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INVESTMENT SECURITIES

12 Months Ended

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.