Investment Securities

3 Months Ended

Mar. 31, 2022

Investment Securities

Investment Securities

Note 4 – Investment Securities -

The amortized cost and fair values of investment securities available-for-sale were as follows:

			Gross		Gross
March 31, 2022:	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		(Losses)		Value
Mortgage-Backed Securities:
FHLMC	$	2,558	$	—	$	(132)	$	2,426
SBA 7a Pools		2,140		25		—		2,165
Total Investment Securities Available-for-Sale	$	4,698	$	25	$	(132)	$	4,591

			Gross		Gross
December 31, 2021:	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		(Losses)		Value
Mortgage-Backed Securities:
FHLMC	$	2,766	$	1	$	—	$	2,767
SBA 7a Pools		2,531		31		—		2,562
Total Investment Securities Available-for-Sale	$	5,297	$	32	$	—	$	5,329

All investment securities held on March 31, 2022 and December 31, 2021, were government-sponsored mortgage-backed or SBA pool securities.

The amortized cost and fair values of the investment securities available-for-sale at March 31, 2022, by contractual maturity, are shown below. For mortgage-backed securities and SBA 7a pools, expected maturities will differ from

contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-Sale
March 31, 2022	Amortized		Fair
(in thousands)	Cost		Value
Amounts Maturing:
After One Year through Five Years	$	—	$	—
After Five Years through Ten Years		1,920		1,931
After Ten Years		2,778		2,660
	$	4,698	$	4,591

No investment securities were pledged to secure advances from the FHLB at March 31, 2022 and December 31, 2021.

There were no sales or calls of available-for-sale investment securities for the three months ended March 31, 2022 and the year ended December 31, 2021.

Gross unrealized losses in investment securities at March 31, 2022 and December 31, 2021, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, are as follows:

March 31, 2022
(in thousands)	Less Than 12 Months				12 Months or More				Totals
Security			Unrealized				Unrealized				Unrealized
Description	Fair Value		(Losses)		Fair Value		(Losses)		Fair Value		(Losses)
Mortgage-Backed
FHLMC	$	2,558	$	(132)	$	—	$	—	$	2,558	$	(132)
SBA 7a Pools		—		—		—		—		—		—
	$	2,558	$	(132)	$	—	$	—	$	2,558	$	(132)

December 31, 2021
(in thousands)	Less Than 12 Months				12 Months or More				Totals
Security			Unrealized				Unrealized				Unrealized
Description	Fair Value		(Losses)		Fair Value		(Losses)		Fair Value		(Losses)
Mortgage-Backed
FHLMC	$	1,415	$	—	$	—	$	—	$	1,415	$	—
SBA 7a Pools		—		—		—		—		—		—
	$	1,415	$	—	$	—	$	—	$	1,415	$	—

Management evaluates securities for other-than temporary impairment on a periodic and regular basis, as well as when economic or market concerns warrant such evaluation. No declines at March 31, 2022 and December 31, 2021, were deemed to be other-than-temporary.

In analyzing an issuer’s financial condition, management considers whether the federal government or its agencies issued the securities, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial statements.