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INVESTMENT SECURITIES | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of March 31, 2021 and December 31, 2020, respectively, were as follows:
Available for sale securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2021 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 31,474 |  |  | $ | 303 |  |  | $ | 65 |  |  | $ | 31,712 |
Obligations of states and political subdivisions | 140 |  |  | — |  |  | — |  |  | 140 |
Mortgage-backed securities | 71,448 |  |  | 1,009 |  |  | 401 |  |  | 72,056 |
Corporate debt securities | 27,752 |  |  | 446 |  |  | 285 |  |  | 27,913 |
Corporate asset-based securities | 35,664 |  |  | 159 |  |  | 114 |  |  | 35,709 |
Trust preferred securities | 17,298 |  |  | 342 |  |  | 10 |  |  | 17,630 |
Total available for sale securities | $ | 183,776 |  |  | $ | 2,259 |  |  | $ | 875 |  |  | $ | 185,160 |
December 31, 2020 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 33,048 |  |  | $ | 387 |  |  | $ | 70 |  |  | $ | 33,365 |
Obligations of states and political subdivisions | 140 |  |  | — |  |  | — |  |  | 140 |
Mortgage-backed securities | 39,454 |  |  | 1,537 |  |  | — |  |  | 40,991 |
Corporate debt securities | 17,199 |  |  | 372 |  |  | 109 |  |  | 17,462 |
Corporate asset-based securities | 36,039 |  |  | 104 |  |  | 316 |  |  | 35,827 |
Trust preferred securities | 16,297 |  |  | 189 |  |  | 38 |  |  | 16,448 |
Total available for sale securities | $ | 142,177 |  |  | $ | 2,589 |  |  | $ | 533 |  |  | $ | 144,233 |
Held to maturity securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2021 |  |  |  |  |  |  |
U.S. government agency obligations | $ | 3,500 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 3,483 |
Obligations of states and political subdivisions | 4,600 |  |  | 2 |  |  | 9 |  |  | 4,593 |
Mortgage-backed securities | 49,319 |  |  | 200 |  |  | 1,809 |  |  | 47,710 |
Total held to maturity securities | $ | 57,419 |  |  | $ | 202 |  |  | $ | 1,835 |  |  | $ | 55,786 |
December 31, 2020 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 600 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 602 |
Mortgage-backed securities | 42,951 |  |  | 265 |  |  | 34 |  |  | 43,182 |
Total held to maturity securities | $ | 43,551 |  |  | $ | 267 |  |  | $ | 34 |  |  | $ | 43,784 |
As of March 31, 2021, the Bank has pledged U.S. Government Agency securities with a carrying value of $548 and mortgage-backed securities with a carrying value of $2,655 as collateral against specific municipal deposits. At March 31, 2021, the Bank has pledged mortgage-backed securities with a carrying value of $1,121 as collateral against a borrowing line of credit with the Federal Reserve Bank. However, as of March 31, 2021, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of March 31, 2021, the Bank also has mortgage-backed securities with a carrying value of $402 pledged as collateral to the Federal Home Loan Bank of Des Moines. At December 31, 2020, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $1,209 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2020, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2020, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $576 and mortgage-backed securities with a carrying value of $3,028 as collateral against specific municipal deposits. As of December 31, 2020, the Bank also has mortgage-backed securities with a carrying value of $468 pledged as collateral to the Federal Home Loan Bank of Des Moines. For the three month period ended March 31, 2020 gross sales of available for sale securities were $10,841. There were no sales of available for sale securities for the three month period ended March 31, 2021. Gross gains on sale of available for sale securities for the three months ended March 31, 2020 were $157. Gross losses on sale of available for sale securities for the three months ended March 31, 2020 were $1. The estimated fair value of securities at March 31, 2021 and December 31, 2020, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain agency and municipal securities due to the call feature.
| March 31, 2021 |  | December 31, 2020
Available for sale securities | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 140 |  |  | $ | 140 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 4,949 |  |  | 5,207 |  |  | 3,833 |  |  | 4,095 |
Due after five years through ten years | 47,962 |  |  | 48,488 |  |  | 44,405 |  |  | 44,880 |
Due after ten years | 59,277 |  |  | 59,269 |  |  | 54,485 |  |  | 54,267 |
Total securities with contractual maturities | $ | 112,328 |  |  | $ | 113,104 |  |  | $ | 102,723 |  |  | $ | 103,242 |
Mortgage backed securities | 71,448 |  |  | 72,056 |  |  | 39,454 |  |  | 40,991 |
Total available for sale securities | $ | 183,776 |  |  | $ | 185,160 |  |  | $ | 142,177 |  |  | $ | 144,233 |
| March 31, 2021 |  | December 31, 2020
Held to maturity securities | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 4,300 |  |  | 4,300 |  |  | 200 |  |  | 200 |
Due after five years through ten years | 3,800 |  |  | 3,776 |  |  | 400 |  |  | 402 |
Total securities with contractual maturities | 8,100 |  |  | 8,076 |  |  | 600 |  |  | 602 |
Mortgage backed securities | 49,319 |  |  | 47,710 |  |  | 42,951 |  |  | 43,182 |
Total held to maturity securities | $ | 57,419 |  |  | $ | 55,786 |  |  | $ | 43,551 |  |  | $ | 43,784 |
Securities with unrealized losses at March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
|  | Less than 12 Months |  | 12 Months or More |  | Total
Available for sale securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | — |  |  | $ | — |  |  | $ | 13,088 |  |  | $ | 65 |  |  | $ | 13,088 |  |  | $ | 65 |
Mortgage backed securities |  | 39,035 |  |  | 401 |  |  | — |  |  | — |  |  | 39,035 |  |  | 401 |
Corporate debt securities |  | 9,335 |  |  | 203 |  |  | 1,418 |  |  | 82 |  |  | 10,753 |  |  | 285 |
Corporate asset-based securities |  | 5,947 |  |  | 19 |  |  | 11,829 |  |  | 95 |  |  | 17,776 |  |  | 114 |
Trust preferred securities |  | 945 |  |  | 10 |  |  | — |  |  | — |  |  | 945 |  |  | 10 |
Total |  | $ | 55,262 |  |  | $ | 633 |  |  | $ | 26,335 |  |  | $ | 242 |  |  | $ | 81,597 |  |  | $ | 875 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 7,654 |  |  | $ | 17 |  |  | $ | 6,834 |  |  | $ | 53 |  |  | $ | 14,488 |  |  | $ | 70 |
Corporate debt securities |  | 3,447 |  |  | 27 |  |  | 1,418 |  |  | 82 |  |  | 4,865 |  |  | 109 |
Corporate asset-based securities |  | — |  |  | — |  |  | 24,310 |  |  | 316 |  |  | 24,310 |  |  | 316 |
Trust preferred securities |  | 5,612 |  |  | 38 |  |  | — |  |  | — |  |  | 5,612 |  |  | 38 |
Total |  | $ | 16,713 |  |  | $ | 82 |  |  | $ | 32,562 |  |  | $ | 451 |  |  | $ | 49,275 |  |  | $ | 533 |
|  | Less than 12 Months |  | 12 Months or More |  | Total
Held to maturity securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 3,483 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,483 |  |  | $ | 17 |
Obligations of states and political subdivisions |  | 500 |  |  | 9 |  |  | — |  |  | — |  |  | 500 |  |  | 9 |
Mortgage-backed securities |  | 42,342 |  |  | 1,809 |  |  | — |  |  | — |  |  | 42,342 |  |  | 1,809 |
Total |  | $ | 46,325 |  |  | $ | 1,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,325 |  |  | $ | 1,835 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 16,538 |  |  | $ | 34 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,538 |  |  | $ | 34 |
Total |  | $ | 16,538 |  |  | $ | 34 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,538 |  |  | $ | 34 |
The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. As part of such monitoring, the credit quality of individual securities and their issuer is assessed. Significant inputs used to measure the amount of other-than-temporary impairment related to credit loss include, but are not limited to; the Company’s intent and ability to sell the debt security prior to recovery, that it is more likely than not that the Company will not sell the security prior to recovery, default and delinquency rates of the underlying collateral, remaining credit support, and historical loss severities. Adjustments to market value of available for sale securities that are considered temporary are recorded as separate components of shareholders’ equity, net of tax. If the unrealized loss of a security is identified as other-than-temporary based on information available, such as the decline in the creditworthiness of the issuer, external market ratings, or the anticipated or realized elimination of associated dividends, such impairments are further analyzed to determine if credit loss exists. If there is a credit loss, it will be recorded in the Company’s consolidated statement of operations. Non-credit components of the unrealized losses on available for sale securities will continue to be recognized in other comprehensive income (loss), net of tax. Unrealized losses reflected in the preceding tables have not been included in results of operations because the unrealized loss was not deemed other-than-temporary. Management has determined that more likely than not, the Company neither intends to sell, nor will it be required to sell each debt security before its anticipated recovery, and therefore recovery of cost will occur.

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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 + Details
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