Amortized costs and fair values of securities available for sale at March 31, 2022 and December 31, 2021 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
	March 31, 2022
	(in thousands)
Obligations of U.S. government corporations and agencies	$	14,658	$	27	$	(450	)	$	14,235
Mortgage-backed securities		169,280		12		(13,175	)		156,117
Obligations of states and political subdivisions		19,339		175		(138	)		19,376
Subordinated debt		3,750		—		(123	)		3,627
	$	207,027	$	214	$	(13,886	)	$	193,355

	December 31, 2021
	(in thousands)
Obligations of U.S. government corporations and agencies	$	14,541	$	417	$	(37	)	$	14,921
U.S. treasury notes		2,003		—		—			2,003
Mortgage-backed securities		152,391		753		(2,132	)		151,012
Obligations of states and political subdivisions		21,104		773		—			21,877
Subordinated debt		2,500		11		(3	)		2,508
	$	192,539	$	1,954	$	(2,172	)	$	192,321

During the three months ended March 31, 2022, the Company sold no available for sale securities. During the three months ended March 31, 2021, the Company sold $3.0 million of available for sale securities recognizing $76 thousand 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 March 31, 2022 and December 31, 2021 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
	March 31, 2022
	(in thousands)
Obligations of U.S. government corporations and agencies	$	12,219	$	450	$	—	$	—	$	12,219	$	450
Mortgage-backed securities		117,432		8,838		37,281		4,337		154,713		13,175
Obligations of states and political subdivisions		5,491		138		—		—		5,491		138
Subordinated debt		2,877		123		—		—		2,877		123
	$	138,019	$	9,549	$	37,281	$	4,337	$	175,300	$	13,886

	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, 2021
	(in thousands)
Obligations of U.S. government corporations and agencies	$	2,616	$	37	$	—	$	—	$	2,616	$	37
Mortgage-backed securities		101,080		1,214		29,555		918		130,635		2,132
Subordinated debt		247		3		—		—		247		3
	$	103,943	$	1,254	$	29,555	$	918	$	133,498	$	2,172

Gross unrealized losses on available for sale securities included one hundred two (102) and forty one (41) debt securities at March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021 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 $8.0 million at March 31, 2022 were pledged as security for trust accounts.

The composition of restricted investments at March 31, 2022 and December 31, 2021 was as follows:

	March 31, 2022		December 31, 2021
	(in thousands)
Federal Reserve Bank Stock	$	344	$	344
Federal Home Loan Bank Stock		715		565
Community Bankers’ Bank Stock		140		140
	$	1,199	$	1,049