled or exceeded the cost of each of these investments and, therefore, the investments were not impaired.