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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2021
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 4. INVESTMENT SECURITIES Investment securities have been classified according to management’s intent. The amortized cost of securities and their approximate fair values are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
(Dollars in thousands) | ​ | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage-backed securities | ​ | $ | 75,374 | ​ | $ | 87 | ​ | $ | (798) | ​ | $ | 74,663
U.S. Government and agency obligations | ​ |  | 9,347 | ​ |  | 1 | ​ |  | (111) | ​ |  | 9,237
Municipal obligations | ​ |  | 4,482 | ​ |  | - | ​ |  | (43) | ​ |  | 4,439
Total available-for-sale | ​ | $ | 89,203 | ​ | $ | 88 | ​ | $ | (952) | ​ | $ | 88,339
Securities held-to-maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | 13,019 | ​ | $ | 23 | ​ | $ | (375) | ​ | $ | 12,667
Municipal obligations | ​ |  | 479 | ​ |  | 6 | ​ |  | - | ​ |  | 485
Total held-to-maturity | ​ | $ | 13,498 | ​ | $ | 29 | ​ | $ | (375) | ​ | $ | 13,152
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2020
(Dollars in thousands) | ​ | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage-backed securities | ​ | $ | 15,968 | ​ | $ | 179 | ​ | $ | (7) | ​ | $ | 16,140
U.S. Government and agency obligations | ​ |  | 2,000 | ​ |  | - | ​ |  | (39) | ​ |  | 1,961
Municipal obligations | ​ |  | 2,628 | ​ |  | 12 | ​ |  | (11) | ​ |  | 2,629
Total available-for-sale | ​ | $ | 20,596 | ​ | $ | 191 | ​ | $ | (57) | ​ | $ | 20,730
Securities held-to-maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | 17,034 | ​ | $ | 93 | ​ | $ | (121) | ​ | $ | 17,006
Municipal obligations | ​ |  | 489 | ​ |  | 10 | ​ |  | - | ​ |  | 499
Total held-to-maturity | ​ | $ | 17,523 | ​ | $ | 103 | ​ | $ | (121) | ​ | $ | 17,505
​ ​ There were no securities transferred between classifications during the years ended December 31, 2021 and 2020. Investment securities with a carrying amount of approximately $10.2 million and $6.9 million, respectively, were pledged to secure deposits as required or permitted by law at December 31, 2021 and December 31, 2020. The following is a summary of maturities of securities available-for-sale and held-to-maturity and at December 31, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Available-for-Sale | ​ | Held-to-Maturity
(Dollars in thousands) | ​ | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Amounts maturing in: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One year or less | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | -
After one through five years | ​ |  | 8,431 | ​ |  | 8,396 | ​ |  | - | ​ |  | -
After five through ten years | ​ |  | 12,695 | ​ |  | 12,604 | ​ |  | 9,479 | ​ |  | 9,157
After ten years | ​ |  | 68,077 | ​ |  | 67,339 | ​ |  | 4,019 | ​ |  | 3,995
Total | ​ | $ | 89,203 | ​ | $ | 88,339 | ​ | $ | 13,498 | ​ | $ | 13,152
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Available-for-Sale | ​ | Held-to-Maturity
(Dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Amounts maturing in: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One year or less | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | -
After one through five years | ​ |  | 1 | ​ |  | 1 | ​ |  | - | ​ |  | -
After five through ten years | ​ |  | 3,361 | ​ |  | 3,355 | ​ |  | 11,490 | ​ |  | 11,452
After ten years | ​ |  | 17,234 | ​ |  | 17,374 | ​ |  | 6,033 | ​ |  | 6,053
Total | ​ | $ | 20,596 | ​ | $ | 20,730 | ​ | $ | 17,523 | ​ | $ | 17,505
​ ​ Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments, or call options. The expected maturities may differ from contractual maturities because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities. Information pertaining to securities with gross unrealized losses at December 31, 2021 and December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
(Dollars in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Securities available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  | ​
Mortgage-backed securities | ​ | $ | 68,412 | ​ | $ | (746) | ​ | $ | 1,889 | ​ | $ | (52) | ​ | $ | 70,301 | ​ | $ | (798)
U.S. Government and agency obligations | ​ |  | 5,697 | ​ |  | (24) | ​ |  | 1,913 | ​ |  | (87) | ​ |  | 7,610 | ​ |  | (111)
Municipal obligations | ​ |  | 3,283 | ​ |  | (24) | ​ |  | 1,156 | ​ |  | (19) | ​ |  | 4,439 | ​ |  | (43)
Total available-for-sale | ​ | $ | 77,392 | ​ | $ | (794) | ​ | $ | 4,958 | ​ | $ | (158) | ​ | $ | 82,350 | ​ | $ | (952)
Securities held-to-maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | 1,940 | ​ | $ | (61) | ​ | $ | 7,685 | ​ | $ | (314) | ​ | $ | 9,625 | ​ | $ | (375)
Municipal obligations | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | -
Total held-to-maturity | ​ | $ | 1,940 | ​ | $ | (61) | ​ | $ | 7,685 | ​ | $ | (314) | ​ | $ | 9,625 | ​ | $ | (375)
Total | ​ | $ | 79,332 | ​ | $ | (855) | ​ | $ | 12,643 | ​ | $ | (472) | ​ | $ | 91,975 | ​ | $ | (1,327)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2020
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
(Dollars in thousands) |  | Fair Value | ​ | Gross Unrealized Losses | ​ | Fair Value | ​ | Gross Unrealized Losses | ​ | Fair Value | ​ | Gross Unrealized Losses
Securities available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Mortgage-backed securities | ​ | $ | 4,010 | ​ | $ | (7) | ​ | $ | - | ​ | $ | - | ​ | $ | 4,010 | ​ | $ | (7)
U.S. Government and agency obligations | ​ |  | 1,961 | ​ |  | (39) | ​ |  | - | ​ |  | - | ​ |  | 1,961 | ​ |  | (39)
Municipal obligations | ​ |  | 1,751 | ​ |  | (11) | ​ |  | - | ​ |  | - | ​ |  | 1,751 | ​ |  | (11)
Total available-for-sale | ​ | $ | 7,722 | ​ | $ | (57) | ​ | $ | - | ​ | $ | - | ​ | $ | 7,722 | ​ | $ | (57)
Securities held-to-maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | 7,879 | ​ | $ | (121) | ​ | $ | - | ​ | $ | - | ​ | $ | 7,879 | ​ | $ | (121)
Total held-to-maturity | ​ | $ | 7,879 | ​ | $ | (121) | ​ | $ | - | ​ | $ | - | ​ | $ | 7,879 | ​ | $ | (121)
Total | ​ | $ | 15,601 | ​ | $ | (178) | ​ | $ | - | ​ | $ | - | ​ | $ | 15,601 | ​ | $ | (178)
​ ​ Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which that fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2021, there were 67 securities with an unrealized loss, compared to 8 securities with an unrealized loss at December 31, 2020. All of those securities were either guaranteed by federal, state and local governments or secured by mortgage loans. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the intent and ability to hold securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines were deemed to be other-than-temporary.

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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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