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Investment Securities | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 3. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:
|  | March 31, 2022 |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | 1,020 |  |  | $ | - |  |  | $ | (17 | ) |  | $ | 1,003 |
Obligations of state and political subdivisions |  |  | 44,827 |  |  |  | 397 |  |  |  | (1,332 | ) |  |  | 43,892 |
Mortgage-backed securities in government-sponsored entities |  |  | 50,283 |  |  |  | 12 |  |  |  | (1,988 | ) |  |  | 48,307 |
|  | $ | 96,130 |  |  | $ | 409 |  |  | $ | (3,337 | ) |  | $ | 93,202 |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 5,000 |  |  | $ | - |  |  | $ | (19 | ) |  | $ | 4,981 |
|  | December 31, 2021 |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | 1,099 |  |  | $ | - |  |  | $ | (15 | ) |  | $ | 1,084 |
Obligations of state and political subdivisions |  |  | 46,115 |  |  |  | 2,405 |  |  |  | (38 | ) |  |  | 48,482 |
Mortgage-backed securities in government-sponsored entities |  |  | 54,239 |  |  |  | 382 |  |  |  | (404 | ) |  |  | 54,217 |
|  | $ | 101,453 |  |  | $ | 2,787 |  |  | $ | (457 | ) |  | $ | 103,783 |
The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time the individual debt securities have been in a continuous unrealized loss position.
|  | March 31, 2022 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | - |  |  | $ | - |  |  | $ | 1,003 |  |  | $ | (17 | ) |  | $ | 1,003 |  |  | $ | (17 | )
Obligations of state and political subdivisions |  |  | 20,484 |  |  |  | (1,242 | ) |  |  | 343 |  |  |  | (90 | ) |  |  | 20,827 |  |  |  | (1,332 | )
Mortgage-backed securities in government-sponsored entities |  |  | 39,310 |  |  |  | (1,518 | ) |  |  | 7,136 |  |  |  | (470 | ) |  |  | 46,446 |  |  |  | (1,988 | )
|  | $ | 59,794 |  |  | $ | (2,760 | ) |  | $ | 8,482 |  |  | $ | (577 | ) |  | $ | 68,276 |  |  | $ | (3,337 | )
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 1,981 |  |  | $ | (19 | ) |  | $ | - |  |  | $ | - |  |  | $ | 1,981 |  |  | $ | (19 | )
|  | December 31, 2021 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | - |  |  | $ | - |  |  | $ | 1,084 |  |  | $ | (15 | ) |  | $ | 1,084 |  |  | $ | (15 | )
Obligations of state and political subdivisions |  |  | 3,189 |  |  |  | (38 | ) |  |  | - |  |  |  | - |  |  |  | 3,189 |  |  |  | (38 | )
Mortgage-backed securities in government-sponsored entities |  |  | 23,420 |  |  |  | (266 | ) |  |  | 4,687 |  |  |  | (102 | ) |  |  | 28,107 |  |  |  | (368 | )
|  | $ | 26,609 |  |  | $ | (304 | ) |  | $ | 5,771 |  |  | $ | (117 | ) |  | $ | 32,380 |  |  | $ | (421 | )
The Company reviews its position quarterly and believes that as of March 31, 2022 and December 31, 2021, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were 122 and 41 debt securities with unrealized losses at March 31, 2022 and December 31, 2021, respectively. The Company has concluded that the unrealized losses disclosed above are not other than temporary, but are the result of interest rate changes that are not expected to result in the noncollection of principal and interest during the year. Amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.
|  | Available for Sale Securities |  |  | Held to Maturity Securities |
(In Thousands) |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 377 |  |  | $ | 377 |  |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 5,423 |  |  |  | 5,429 |  |  |  | - |  |  |  | - |
Due after five years through ten years |  |  | 11,991 |  |  |  | 11,814 |  |  |  | 5,000 |  |  |  | 4,981 |
Due after ten years |  |  | 28,056 |  |  |  | 27,275 |  |  |  | - |  |  |  | - |
Mortgage-backed securities and Collateralized Mortgage Obligations |  |  | 50,283 |  |  |  | 48,307 |  |  |  | - |  |  |  | - |
|  | $ | 96,130 |  |  | $ | 93,202 |  |  | $ | 5,000 |  |  | $ | 4,981 |
The following table summarizes sales of debt securities for the three months ended March 31, 2022. There were no sales of debt securities for the three months ended March 31, 2021.
|  | For the Three Months Ended |
(In Thousands) |  | March 31, 2022 |
Proceeds |  | $ |  | 513 |
Gross gains |  |  |  | 13 |
Gross losses |  |  |  | - |
Net gain |  | $ |  | 13 |
The Company had pledged debt securities with a carrying value of $41,000 and $45,300 to secure public monies as of March 31, 2022 and December 31, 2021, respectively.

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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 http://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 http://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 http://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 http://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) + Details
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