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Securities | 9 Months Ended
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Sep. 30, 2022
Securities [Abstract] |
Securities | NOTE 3 – SECURITIES The following tables summarize the amortized cost and fair value of the available-for-sale securities portfolio at September 30, 2022 and December 31, 2021 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2022 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 9,978 |  | $ | - |  | $ | 1,978 |  | $ | 8,000
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 3,531 |  |  | - |  |  | 116 |  |  | 3,415
Mortgage-backed securities - residential |  |  | 21 |  |  | - |  |  | - |  |  | 21
Total |  | $ | 13,530 |  | $ | - |  | $ | 2,094 |  | $ | 11,436
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 9,976 |  | $ | - |  | $ | 226 |  | $ | 9,750
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 6,551 |  |  | 31 |  |  | 21 |  |  | 6,561
Mortgage-backed securities - residential |  |  | 35 |  |  | 1 |  |  | - |  |  | 36
Total |  | $ | 16,562 |  | $ | 32 |  | $ | 247 |  | $ | 16,347
There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at September 30, 2022 or September 30, 2021. There were no sales of securities during the three and nine months ended September 30, 2022 and 2021. The amortized cost and fair value of debt securities at September 30, 2022 and December 31, 2021 are shown in the table below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | September 30, 2022 |  |  | December 31, 2021
|  | (unaudited) |  |  |  |  |  |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 2,003 |  | $ | 1,976 |  | $ | 3,504 |  | $ | 3,518
Due from one to five years |  |  | 1,528 |  |  | 1,439 |  |  | 3,047 |  |  | 3,043
Due from five to ten years |  |  | 9,978 |  |  | 8,000 |  |  | 9,976 |  |  | 9,750
Mortgage-backed securities - residential |  |  | 21 |  |  | 21 |  |  | 35 |  |  | 36
Total |  | $ | 13,530 |  | $ | 11,436 |  | $ | 16,562 |  | $ | 16,347
Fair value of securities pledged as collateral was as follows:
| September 30, 2022 |  | December 31, 2021
| (unaudited) |  |  |
Pledged as collateral for: |  |  |  |  |
FHLB advances | $ | 964 |  | $ | 1,016
Public deposits |  | 479 |  |  | 501
Mortgage banking derivatives |  | - |  |  | 1,504
Total | $ | 1,443 |  | $ | 3,021
At September 30, 2022 and December 31, 2021, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity. The following table summarizes securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position.
September 30, 2022 (unaudited) |  | Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate debt |  | $ | 8,000 |  | $ | 1,978 |  | $ | - |  | $ | - |  | $ | 8,000 |  | $ | 1,978
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 1,976 |  |  | 27 |  |  | 1,439 |  |  | 89 |  |  | 3,415 |  |  | 116
Mortgage-backed securities - residential (1) |  |  | 16 |  |  | - |  |  | - |  |  | - |  |  | 16 |  |  | -
Total temporarily impaired |  | $ | 9,992 |  | $ | 2,005 |  | $ | 1,439 |  | $ | 89 |  | $ | 11,431 |  | $ | 2,094
(1)Unrealized loss is less than $1 resulting in rounding to zero.
December 31, 2021 |  | Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate debt |  | $ | 9,750 |  | $ | 226 |  | $ | - |  | $ | - |  | $ | 9,750 |  | $ | 226
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 3,024 |  |  | 21 |  |  | - |  |  | - |  |  | 3,024 |  |  | 21
Total temporarily impaired |  | $ | 12,774 |  | $ | 247 |  | $ | - |  | $ | - |  | $ | 12,774 |  | $ | 247
The unrealized losses at September 30, 2022 were related to one corporate debt security, multiple U.S. Treasuries and one mortgage-backed security. The unrealized losses at December 31, 2021 were related to one corporate debt security and multiple U.S. Treasuries. Because the decline in fair value was attributable to changes in market conditions, and not credit quality, and because the Company did not have the intent to sell these securities and it was likely that it would not be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be other-than-temporarily impaired at September 30, 2022 and December 31, 2021. ‎

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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 https://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 https://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 https://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 https://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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