Securities Available For Sale

6 Months Ended

Jun. 30, 2021

Securities Available For Sale [Abstract]

Securities Available For Sale

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Note 4 – Securities Available For Sale

At June 30, 2021 and December 31, 2020, respectively, the amortized cost and approximate fair values of securities available-for-sale were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
June 30, 2021:
U.S. Government agency obligations	$	30,152	$	-	$	(124)	$	30,028
Municipal bonds		58,160		1,536		(254)		59,442
U.S. Government Sponsored Enterprise (GSE) - ‎   Mortgage-backed securities - commercial		512		26		-		538
U.S. Government Sponsored Enterprise (GSE) - ‎   Mortgage-backed securities - residential		130,199		1,198		(1,101)		130,296
Total	$	219,023	$	2,760	$	(1,479)	$	220,304
December 31, 2020:
U.S. Treasury securities	$	9,998	$	-	$	-	$	9,998
U.S. Government agency obligations		39,059		1		(24)		39,036
Municipal bonds		37,409		1,967		-		39,376
U.S. Government Sponsored Enterprise (GSE) - ‎   Mortgage-backed securities - commercial		512		31		-		543
U.S. Government Sponsored Enterprise (GSE) - ‎   Mortgage-backed securities - residential		40,244		1,743		-		41,987
Total	$	127,222	$	3,742	$	(24)	$	130,940

The amortized cost and fair value of securities as of June 30, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties.

		Amortized		Fair
		Cost		Value
	(In Thousands)
Due in one year or less	$	2,601	$	2,608
Due after one year through five years		30,067		29,947
Due after five years through ten years		8,206		8,558
Due after ten years		47,438		48,357
		88,312		89,470
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial		512		538
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential		130,199		130,296
Total	$	219,023	$	220,304

Gross gains of $24 thousand were realized on sales of securities for the six months ended June 30, 2021 and gross gains of $128 thousand were realized on the sales of securities for the three and six months ended June 30, 2020. There were no sales of securities for the three months ended June 30, 2021 and no gross losses on the sales of securities for the three months and six months ended June 30, 2021 and June 30, 2020.

Securities with a carrying value of $118.9 million and $98.7 million at June 30, 2021 and December 31, 2020, respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law.

The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020:

		Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2021:	(In Thousands)
U.S. Government agency obligations	$	29,028	$	(124)	$	-	$	-	$	29,028	$	(124)
Municipal bonds		14,752		(254)		-		-		14,752		(254)
U.S. Government Sponsored Enterprise
(GSE) - Mortgage -backed securities -
residential		101,866		(1,101)		-		-		101,866		(1,101)
Total Temporarily Impaired Securities	$	145,646	$	(1,479)	$	-	$	-	$	145,646	$	(1,479)
December 31, 2020:	(In Thousands)
U.S. Government agency obligations	$	31,369	$	(24)	$	-	$	-	$	31,369	$	(24)
Total Temporarily Impaired Securities	$	31,369	$	(24)	$	-	$	-	$	31,369	$	(24)

The Company had forty (40) securities in an unrealized loss position at June 30, 2021 and five (5) securities in an unrealized loss position at December 31, 2020. As of June 30, 2021, the Company either has the intent and ability to hold the securities until maturity or market price recovery or believes that it is more likely than not that it will not be required to sell such securities. Management believes that the unrealized loss only represents temporary impairment of the securities. None of the individual losses are significant.