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Investment Securities | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment SecuritiesThe investment securities portfolio consists primarily of U.S. government sponsored entity securities, asset-backed securities, securities issued by states, counties and municipalities, corporate bonds and mortgage backed securities (“MBS”). The asset-backed securities are comprised of student loan collateral issued by the Federal Family Education Loan Program (“FFELP”) which includes a minimum of a 97% government repayment guarantee, as well as additional support in excess of the government guaranteed portion. Note 3 - Investment Securities (continued) The amortized cost and estimated fair value of investment securities available for sale at December 31, 2021 and 2020 are summarized as follows:
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
(in thousands) |  |  |  |
December 31, 2021 |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 132,452 |  |  | $ | 45 |  |  | $ | (1,496) |  |  | $ | 131,001 |
Asset-backed securities |  | 10,093 |  |  | 59 |  |  | (12) |  |  | 10,140 |
Municipal |  | 10,825 |  |  | 43 |  |  | (394) |  |  | 10,474 |
Corporate |  | 5,000 |  |  | — |  |  | (66) |  |  | 4,934 |
Mortgage-backed securities |  | 27,589 |  |  | 514 |  |  | (197) |  |  | 27,906 |
|  | $ | 185,959 |  |  | $ | 661 |  |  | $ | (2,165) |  |  | $ | 184,455 |
December 31, 2020 |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 10,839 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 10,881 |
Municipal |  | 10,836 |  |  | 108 |  |  | (17) |  |  | 10,927 |
Corporate |  | 5,759 |  |  | 30 |  |  | (22) |  |  | 5,767 |
Mortgage-backed securities |  | 70,016 |  |  | 2,208 |  |  | (12) |  |  | 72,212 |
|  | $ | 97,450 |  |  | $ | 2,388 |  |  | $ | (51) |  |  | $ | 99,787 |
Proceeds from the sale of securities during the years ended December 31, 2021 and 2020 were $66.5 million and $1.0 million respectively, and resulted in gains of $694.2 thousand and losses of $540.8 thousand for December 31, 2021 and gains of $20 thousand and no losses for the same period in 2020. Information related to unrealized losses in the investment portfolio as of December 31, 2021 and 2020 are as follows:
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
(in thousands) |  |  |  |  |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 110,191 |  |  | $ | (1,496) |  |  | $ | — |  |  | $ | — |  |  | $ | 110,191 |  |  | $ | (1,496) |
Asset-backed securities |  | — |  |  | — |  |  | 2,115 |  |  | (12) |  |  | 2,115 |  |  | (12) |
Municipal |  | 5,750 |  |  | (248) |  |  | 3,019 |  |  | (146) |  |  | 8,769 |  |  | (394) |
Corporate |  | 4,448 |  |  | (52) |  |  | 486 |  |  | (14) |  |  | 4,934 |  |  | (66) |
Mortgage-backed securities |  | 14,114 |  |  | (189) |  |  | 2,124 |  |  | (8) |  |  | 16,238 |  |  | (197) |
|  | $ | 134,503 |  |  | $ | (1,985) |  |  | $ | 7,744 |  |  | $ | (180) |  |  | $ | 142,247 |  |  | $ | (2,165) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 3,151 |  |  | $ | (17) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,151 |  |  | $ | (17) |
Corporate |  | 1,994 |  |  | (6) |  |  | 244 |  |  | (16) |  |  | 2,238 |  |  | (22) |
Mortgage-backed securities |  | 2,410 |  |  | (12) |  |  | — |  |  | — |  |  | 2,410 |  |  | (12) |
|  | $ | 7,555 |  |  | $ | (35) |  |  | $ | 244 |  |  | $ | (16) |  |  | $ | 7,799 |  |  | $ | (51) |
At December 31, 2021, there was one asset-backed security, two municipal securities, one corporate security, and one mortgage-backed security that have been in a loss position for greater than twelve months. Management believes that all unrealized losses have resulted from temporary changes in interest rates and current market conditions and not as a result of credit deterioration. Management has the ability and the intent to hold these investment securities until maturity or until they recover in value. Note 3 - Investment Securities (continued) There were no pledged securities at December 31, 2021. A summary of pledged securities at December 31, 2020 is shown below:
|  |  |  |  |  | December 31,
|  |  |  | 2020
(in thousands) |  |  |  |  |  | Amortized Cost |  | Fair Value
Federal Home Loan Bank (“FHLB”) advances |  |  |  |  |  | $ | 1,142 |  |  | $ | 1,189 |
|  |  |  |  |  | $ | 1,142 |  |  | $ | 1,189 |
Contractual maturities of U.S. government-sponsored agencies, asset-backed, municipal, corporate and mortgage-backed securities at December 31, 2021 and 2020 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | For the Years Ended December 31,
|  | 2021 |  | 2020
(in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Over one to five years |  | $ | 58,602 |  |  | $ | 57,650 |  |  | $ | — |  |  | $ | — |
Over five to ten years |  | 78,850 |  |  | 78,285 |  |  | 5,500 |  |  | 5,524 |
Over ten years |  | 10,825 |  |  | 10,474 |  |  | 11,095 |  |  | 11,170 |
Asset-backed securities(1) |  | 10,093 |  |  | 10,140 |  |  | 10,839 |  |  | 10,881 |
Mortgage-backed securities(1) |  | 27,589 |  |  | 27,906 |  |  | 70,016 |  |  | 72,212 |
|  | $ | 185,959 |  |  | $ | 184,455 |  |  | $ | 97,450 |  |  | $ | 99,787 |
(1) Mortgage-backed and Asset-backed securities are due in monthly installments.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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