SECURITIES HELD TO MATURITY

3 Months Ended

Mar. 31, 2022

SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY

NOTE 4 – SECURITIES HELD TO MATURITY

The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at March 31, 2022 and December 31, 2021:


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
March 31, 2022
U.S. Government and agency obligations
One through five years	$	10,000,000	$	—	$	—		$	10,000,000
Five through ten years	$	3,000,000	$	—	$	(177,120	)	$	2,822,880
Corporate bonds due in:
Five through ten years		12,752,169		202,327		(210,344	)		12,744,152
Municipal obligations due in:
Less than one year		4,005,595		4,171		(1,227	)		4,008,539
One through five years		903,250		—		(43,381	)		859,869
Five through ten years		375,000		10,193		—			385,193
Greater than ten years		1,731,343		—		(213,090	)		1,518,253
MBSs:
Residential		17,125,728		37,447		(812,311	)		16,350,864
Commercial		31,421,545		12,322		(1,709,111	)		29,724,756
Total	$	81,314,630	$	266,460	$	(3,166,584	)	$	78,414,506

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
December 31, 2021
U.S. Government and agency obligations
Five through ten years	$	3,000,000	$	—	$	—		$	3,000,000
Corporate bonds due in:
Five through ten years		13,681,053		410,726		(39,870	)		14,051,909
Municipal obligations due in:
Less than one year		4,006,006		12,668		(2,776	)		4,015,898
One through five years		903,483		—		(15,399	)		888,084
Five through ten years		375,000		27,353		—			402,353
Greater than ten years		1,732,386		9,527		—			1,741,913
MBSs:
Residential		16,913,787		75,094		(240,797	)		16,748,084
Commercial		33,441,384		287,278		(495,844	)		33,232,818
Total	$	74,053,099	$	822,646	$	(794,686	)	$	74,081,059

All of the MBSs are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA.

NOTE 4 – SECURITIES HELD TO MATURITY (Continued)

The age of unrecognized losses and the fair value of related securities were as follows:


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses
March 31, 2022
U.S. government and agency obligations	$	12,822,880	$	(177,120	)	$	—	$	—		$	12,822,880	$	(177,120	)
Corporate bonds		3,500,000		(154,095	)		750,000		(56,250	)		4,250,000		(210,345	)
Municipal bonds		5,584,593		(257,698	)		—		—			5,584,593		(257,698	)
MBSs – residential		8,812,437		(473,815	)		5,704,579		(338,496	)		14,517,016		(812,311	)
MBSs – commercial		15,494,054		(995,504	)		4,939,748		(713,606	)		20,433,802		(1,709,110	)
Total	$	46,213,964	$	(2,058,232	)	$	11,394,327	$	(1,108,352	)	$	57,608,291	$	(3,166,584	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses
December 31, 2021
Corporate bonds	$	3,710,120	$	(39,870	)	$	—	$	—		$	3,710,120	$	(39,870	)
Municipal bonds		3,835,309		(18,175	)		—		—			3,835,309		(18,175	)
MBSs – residential		10,720,544		(141,726	)		2,701,345		(99,071	)		13,421,889		(240,797	)
MBSs – commercial		7,898,509		(197,720	)		4,653,364		(298,124	)		12,551,873		(495,844	)
Total	$	26,164,482	$	(397,491	)	$	7,354,709	$	(397,195	)	$	33,519,191	$	(794,686	)

Unrecognized losses have not been recognized into income because the issuers of the securities are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At March 31, 2022 and December 31, 2021, securities held to maturity with a carrying amount of $8,012,648 and $8,363,997, respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. There were 31 securities in a loss position at March 31, 2022, none of which were considered to be other-than-temporally impaired At March 31, 2022 and December 31, 2021, securities held to maturity with a carrying value of $2,102,027 and $3,976,629, respectively, were pledged to secure public deposits.