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v3.22.1

Securities | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (amounts in thousands):
| March 31, 2022
| Amortized |  | Gross Unrealized |  |  |
| Costs |  | Gains |  | (Losses) |  | Fair Value
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | 3,651 |  | $ | 1 |  | $ | (252) |  | $ | 3,400
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | 4,858 |  |  | — |  |  | (59) |  |  | 4,799
US agency obligations |  | 69,071 |  |  | 77 |  |  | (4,686) |  |  | 64,462
Mortgage-backed securities |  | 86,112 |  |  | 2 |  |  | (4,832) |  |  | 81,282
Municipals |  | 50,772 |  |  | 16 |  |  | (5,437) |  |  | 45,351
Corporates |  | 17,049 |  |  | 43 |  |  | (370) |  |  | 16,722
| $ | 227,862 |  | $ | 138 |  | $ | (15,384) |  | $ | 212,616
| December 31, 2021
| Amortized |  | Gross Unrealized |  |  |
| Costs |  | Gains |  | (Losses) |  | Fair Value
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | 3,655 |  | $ | 351 |  | $ | — |  | $ | 4,006
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | 2,000 |  |  | 2 |  |  | — |  |  | 2,002
US agency obligations |  | 59,144 |  |  | 575 |  |  | (1,249) |  |  | 58,470
Mortgage-backed securities |  | 38,017 |  |  | 75 |  |  | (654) |  |  | 37,438
Municipals |  | 50,806 |  |  | 368 |  |  | (970) |  |  | 50,204
Corporates |  | 13,053 |  |  | 169 |  |  | (69) |  |  | 13,153
| $ | 163,020 |  | $ | 1,189 |  | $ | (2,942) |  | $ | 161,267
‎ 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 March 31, 2022 and December 31, 2021 (amounts in thousands):
| Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
March 31, 2022 | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Description of securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | 3,248 |  | $ | 252 |  | $ | — |  | $ | — |  | $ | 3,248 |  | $ | 252
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | 4,799 |  |  | 59 |  |  | — |  |  | — |  |  | 4,799 |  |  | 59
US agency obligations |  | 42,260 |  |  | 2,242 |  |  | 18,969 |  |  | 2,444 |  |  | 61,229 |  |  | 4,686
Mortgage-backed securities |  | 73,319 |  |  | 3,865 |  |  | 7,775 |  |  | 967 |  |  | 81,094 |  |  | 4,832
Municipals |  | 27,907 |  |  | 3,266 |  |  | 14,234 |  |  | 2,171 |  |  | 42,141 |  |  | 5,437
Corporates |  | 7,177 |  |  | 370 |  |  | — |  |  | — |  |  | 7,177 |  |  | 370
Total | $ | 155,462 |  | $ | 9,802 |  | $ | 40,978 |  | $ | 5,582 |  | $ | 196,440 |  | $ | 15,384
| Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
December 31, 2021 | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Description of securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US agency obligations | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasuries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
US agency obligations |  | 21,893 |  |  | 379 |  |  | 15,233 |  |  | 870 |  |  | 37,126 |  |  | 1,249
Mortgage-backed securities |  | 28,019 |  |  | 402 |  |  | 6,382 |  |  | 252 |  |  | 34,401 |  |  | 654
Municipals |  | 28,028 |  |  | 635 |  |  | 7,952 |  |  | 335 |  |  | 35,980 |  |  | 970
Corporates |  | 1,931 |  |  | 69 |  |  | — |  |  | — |  |  | 1,931 |  |  | 69
Total | $ | 79,871 |  | $ | 1,485 |  | $ | 29,567 |  | $ | 1,457 |  | $ | 109,438 |  | $ | 2,942
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 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 March 31, 2022 the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of March 31, 2022, the Bank owned 108 securities in an unrealized loss position that were being evaluated for other than temporary impairment. Of the securities, 44 were S&P rated AAA, 57 were rated AA, six were rated A, and one was rated BBB. As of March 31, 2022, 47 of these securities were municipal issues, 53 were backed by the US government, and eight were issues of publicly traded domestic corporations. 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 three months ended March 31, 2022 and 2021.

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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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