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Investment Securities
 12 Months Ended
Dec. 31, 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:

 

 

 

December 31, 2021

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

1,099

 

 

$

—

 

 

$

(15

)

 

$

1,084

 

Obligations of state and political subdivisions

 

 

46,115

 

 

 

2,405

 

 

 

(38

)

 

 

48,482

 

Mortgage-backed securities in government-sponsored entities

 

 

54,239

 

 

 

382

 

 

 

(404

)

 

 

54,217

 

Total available-for-sale securities

 

$

101,453

 

 

$

2,787

 

 

$

(457

)

 

$

103,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

December 31, 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

 

$

-

 

 

$

-

 

 

$

1,084

 

 

$

(15

)

 

$

1,084

 

 

$

(15

)

Obligations of state and political subdivisions

 

 

3,189

 

 

 

(38

)

 

 

—

 

 

 

—

 

 

 

3,189

 

 

 

(38

)

Mortgage-backed securities in government-sponsored entities

 

 

23,420

 

 

 

(266

)

 

 

4,687

 

 

 

(102

)

 

 

28,107

 

 

 

(368

)

Total available-for-sale securities

 

$

26,609

 

 

$

(304

)

 

$

5,771

 

 

$

(117

)

 

$

32,380

 

 

$

(421

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 2021 and 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 41 and 19 debt securities with unrealized losses at December 31, 2021 and 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.

 

 

 

December 31, 2021

 

(In Thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

Due within one year

 

$

1,195

 

 

$

1,200

 

Due after one year through five years

 

 

5,442

 

 

 

5,593

 

Due after five years through ten years

 

 

12,006

 

 

 

12,400

 

Due after ten years

 

 

28,571

 

 

 

30,373

 

Mortgage-backed securities and Collateralized Mortgage Obligations

 

 

54,239

 

 

 

54,217

 

 

 

$

101,453

 

 

$

103,783

 

 

 

The following table summarizes sales of debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

(In Thousands)

 

2021

 

 

2020

 

 Proceeds

 

 $

 

11,371

 

 

 $

 

5,706

 

 Gross gains

 

 

 

127

 

 

 

 

221

 

 Gross losses

 

 

 

(53

)

 

 

 

(111

)

 Net gain

 

 $

 

74

 

 

 $

 

110

 

 

The Company had pledged debt securities with a carrying value of $45,300 and $52,100 to secure public monies as of December 31, 2021 and 2020, respectively.