Securities

12 Months Ended

Dec. 31, 2022

NOTE 3 – SECURITIES

The following tables summarize the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 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
December 31, 2022
Corporate debt	$	9,978	$	-	$	2,478	$	7,500
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		3,025		-		100		2,925
Mortgage-backed securities - residential		17		-		-		17
Total	$	13,020	$	-	$	2,578	$	10,442


	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 December 31, 2022 or December 31, 2021.

There were no sales of securities during the years ended December 31, 2022, December 31, 2021 and December 31, 2020.

The amortized cost and fair value of debt securities at December 31, 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.



	December 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,001	$	1,961	$	3,504	$	3,518
Due from one to five years		1,024		964		3,047		3,043
Due from five to ten years		9,978		7,500		9,976		9,750
Mortgage-backed securities - residential		17		17		35		36
Total	$	13,020	$	10,442	$	16,562	$	16,347

Fair value of securities pledged was as follows:


	At December 31,
	2022		2021		2020
Pledged as collateral for:
FHLB advances	$	967	$	1,016	$	1,017
Public deposits		479		501		3,060
Mortgage banking derivatives		-		1,504		3,016
Total	$	1,446	$	3,021	$	7,093

At year-end 2022, 2021 and 2020, 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 December 31, 2022 and December 31, 2021 aggregated by major security type and length of time in a continuous unrealized loss position.


December 31, 2022	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	$	-	$	-	$	7,500	$	2,478	$	7,500	$	2,478
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		1,482		19		1,443		81		2,925		100
Mortgage-backed securities - residential ⁽¹⁾		17		-		-		-		17		-
Total temporarily impaired	$	1,499	$	19	$	8,943	$	2,559	$	10,442	$	2,578

⁽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 December 31, 2022 were related to one Corporate debt security, two Mortgage-backed securities and multiple U.S. Treasuries. 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 would unlikely be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be other-than-temporarily impaired at December 31, 2022 and December 31, 2021.