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SECURITIES HELD TO MATURITY
 12 Months Ended
Dec. 31, 2022
Held-to-maturity Securities  
Marketable Securities [Line Items]  
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 December 31, 2022 and 2021:

 

 

 

Amortized
Cost

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Fair Value

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations due in

 

 

 

 

 

 

 

 

 

 

 

 

One through five years

 

$

10,000,000

 

 

$

—

 

 

$

(456,850

)

 

$

9,543,150

 

More than five years through ten years

 

 

3,000,000

 

 

 

-

 

 

 

(466,866

)

 

 

2,533,134

 

Corporate Bonds due in:

 

 

 

 

 

 

 

 

 

 

 

 

One through five years

 

 

2,444,729

 

 

 

1,269

 

 

 

(55,836

)

 

 

2,390,162

 

Five through ten years

 

 

15,825,262

 

 

 

54,738

 

 

 

(1,045,557

)

 

 

14,834,443

 

Municipal obligations due in:

 

 

 

 

 

 

 

 

 

 

 

-

 

Less than one year

 

 

7,706,402

 

 

 

—

 

 

 

(36,250

)

 

 

7,670,152

 

One through five years

 

 

902,545

 

 

 

—

 

 

 

(84,742

)

 

 

817,803

 

More than five years through ten years

 

 

375,000

 

 

 

1,286

 

 

 

—

 

 

 

376,286

 

Greater than ten years

 

 

1,728,184

 

 

 

—

 

 

 

(346,586

)

 

 

1,381,598

 

MBS –

 

 

 

 

 

 

 

 

 

 

 

-

 

Residential

 

 

14,425,827

 

 

 

410

 

 

 

(1,431,861

)

 

 

12,994,376

 

Commercial

 

 

21,019,360

 

 

 

-

 

 

 

(2,860,813

)

 

 

18,158,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

77,427,309

 

 

$

57,703

 

 

 

$($6,785,361)

 

 

$

70,699,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations due in

 

$

3,000,000

 

 

$

—

 

 

$

—

 

 

$

3,000,000

 

Corporate Bonds due in:

 

 

 

 

 

 

 

 

 

 

 

 

Less than one year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

-

 

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

 

More than five years through ten years

 

 

375,000

 

 

 

27,353

 

 

 

—

 

 

 

402,353

 

Greater than ten years

 

 

1,732,386

 

 

 

9,527

 

 

 

—

 

 

 

1,741,913

 

MBS –

 

 

 

 

 

 

 

 

 

 

 

-

 

Residential

 

 

16,913,787

 

 

 

75,094

 

 

 

(240,797

)

 

 

16,748,084

 

Commercial

 

 

33,441,384

 

 

 

287,278

 

 

 

(495,844

)

 

 

33,232,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

74,053,099

 

 

$

822,646

 

 

 

$($794,686)

 

 

$

74,081,059

 

 

Mortgage-backed securities include Freddie Mac, Fannie Mae and Ginnie Mae securities, all of which are U.S. government sponsored agencies.

 

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

 

 

More than 12 Months

 

 

Total

 

 

 

Fair Value

 

 

Unrecognized
Losses

 

 

Fair Value

 

 

Unrecognized
Losses

 

 

Fair Value

 

 

Unrecognized
Losses

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

9,543,150

 

 

$

(456,850

)

 

$

2,533,134

 

 

$

(466,866

)

 

$

12,076,284

 

 

$

(923,716

)

Corporate bonds

 

 

11,464,282

 

 

 

(680,447

)

 

 

3,329,054

 

 

 

(420,946

)

 

 

14,793,336

 

 

 

(1,101,393

)

Municipal obligations

 

 

7,670,152

 

 

 

(36,250

)

 

 

2,199,401

 

 

 

(431,328

)

 

 

9,869,553

 

 

 

(467,578

)

MBS – residential

 

 

2,008,303

 

 

 

(101,341

)

 

 

10,809,648

 

 

 

(1,330,520

)

 

 

12,817,951

 

 

 

(1,431,861

)

MBS – commercial

 

 

7,383,822

 

 

 

(282,984

)

 

 

10,774,725

 

 

 

(2,577,829

)

 

 

18,158,547

 

 

 

(2,860,813

)

Total

 

$

38,069,709

 

 

$

(1,557,872

)

 

$

29,645,962

 

 

$

(5,227,489

)

 

$

67,715,671

 

 

$

(6,785,361

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

3,710,130

 

 

$

(39,870

)

 

$

—

 

 

$

—

 

 

$

3,710,130

 

 

$

(39,870

)

Municipal obligations

 

 

3,835,309

 

 

 

(18,175

)

 

 

—

 

 

 

—

 

 

 

3,835,309

 

 

 

(18,175

)

MBS – residential

 

 

10,720,544

 

 

 

(141,726

)

 

 

2,701,345

 

 

 

(99,071

)

 

 

13,421,889

 

 

 

(240,797

)

MBS – commercial

 

 

7,898,509

 

 

 

(197,720

)

 

 

4,653,364

 

 

 

(298,124

)

 

 

12,551,873

 

 

 

(495,844

)

Total

 

$

26,164,492

 

 

$

(397,491

)

 

$

7,354,709

 

 

$

(397,195

)

 

$

33,519,201

 

 

$

(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. The Bank has 56 securities in a loss position as of December 31, 2022.

 

At December 31, 2022 and 2021, securities held to maturity with a carrying amount of $5,293,804 and $8,363,997, respectively, were pledged to secure repurchase agreements at the FHLB of New York (see Note 9).

 

At December 31, 2022 and 2021, securities held to maturity with a carrying value of $4,659,956 and $3,976,629, respectively, were pledged to secure public deposits.