Investments

3 Months Ended

Mar. 31, 2023

4. Investments

Investments, at fair value

At both March 31, 2023 and December 31, 2022, we had $0.1 million of cash invested in highly liquid taxable bond funds. We classify these investments as trading securities and report them at fair value. There were no significant unrealized gains or losses on these investments in the first quarters of 2023 and 2022. 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

We also invest in marketable securities. As noted in our Annual Report on Form 10-K for the year ended December 31, 2022, all of our marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities, as we have 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 March 31, 2023 and December 31, 2022.


	March 31, 2023				December 31, 2022
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value

	(Dollars in thousands)
Marketable securities:
Current	$	1,098	$	1,098	$	1,385	$	1,381
Due from one through five years		3,757		3,758		3,977		3,950
Due from six through ten years		2,347		2,492		2,347		2,455
Due from eleven through twenty years		799		796		799		773
Total	$	8,001	$	8,144	$	8,508	$	8,559

The unrealized gains and losses on marketable securities at March 31, 2023, and at December 31, 2022, were as follows:


	March 31, 2023				December 31, 2022
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses

	(Dollars in thousands)
Marketable securities	$	181	$	(38)	$	145	$	(94)

The estimated market values provided are Level 2 valuations as defined by ASC 820. We reviewed our portfolio of investments as of March 31, 2023 and determined that no other-than-temporary market value impairment exists.