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Securities | 6 Months Ended
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Jun. 30, 2021
Securities [Abstract] |
Securities | Note 6 – Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of June 30, 2021 and December 31, 2020 (amounts in thousands):
| June 30, 2021
| Amortized |  | Gross Unrealized |  |  |
| Costs |  | Gains |  | (Losses) |  | Fair Value
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | 3,663 |  | $ | 393 |  | $ | — |  | $ | 4,056
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | 2,000 |  |  | 15 |  |  | — |  |  | 2,015
US agency obligations |  | 55,339 |  |  | 900 |  |  | (852) |  |  | 55,387
Mortgage-backed securities |  | 25,948 |  |  | 147 |  |  | (198) |  |  | 25,897
Municipals |  | 40,995 |  |  | 560 |  |  | (401) |  |  | 41,154
Corporates |  | 6,257 |  |  | 254 |  |  | — |  |  | 6,511
| $ | 130,539 |  | $ | 1,876 |  | $ | (1,451) |  | $ | 130,964
| December 31, 2020
| Amortized |  | Gross Unrealized |  |  |
| Costs |  | Gains |  | (Losses) |  | Fair Value
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | 3,671 |  | $ | 521 |  | $ | — |  | $ | 4,192
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | 2,000 |  |  | 27 |  |  | — |  |  | 2,027
US agency obligations |  | 40,111 |  |  | 1,544 |  |  | (335) |  |  | 41,320
Mortgage-backed securities |  | 15,461 |  |  | 241 |  |  | (6) |  |  | 15,696
Municipals |  | 24,275 |  |  | 594 |  |  | (96) |  |  | 24,773
Corporates |  | 6,070 |  |  | 299 |  |  | — |  |  | 6,369
| $ | 87,917 |  | $ | 2,705 |  | $ | (437) |  | $ | 90,185
‎ Note 6 – Securities (continued) The following tables show the gross unrealized losses and fair value of the Bank’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021 and December 31, 2020 (amounts in thousands):
| Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
June 30, 2021 | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Description of securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
US agency obligations |  | 28,600 |  |  | 852 |  |  | — |  |  | — |  |  | 28,600 |  |  | 852
Mortgage-backed securities |  | 20,696 |  |  | 198 |  |  | — |  |  | — |  |  | 20,696 |  |  | 198
Municipals |  | 17,597 |  |  | 401 |  |  | — |  |  | — |  |  | 17,597 |  |  | 401
Corporates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total | $ | 66,893 |  | $ | 1,451 |  | $ | — |  | $ | — |  | $ | 66,893 |  | $ | 1,451
| Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
December 31, 2020 | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Description of securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
US agency obligations |  | 15,808 |  |  | 335 |  |  | — |  |  | — |  |  | 15,808 |  |  | 335
Mortgage-backed securities |  | 8,201 |  |  | 6 |  |  | — |  |  | — |  |  | 8,201 |  |  | 6
Municipals |  | 8,202 |  |  | 96 |  |  | — |  |  | — |  |  | 8,202 |  |  | 96
Corporates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total | $ | 32,211 |  | $ | 437 |  | $ | — |  | $ | — |  | $ | 32,211 |  | $ | 437
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and may do so more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent of Financial, if any, to sell the security; (4) whether Financial more likely than not will be ‎ Note 6 – Securities (continued) required to sell the security before recovering its cost; and (5) whether Financial does not expect to recover the security’s entire amortized cost basis (even if Financial does not intend to sell the security). At June 30, 2021, the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of June 30, 2021, the Bank owned 35 securities in an unrealized loss position that were being evaluated for other than temporary impairment. Thirteen of these securities were S&P rated AAA and 22 were rated AA. As of June 30, 2021, 16 of these securities were municipal issues and 19 were backed by the US government. Based on the analysis performed by management as mandated by the Bank’s investment policy, management believes the default risk to be minimal. Because management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to change in interest rates and other market conditions, no declines currently are deemed to be other-than-temporary. There were no sales of available-for-sale securities during the six months ended June 30, 2021 as compared to $17,813 in sales during the same period in 2020. In 2020, there were gross gains on sales of available-for-sale securities of $644 during the six month period ended June 30, 2020. There were no sales of held-to-maturity securities during the six month periods ended June 30, 2021 and 2020.

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