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INVESTMENTS

12 Months Ended

Dec. 31, 2021

INVESTMENTS

5. INVESTMENTS

Investments, at fair value

During 2021, the Company invested $8.1 million of cash in highly liquid fixed income funds. The Company classified these investments as trading securities and reported them at fair value. There were no significant unrealized gains or losses on these investments in 2021.

The fair value measurements of these investments are based on quoted market prices in active markets, and thus represent a level 1 valuation as defined by ASC 820.

Marketable securities, at amortized cost

The Company also invests in marketable securities. All the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC Topic 320, Investments – Debt and Equity Securities, as the Company has the intent and ability to hold all investments to maturity.

Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of December 31, 2021 and 2020. The estimated market values provided are Level 2 valuations as defined by ASC 820.


		2021						2020
		Amortized Cost			Market Value			Amortized Cost			Market Value

		(Dollars in thousands)
Municipal bonds:
Current		$	219		$	223		$	2,215		$	2,249
Due from one through five years			6,503			6,805			7,420			7,830
Due from six through ten years			2,479			2,790			3,057			3,608
Due from eleven through twenty years			1,014			1,102			2,323			2,547
Total		$	10,215		$	10,920		$	15,015		$	16,234

The unrealized gains and losses on marketable securities at December 31, 2021 and 2020 were as follows:

2021

2020

Unrealized

Unrealized

Unrealized

Unrealized

Gains

Losses

Gains

Losses

(Dollars in thousands)

Municipal bonds

$

705

$

—

$

1,219

$

—

At each reporting date, the Company reviews its investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. The Company determined that no other-than-temporary impairment exists for the years ended December 31, 2021 and 2020.