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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2020
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 3. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at the dates indicated are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Estimated
​ | ​ | cost | ​ | gains | ​ | losses | ​ | fair value
December 31, 2020 | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasuries | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
U.S. Government Agencies | ​ |  | 5,523 | ​ |  | 25 | ​ |  | (4) | ​ |  | 5,544
Municipal securities | ​ |  | 15,992 | ​ |  | 695 | ​ |  | — | ​ |  | 16,687
Mortgage-backed securities | ​ |  | 34,567 | ​ |  | 2,033 | ​ |  | (22) | ​ |  | 36,578
Collateralized mortgage obligations | ​ |  | 26,649 | ​ |  | 1,054 | ​ |  | (8) | ​ |  | 27,695
SBA securities | ​ |  | 7,661 | ​ |  | 52 | ​ |  | (46) | ​ |  | 7,667
Corporate bonds | ​ |  | 21,417 | ​ |  | 85 | ​ |  | (83) | ​ |  | 21,419
Total | ​ | $ | 111,809 | ​ | $ | 3,944 | ​ | $ | (163) | ​ | $ | 115,590
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Estimated
​ | ​ | cost | ​ | gains | ​ | losses | ​ | fair value
December 31, 2019 | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasuries | ​ | $ | 999 | ​ | $ | — | ​ | $ | — | ​ | $ | 999
U.S. Government Agencies | ​ |  | 10,033 | ​ |  | 64 | ​ |  | (7) | ​ |  | 10,090
Municipal securities | ​ |  | 17,888 | ​ |  | 408 | ​ |  | (5) | ​ |  | 18,291
Mortgage-backed securities | ​ |  | 42,931 | ​ |  | 860 | ​ |  | (48) | ​ |  | 43,743
Collateralized mortgage obligations | ​ |  | 28,197 | ​ |  | 476 | ​ |  | (68) | ​ |  | 28,605
SBA securities | ​ |  | 9,550 | ​ |  | 2 | ​ |  | (66) | ​ |  | 9,486
Corporate bonds | ​ |  | 8,534 | ​ |  | 141 | ​ |  | — | ​ |  | 8,675
Total | ​ | $ | 118,132 | ​ | $ | 1,951 | ​ | $ | (194) | ​ | $ | 119,889
​ During year ended December 31, 2020, the Company did not sell any available-for-sale investment. During the year ended December 31, 2019, the Company sold $16.8 million in available-for-sale investments and a net gain of $6,000 was recorded. The estimated fair value and gross unrealized losses for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position at the dates indicated are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
December 31, 2020 | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasuries | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
U.S. Government Agencies | ​ |  | 1,511 | ​ |  | (4) | ​ |  | — | ​ |  | — | ​ |  | 1,511 | ​ |  | (4)
Municipal securities | ​ |  | 502 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 502 | ​ |  | —
Mortgage-backed securities | ​ |  | 2,164 | ​ |  | (10) | ​ |  | 478 | ​ |  | (12) | ​ |  | 2,642 | ​ |  | (22)
Collateralized mortgage obligations | ​ |  | 1,742 | ​ |  | (3) | ​ |  | 797 | ​ |  | (5) | ​ |  | 2,539 | ​ |  | (8)
SBA securities | ​ |  | 562 | ​ |  | (1) | ​ |  | 3,705 | ​ |  | (45) | ​ |  | 4,267 | ​ |  | (46)
Corporate bonds | ​ |  | 10,432 | ​ |  | (81) | ​ |  | 1,001 | ​ |  | (2) | ​ |  | 11,433 | ​ |  | (83)
Total | ​ | $ | 16,913 | ​ | $ | (99) | ​ | $ | 5,981 | ​ | $ | (64) | ​ | $ | 22,894 | ​ | $ | (163)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
December 31, 2019 | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasuries | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
U.S. Government Agencies | ​ |  | 1,497 | ​ |  | (1) | ​ |  | 1,514 | ​ |  | (6) | ​ |  | 3,011 | ​ |  | (7)
Municipal securities | ​ |  | 3,147 | ​ |  | (5) | ​ |  | — | ​ |  | — | ​ |  | 3,147 | ​ |  | (5)
Mortgage-backed securities | ​ |  | 7,772 | ​ |  | (47) | ​ |  | 81 | ​ |  | (1) | ​ |  | 7,853 | ​ |  | (48)
Collateralized mortgage obligations | ​ |  | 4,155 | ​ |  | (56) | ​ |  | 883 | ​ |  | (12) | ​ |  | 5,038 | ​ |  | (68)
SBA securities | ​ |  | 6,937 | ​ |  | (24) | ​ |  | 1,530 | ​ |  | (42) | ​ |  | 8,467 | ​ |  | (66)
Corporate bonds | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 23,508 | ​ | $ | (133) | ​ | $ | 4,008 | ​ | $ | (61) | ​ | $ | 27,516 | ​ | $ | (194)
​ Certain investment securities shown in the previous tables have fair values less than amortized cost and therefore contain unrealized losses. At December 31, 2020, management has evaluated all securities and has determined that no securities are other than temporarily impaired. Because the Company does not intend to sell and it is more likely than not that management will not be required to sell the securities prior to their anticipated recovery, which may be maturity, the Company does not consider these securities to be other-than temporarily impaired. At December 31, 2020, the Company held 284 investment securities, of which 24 were in a loss position for more than twelve months and 23 were in an unrealized loss position for less than twelve months. These temporary unrealized losses relate principally to current interest rates for similar types of securities. The Company anticipates full recovery of amortized cost with respect to these securities at maturity or sooner in the event of a more favorable market interest rate environment. The amortized cost and estimated fair value of securities available-for-sale at the dates indicated by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019
​ |  | Amortized |  | Estimated |  | Amortized |  | Estimated
​ | ​ | cost | ​ | fair value | ​ | cost | ​ | fair value
Available-for-sale |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 7,273 | ​ | $ | 7,342 | ​ | $ | 10,737 | ​ | $ | 10,781
Due after one through five years | ​ |  | 19,424 | ​ |  | 20,322 | ​ |  | 24,078 | ​ |  | 24,560
Due after five years through ten years | ​ |  | 34,165 | ​ |  | 34,898 | ​ |  | 22,914 | ​ |  | 23,366
Due after ten years | ​ |  | 50,947 | ​ |  | 53,028 | ​ |  | 60,403 | ​ |  | 61,182
Total | ​ | $ | 111,809 | ​ | $ | 115,590 | ​ | $ | 118,132 | ​ | $ | 119,889
​ At December 31, 2020 and 2019, there were no securities pledged.

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