Investment Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

SECURITIES

The amortized costs, gross unrealized gains and losses, and estimated fair values of securities available for sale at September 30, 2021 are summarized as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale:
Asset-backed securities	$	7,630	$	—	$	(24)	$	7,606
Mortgage-backed securities:
U.S. Government-sponsored enterprises	5,083		—		(44)		5,039
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises	20,096		—		(206)		19,890
Total investment securities available for sale	$	32,809	$	—	$	(274)	$	32,535

The investment securities available for sale were purchased during the nine months ended September 30, 2021 and, therefore, had been in an unrealized loss position for less than 12 months at September 30, 2021.The Company expects full recovery of the carrying amount of these securities and does not intend to sell the securities in an unrealized loss position nor does it believe it will be required to sell securities in an unrealized loss position before the value is recovered. The Company does not consider these securities to be other-than-temporarily impaired at September 30, 2021.

The Company held one security held to maturity at September 30, 2021 and December 31, 2020, which matures in August 2039. The security is a debt security to a government-sponsored enterprise and its amortized cost was $3 and $41, the unrecognized loss was $1 and $2, and the fair value was $2 and $39 at September 30, 2021 and December 31, 2020, respectively.

The security held to maturity had been in an unrealized loss position for over 12 months at September 30, 2021 and December 31, 2020. The unrealized loss has not been recognized into income because the issuer is of high credit quality as a government-sponsored enterprise, management does not intend to sell and it is likely that management will not be required to sell the security prior to its anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuer continues to make timely principal and interest payments and the fair value is expected to recover as the bond approaches maturity.

No securities were pledged as of September 30, 2021 or December 31, 2020, and there were no sales of investment securities during the nine months ended September 30, 2021 or 2020.

All securities have contractual remaining maturities of more than 10 years. The weighted average market yield of all securities was 1.31%.