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Securities | 9 Months Ended
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Sep. 30, 2021
Available For Sale Securities [Abstract] |
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at September 30, 2021 and December 31, 2020 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
|  | September 30, 2021 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 14,544 |  |  | $ | 613 |  |  | $ | (2 | ) |  | $ | 15,155 |
Mortgage-backed securities |  |  | 161,478 |  |  |  | 1,057 |  |  |  | (1,279 | ) |  |  | 161,256 |
Obligations of states and political subdivisions |  |  | 22,566 |  |  |  | 962 |  |  |  | — |  |  |  | 23,528 |
Subordinated debt |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,500 |
|  | $ | 200,088 |  |  | $ | 2,632 |  |  | $ | (1,281 | ) |  | $ | 201,439 |
|  | December 31, 2020 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 16,576 |  |  | $ | 907 |  |  | $ | — |  |  | $ | 17,483 |
Mortgage-backed securities |  |  | 117,161 |  |  |  | 1,894 |  |  |  | (46 | ) |  |  | 119,009 |
Obligations of states and political subdivisions |  |  | 25,840 |  |  |  | 1,373 |  |  |  | — |  |  |  | 27,213 |
Subordinated debt |  |  | 1,250 |  |  |  | — |  |  |  | — |  |  |  | 1,250 |
|  | $ | 160,827 |  |  | $ | 4,174 |  |  | $ | (46 | ) |  | $ | 164,955 |
During the nine months ended September 30, 2021, the Company sold $15.9 million of available for sale securities recognizing $143 thousand in gross gains and $119 in gross losses. During the nine months ended September 30, 2020, the Company sold $28.3 million of available for sale securities recognizing $687 in gross gains and no gross losses. The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at September 30, 2021 and December 31, 2020 were as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | September 30, 2021 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 1,119 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,119 |  |  | $ | 2 |
Mortgage-backed securities |  |  | 71,065 |  |  |  | 1,234 |  |  |  | 1,367 |  |  |  | 45 |  |  |  | 72,432 |  |  |  | 1,279 |
|  | $ | 72,184 |  |  | $ | 1,236 |  |  | $ | 1,367 |  |  | $ | 45 |  |  | $ | 73,551 |  |  | $ | 1,281 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | December 31, 2020 |
|  | (in thousands) |
Mortgage-backed securities |  | $ | 12,014 |  |  | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,014 |  |  | $ | 46 |
|  | $ | 12,014 |  |  | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,014 |  |  | $ | 46 |
Gross unrealized losses on available for sale securities included twenty-four (24) and three (3) debt securities at September 30, 2021 and December 31, 2020, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at September 30, 2021 and December 31, 2020 was changes in market interest rates and other market conditions and not credit concerns of the issuers. Since the losses can be primarily attributed to changes in market interest rates and conditions and not expected cash flows or an issuer’s financial condition and management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, the unrealized losses were deemed to be temporary. The Company’s mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. The Company’s securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect the securities balance reported in the financial statements. Securities having a carrying value of $7.5 million at September 30, 2021 were pledged as security for trust accounts. The composition of restricted investments at September 30, 2021 and December 31, 2020 was as follows:
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Federal Reserve Bank Stock |  | $ | 344 |  |  | $ | 344 |
Federal Home Loan Bank Stock |  |  | 565 |  |  |  | 783 |
Community Bankers’ Bank Stock |  |  | 140 |  |  |  | 140 |
|  | $ | 1,049 |  |  | $ | 1,267 |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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