XML 21 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Investment Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
3.
INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:

 

 

 

September 30, 2021

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

6,254

 

 

$

72

 

 

$

—

 

 

$

6,326

 

Small Business Administration loan pools

 

 

6,460

 

 

 

133

 

 

 

(39

)

 

 

6,554

 

Obligations of state and political subdivisions

 

 

47,653

 

 

 

2,316

 

 

 

(51

)

 

 

49,918

 

Mortgage-backed securities in government-sponsored entities

 

 

59,461

 

 

 

651

 

 

 

(162

)

 

 

59,950

 

Total available-for-sale securities

 

$

119,828

 

 

$

3,172

 

 

$

(252

)

 

$

122,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

7,835

 

 

$

198

 

 

$

(39

)

 

$

7,994

 

Obligations of state and political subdivisions

 

 

49,167

 

 

 

2,895

 

 

 

(3

)

 

 

52,059

 

Mortgage-backed securities in government-sponsored entities

 

 

64,406

 

 

 

1,068

 

 

 

(80

)

 

 

65,394

 

Total available-for-sale securities

 

$

121,408

 

 

$

4,161

 

 

$

(122

)

 

$

125,447

 

 

 

The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time the individual debt securities have been in a continuous unrealized loss position.

 

 

 

 

September 30, 2021

 

 

 

Less Than Twelve Months

 

 

Twelve Months or Greater

 

 

Total

 

(In Thousands)

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

1,761

 

 

$

(25

)

 

$

1,258

 

 

$

(14

)

 

$

3,019

 

 

$

(39

)

Obligations of state and political subdivisions

 

 

3,644

 

 

 

(51

)

 

 

—

 

 

 

—

 

 

 

3,644

 

 

 

(51

)

Mortgage-backed securities in government-sponsored entities

 

 

21,060

 

 

 

(162

)

 

 

—

 

 

 

—

 

 

 

21,060

 

 

 

(162

)

Total available-for-sale securities

 

$

26,465

 

 

$

(238

)

 

$

1,258

 

 

$

(14

)

 

$

27,723

 

 

$

(252

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

Less Than Twelve Months

 

 

Twelve Months or Greater

 

 

Total

 

(In Thousands)

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

2,059

 

 

$

(9

)

 

$

1,539

 

 

$

(30

)

 

$

3,598

 

 

$

(39

)

Obligations of state and political subdivisions

 

 

557

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

557

 

 

 

(3

)

Mortgage-backed securities in government-sponsored entities

 

 

12,245

 

 

 

(80

)

 

 

—

 

 

 

—

 

 

 

12,245

 

 

 

(80

)

Total available-for-sale securities

 

$

14,861

 

 

$

(92

)

 

$

1,539

 

 

$

(30

)

 

$

16,400

 

 

$

(122

)

The Company reviews its position quarterly and has asserted that as of September 30, 2021 and December 31, 2020, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were thirty-three and nineteen debt securities with unrealized losses at September 30, 2021 and December 31, 2020, respectively. The Company has concluded that the unrealized losses disclosed above are not other than temporary, but are the result of interest rate changes that are not expected to result in the noncollection of principal and interest during the year.

Amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.

 

 

 

September 30, 2021

 

(In Thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

Due within one year

 

$

3,275

 

 

$

3,280

 

Due after one year through five years

 

 

60,013

 

 

 

60,751

 

Due after five years through ten years

 

 

23,607

 

 

 

24,126

 

Due after ten years

 

 

32,933

 

 

 

34,591

 

 

 

$

119,828

 

 

$

122,748

 

 

 

The following table summarizes sales of debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 Proceeds

 

 $

 

—

 

 

 $

 

5,706

 

 Gross gains

 

 $

 

—

 

 

 $

 

221

 

 Gross losses

 

 

 

—

 

 

 

 

(111

)

 Net gain

 

 $

 

—

 

 

 $

 

110

 

 

The Company had pledged debt securities with a carrying value of $53,069 and $52,100 to secure public monies as of September 30, 2021 and December 31, 2020, respectively.