for $36.5 million and 7 held to maturity securities for $28.7 during the year ended December 31, 2021. The Company did not sell any securities during the years ended December 31, 2022 and December 31, 2021.

Net unrealized losses on available for sale investment securities totaling $1.9 million were recorded, net of deferred tax assets, as accumulated other comprehensive income within shareholders’ equity at December 31, 2022. Net unrealized gains on available for sale investment securities totaling $131,000 were recorded, net of deferred tax liabilities, as accumulated other comprehensive income within shareholders’ equity at December 31, 2021.

During the first quarter of 2022, the Company

re-designated

certain securities previously classified as available for sale to the held to maturity classification. The securities

re-designated

consisted of mortgage backed securities and government agencies with a total carrying value of $49.9 million at December 31, 2021. At the time of

re-designation

the securities included $281,000 of pretax unrealized losses in other comprehensive income which is being amortized over the remaining life of the securities in a manner consistent with the amortization of a premium or discount.

The following table summarizes available for sale securities with unrealized losses at December 31, 2022 and 2021 aggregated by major security type and length of time in a continuous unrealized loss position.


	Less Than 12 Months					More Than 12 Months					Total
(Dollars in thousands)	Fair Value		Unrealized / Unrecognized Losses			Fair Value		Unrealized / Unrecognized Losses			Fair Value		Unrealized / Unrecognized Losses
At December 31, 2022:
Mortgage backed securities	$	10,920	$	(537	)	$	4,347	$	(360	)	$	15,267	$	(897	)
Government agencies		28,765		(1,043	)		—		—			28,765		(1,043	)

Total available for sale securities	$	39,685	$	(1,580	)	$	4,347	$	(360	)	$	44,032	$	(1,940	)

Mortgage backed securities	$	32,271	$	(5,244	)	$	21,445	$	(2,403	)	$	53,716	$	(7,647	)
Government agencies		—		—			2,456		(627	)		2,456		(627	)
Corporate bonds		14,607		(1,143	)		22,880		(2,596	)		37,487		(3,739	)

Total held to maturity securities	$	46,878	$	(6,387	)	$	46,781	$	(5,626	)	$	93,659	$	(12,013	)

At December 31, 2021:
Mortgage backed securities	$	14,302	$	(320	)	$	—	$	—		$	14,302	$	(320	)
Government agencies		2,993		(100	)		—		—			2,993		(100	)
Corporate bonds		15,233		(200	)		4,732		(268	)		19,965		(468	)

Total available for sale securities	$	32,528	$	(620	)	$	4,732	$	(268	)	$	37,260	$	(888	)

Mortgage backed securities	$	22,632	$	(140	)	$	—	$	—		$	22,632	$	(140	)
Corporate bonds		5,584		(30	)		—		—			5,584		(30	)

Total held to maturity securities	$	28,216	$	(170	)	$	—	$	—		$	28,216	$	(170	)

At December 31, 2022 the Company’s investment security portfolio consisted of 60 securities, 55 of which were in an unrealized loss position at quarter end. At December 31, 2021 the Company’s investment security portfolio consisted of 44 securities, 16 of which were in an unrealized loss position at year end. Management believes that changes in the market value since purchase are primarily attributable to changes in interest rates and relative illiquidity. Because the Company does not intend to sell and is unlikely to be required to sell until a recovery of fair value, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at December 31, 2022 and December 31, 2021, respectively.

The following table summarizes the scheduled maturities of the Company’s investment securities as of December 31, 2022.


	Available for Sale				Held to Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less that one year	$	2,508	$	2,478	$	5,709	$	5,702
One to five years		34,833		33,682		17,839		17,171
Five to ten years		—		—		32,032		29,719
Beyond ten years		2,095		2,058		21,365		16,803
Securities not due at a single maturity date		9,432		8,794		31,921		27,488

Total investment securities	$	48,868	$	47,012	$	108,866	$	96,883

The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. As such, mortgage backed securities included in a pool are not reflected in the maturity categories above and instead are shown separately as securities not due at a single maturity date.