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Investment Securities | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Investment Securities | (3) Investment Securities Investment securities available-for-sale at September 30, 2021 and December 31, 2020 are as follows: (in thousands)
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Estimated |
September 30, 2021 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. Treasury securities |  | $ | 4,074 |  |  | $ | 13 |  |  | $ | (4 | ) |  | $ | 4,083 |
Municipal securities - tax exempt |  |  | 541 |  |  |  | — |  |  |  | (8 | ) |  |  | 533 |
Municipal securities - taxable |  |  | 797 |  |  |  | — |  |  |  | (8 | ) |  |  | 789 |
U. S. Government sponsored enterprises |  |  | 11,837 |  |  |  | 2 |  |  |  | (133 | ) |  |  | 11,706 |
Government agency mortgage-backed securities |  |  | 20,258 |  |  |  | 263 |  |  |  | (186 | ) |  |  | 20,335 |
Corporate securities |  |  | 6,717 |  |  |  | 16 |  |  |  | (108 | ) |  |  | 6,625 |
Total |  | $ | 44,224 |  |  | $ | 294 |  |  | $ | (447 | ) |  | $ | 44,071 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government sponsored enterprises |  | $ | 11,870 |  |  | $ | 1 |  |  | $ | (12 | ) |  | $ | 11,859 |
Government agency mortgage-backed securities |  |  | 9,206 |  |  |  | 326 |  |  |  | — |  |  |  | 9,532 |
Corporate securities |  |  | 2,715 |  |  |  | — |  |  |  | (101 | ) |  |  | 2,614 |
Total |  | $ | 23,791 |  |  | $ | 327 |  |  | $ | (113 | ) |  | $ | 24,005 |
There were 23 securities in an unrealized loss position as of September 30, 2021 for less than 12 months. There were two securities in an unrealized loss position for 12 months or greater as of September 30, 2021. The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades and are reviewed regularly. Two of the securities are agency bonds and one is a U.S. Treasury bonds, so all of these are direct obligations of the U.S. Government. Twelve of the securities are mortgage backed bonds that have the direct or implied backing of the U.S. Government. Two of the bonds are municipal securities and the remaining eight securities are corporate securities that are either trust preferred securities or subordinated debentures where the Bank performs a credit review regularly and such review has raised no concerns. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis which may be at maturity. The amortized cost and estimated fair value of investment securities available-for-sale at September 30, 2021, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands)
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
U.S. Treasury securities |  |  |  |  |  |
Within 1 year |  | $ | — |  |  | $ | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | 4,074 |  |  |  | 4,083 |
Greater than 10 years |  |  | — |  |  |  | — |
Municipal securities - tax exempt |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 541 |  |  |  | 533 |
Municipal securities - taxable |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 797 |  |  |  | 789 |
Government agency securities |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 11,837 |  |  |  | 11,706 |
Corporate securities |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | 6,217 |  |  |  | 6,200 |
Greater than 10 years |  |  | 500 |  |  |  | 425 |
|  |  | 23,966 |  |  |  | 23,736 |
Government agency mortgage-backed securities |  |  | 20,258 |  |  |  | 20,335 |
Total |  | $ | 44,224 |  |  | $ | 44,071 |
No securities were sold during the three months or nine months ended September 30, 2021. No securities were sold during the three months ended September 30, 2020. During the nine months ended September 30, 2020, the Company sold available-for-sale securities with a book value of $1.7 million at a gain of $20,000. Securities with a carrying value of approximately $1.5 million and $2.3 million were pledged to secure public deposits at September 30, 2021 and December 31, 2020, respectively.

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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 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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