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Investments

6 Months Ended

Jun. 30, 2022

Investments

Investments

5.    Investments

Investments, at fair value

At June 30, 2022 and December 31, 2021, the Company had $0.1 million and $8.1 million, respectively, of cash invested in highly liquid taxable bond funds. The Company classifies these investments as trading securities and reports them at fair value. There were no significant unrealized gains or losses on these investments in the three or six months ended June 30, 2022 and 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 Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures.

Marketable securities, at amortized cost

The Company also invests in marketable securities. As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 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 June 30, 2022, and December 31, 2021.

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June 30, 2022

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December 31, 2021

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Amortized

Market

Amortized

Market

​

Cost

Value

Cost

Value

​

​

(Dollars in thousands)

Municipal bonds:

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​

​

​

Current

​

$

702

​

$

703

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$

219

​

$

223

Due from one through five years

​

5,224

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5,257

​

6,503

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6,805

Due from six through ten years

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2,505

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2,595

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2,479

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2,790

Due from eleven through twenty years

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799

​

761

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1,014

​

1,102

Total

​

$

9,230

​

$

9,316

​

$

10,215

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$

10,920

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The unrealized gains and losses on marketable securities at June 30, 2022, and at December 31, 2021, were as follows:

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June 30, 2022

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December 31, 2021

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Unrealized

Unrealized

Unrealized

Unrealized

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Gains

Losses

Gains

Losses

​

​

(Dollars in thousands)

Municipal bonds

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$

170

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$

(84)

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$

705

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$

—

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The estimated market values provided are Level 2 valuations as defined by ASC 820. The Company reviewed its portfolio of investments as of June 30, 2022, and determined that no other-than-temporary market value impairment exists.

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- References

No definition available.

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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 https://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 https://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 https://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 https://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)

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