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Investment Securities
 12 Months Ended
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.