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Investment Securities | 12 Months Ended
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Dec. 31, 2021
Investments Debt And Equity Securities [Abstract] |
Investment Securities | (3) Investment Securities Investment securities available-for-sale at December 31, 2021 and 2020 are as follows: (in thousands)
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Estimated |
December 31, 2021 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. Treasury securities |  | $ | 5,068 |  |  |  | 5 |  |  |  | (23 | ) |  |  | 5,050 |
Municipal securities - tax exempt |  |  | 540 |  |  |  | — |  |  |  | (4 | ) |  |  | 536 |
Municipal securities - taxable |  |  | 796 |  |  |  | — |  |  |  | (6 | ) |  |  | 790 |
U.S. Government sponsored enterprises |  |  | 11,837 |  |  |  | — |  |  |  | (295 | ) |  |  | 11,542 |
Government agency mortgage-backed securities |  |  | 21,371 |  |  |  | 200 |  |  |  | (232 | ) |  |  | 21,339 |
Corporate securities |  |  | 9,425 |  |  |  | 20 |  |  |  | (145 | ) |  |  | 9,300 |
Total |  | $ | 49,037 |  |  |  | 225 |  |  |  | (705 | ) |  |  | 48,557 |
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 30 securities in an unrealized loss position totaling $574,000 as of December 31, 2021 for less than 12 months. There were two securities in an unrealized loss position totaling $131,000 greater than 12 months as of December 31, 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. Eight of the securities are U.S. Treasury or agency bonds that are direct obligations of the U.S. Government. Fourteen securities are mortgage-backed securities of U.S. Government sponsored agencies that have the implied backing of the U.S. Government. Two securities are municipal securities for while a credit analysis is performed annually and no credit problems have been identified. Eight are trust preferred securities or subordinated debentures of banks where the Bank performs a credit review quarterly and such reviews have 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 December 31, 2021 and 2020, 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)
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | 5,068 |  |  |  | 5,050 |  |  |  | — |  |  |  | — |
Greater than 10 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 5,068 |  |  |  | 5,050 |  |  |  | — |  |  |  | — |
Municipal securities - tax exempt |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 540 |  |  |  | 536 |  |  |  | — |  |  |  | — |
|  |  | 540 |  |  |  | 536 |  |  |  | — |  |  |  | — |
Municipal securities - taxable |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 796 |  |  |  | 790 |  |  |  | — |  |  |  | — |
|  |  | 796 |  |  |  | 790 |  |  |  | — |  |  |  | — |
Government agency securities |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 11,837 |  |  |  | 11,542 |  |  |  | 11,870 |  |  |  | 11,859 |
|  |  | 11,837 |  |  |  | 11,542 |  |  |  | 11,870 |  |  |  | 11,859 |
Corporate securities |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | 8,925 |  |  |  | 8,875 |  |  |  | 2,215 |  |  |  | 2,189 |
Greater than 10 years |  |  | 500 |  |  |  | 425 |  |  |  | 500 |  |  |  | 425 |
|  |  | 9,425 |  |  |  | 9,300 |  |  |  | 2,715 |  |  |  | 2,614 |
Government agency mortgage-backed securities |  |  | 21,371 |  |  |  | 21,339 |  |  |  | 9,206 |  |  |  | 9,532 |
Total |  | $ | 49,037 |  |  |  | 48,557 |  |  | $ | 23,791 |  |  |  | 24,005 |
There were no sales of investment securities available-for-sale in 2021. Proceeds from sales of investment securities available-for-sale during 2020 totaled approximately $1.7 million. Gross gains of $20,000 were realized on the sales during 2020. Available-for-sale securities with a carrying value of approximately $2.8 million and $2.3 million were pledged to secure public deposits at December 31, 2021 and 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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