Investment Securities

6 Months Ended

Jun. 30, 2022

Schedule of Investments [Abstract]

Investment Securities

(3) INVESTMENT SECURITIES

Fixed maturity securities available for sale at June 30, 2022 and December 31, 2021 consisted of the following:

June 30, 2022 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	44,155	$	4	$	(3,680	)	$	40,479
State and municipalities		10,280		73		(474	)		9,879
Total	$	54,435	$	77	$	(4,154	)	$	50,358
December 31, 2021 (Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	35,469	$	672	$	(403	)	$	35,738
State and municipalities		9,025		60		(51	)		9,034
Total	$	44,494	$	732	$	(454	)	$	44,772

The amortized cost and estimated market value of investment securities at June 30, 2022 by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

June 30, 2022 (Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	22	$	22
Due after one year through five years		9,435		9,241
Due after five years through ten years		9,568		8,737
Due after ten years		35,410		32,358
Total	$	54,435	$	50,358

The following tables show information pertaining to securities with gross unrealized losses at June 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

	Less than Twelve Months					Twelve Months and Over
June 30, 2022 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	(1,861	)	$	26,941	$	(1,819	)	$	10,263
State and municipalities		(47	)		3,543		(427	)		3,246
Total	$	(1,908	)	$	30,484	$	(2,246	)	$	13,509
	Less than Twelve Months					Twelve Months and Over
December 31, 2021 (Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Mortgage-backed securities, principally obligations of U.S. federal agencies	$	(403	)	$	16,330	$	—		$	—
State and municipalities		(9	)		2,124		(42	)		(1,956	)
Total	$	(412	)	$	18,454	$	(42	)	$	(1,956	)

The Company had 54 and 15 securities at June 30, 2022 and December 31, 2021, with unrealized losses that have not been recognized in income because the issuers’ bonds are of high credit quality, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date.