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Securities | 12 Months Ended
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Dec. 31, 2021
Securities [Abstract] |
Securities | Note 4 – Securities The following table summarizes the amortized cost and fair value of the available‑for‑sale investment securities portfolios at December 31, 2021 and December 31, 2020 and the corresponding amounts of unrealized gains (losses) which are recognized in accumulated other comprehensive income:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage‑backed securities |  | $ | 70,078 |  |  | $ | 196 |  |  | $ | (244 | ) |  | $ | 70,030 |
Federal agency collateralized mortgage obligation (“CMO”) |  |  | 9,391 |  |  |  | 11 |  |  |  | (115 | ) |  |  | 9,287 |
Federal agency debt |  |  | 38,152 |  |  |  | 106 |  |  |  | (270 | ) |  |  | 37,988 |
Municipal bonds |  |  | 4,898 |  |  |  | 40 |  |  |  | (23 | ) |  |  | 4,915 |
U.S. treasuries |  |  | 18,169 |  |  |  | - |  |  |  | (218 | ) |  |  | 17,951 |
SBA pools |  |  | 16,241 |  |  |  | 122 |  |  |  | (138 | ) |  |  | 16,225 |
Total available‑for‑sale securities |  | $ | 156,929 |  |  | $ | 475 |  |  | $ | (1,008 | ) |  | $ | 156,396 |
December 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage‑backed securities |  | $ | 5,550 |  |  | $ | 257 |  |  | $ | - |  |  | $ | 5,807 |
Federal agency debt |  |  | 2,682 |  |  |  | 190 |  |  |  | - |  |  |  | 2,872 |
Municipal bonds |  |  | 2,000 |  |  |  | 19 |  |  |  | - |  |  |  | 2,019 |
Total available‑for‑sale securities |  | $ | 10,232 |  |  | $ | 466 |  |  | $ | - |  |  | $ | 10,698 |
At December 31, 2021, the Bank had 97 federal agency mortgage-backed securities with total amortized cost of $70.1 million, estimated total fair value of $70.0 million and an estimated average remaining life of 4.7 years; 11 federal agency CMO with a total amortized cost of $9.4 million and estimated total fair value of $9.3 million and an estimated average remaining life of 5.6 years; 15 federal agency debt with total amortized cost of 38.2 million, estimated total fair value of $38.0 million and an estimated average remaining life of 5.71 years ; 9 municipal bonds with a total amortized cost of $4.9 million and estimated total fair value of $4.9 million and an estimated average remaining life of 10.7 years; 9 U.S. treasuries with a total amortized cost of $18.2 million, estimated total fair value of $18.0 million and an estimated average remaining life of 3.6 years; and 16 SBA Pools with a total amortized cost of $16.2 million and an estimated average remaining life of 5.5 years. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. In 2021, the Bank purchased 5 federal agency mortgage-backed securities with total amortized cost of $9.6 million, estimated fair value of $9.6 million at December 31, 2021 and an estimated average remaining life of 5.4 years; 2 federal agency debt with total amortized cost of $4.9 million, estimated fair value of $4.9 million at December 31, 2021 and an estimated average remaining life of 4.7 years; and 1 federal agency CMO with total amortized cost of $2.0 million, estimated fair value of $1.9 million at December 31, 2021 and an estimated average remaining life of 5.1 years. There were no sales of securities during the years ended December 31, 2021 and 2020. The amortized cost and estimated fair value of all investment securities available-for-sale at December 31, 2021, by contractual maturities are shown below. Contractual maturities may differ from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 1,014 |  |  | $ | - |  |  | $ | (1 | ) |  | $ | 1,013 |
Due after one year through five years |  |  | 33,613 |  |  |  | 15 |  |  |  | (368 | ) |  |  | 33,260 |
Due after five years through ten years |  |  | 46,437 |  |  |  | 114 |  |  |  | (233 | ) |  |  | 46,318 |
Due after ten years (1) |  |  | 75,865 |  |  |  | 346 |  |  |  | (406 | ) |  |  | 75,805 |
|  | $ | 156,929 |  |  | $ | 475 |  |  | $ | (1,008 | ) |  | $ | 156,396 |
(1) | Mortgage-backed securities, collateralized mortgage obligations and SBA pools do not have a single stated maturity date and therefore have been included in the “Due after ten years” category.
The Bank held 129 securities with unrealized losses of $1,008 thousand at December 31, 2021. None of these securities has been in a loss position for greater than one year. The Bank’s securities were primarily issued by the federal government or its agencies. The unrealized gains or losses on our available-for-sale securities at December 31, 2021 were primarily caused by movements in market interest rates subsequent to the purchase of such securities. Securities with a market value of $53.2 million were pledged as collateral for securities sold under agreements to repurchase as of December 31, 2021 and included $25.9 million of federal agency mortgage-backed securities, $13.3 million of federal agency debt, $9.8 million of SBA pool, and $4.2 million of federal agency CMO. There were no securities pledged as collateral for securities sold under agreements to repurchase as December 31, 2020. At December 31, 2021 and 2020, there were no securities pledged to secure public deposits since those public deposits are under $250 thousand which are fully insured by FDIC. At December 31, 2021 and 2020, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

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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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