SECURITIES HELD TO MATURITY

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020:

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
March 31, 2021
U.S. Government-sponsored agencies due in:
More than ten years	$	2,000,439	$	—	$	(439	)	$	2,000,000
Corporate bonds due in:
Five through ten years		12,672,024		408,034		(64,463	)		13,015,595
Municipal obligations due in:
One through five years		3,818,767		29,391		—			3,848,158
Five through ten years		375,000		25,043		—			400,043
MBSs:
Residential		17,822,528		117,631		(371,643	)		17,568,516
Commercial		23,754,047		628,396		(211,861	)		24,170,582
Total	$	60,442,805	$	1,208,495	$	(648,406	)	$	61,002,894

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
December 31, 2020
Corporate bonds due in:
Less than one year	$	1,501,179	$	13,616	$	—		$	1,514,795
One through five years		8,635,831		221,716		(2,520	)		8,855,027
Municipal obligations due in:
Less than one year		2,764,079		4,944		(141	)		2,768,882
One through five years		1,057,609		30,492		—			1,088,101
Five through ten years		375,000		32,201		—			407,201
MBSs:
Residential		11,906,884		144,863		(15,440	)		12,036,307
Commercial		31,263,861		997,319		(59,042	)		32,202,138
Total	$	57,504,443	$	1,445,151	$	(77,143	)	$	58,872,451

All of the MBS 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, 2021
Corporate Bonds	$	4,622,644	$	(64,463	)	$	—	$	—		$	4,622,644	$	(64,463	)
U.S. Government-sponsored agencies		2,000,000		(439	)		—		—			2,000,000		(439	)
MBSs – residential		8,109,272		(370,378	)		92,383		(1,265	)		8,201,655		(371,643	)
MBSs – commercial		6,278,731		(211,861	)		—		—			6,278,731		(211,861	)
Total	$	21,010,647	$	(647,141	)	$	92,383	$	(1,265	)	$	21,103,030	$	(648,406	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses			Fair Value		Unrecognized Losses
December 31, 2020
Corporate Bonds	$	747,480	$	(2,520	)	$	—	$	—		$	747,480	$	(2,520	)
Municipal Bonds		1,436,454		(141	)		—		—			1,436,454		(141	)
MBSs – residential		2,403,485		(15,440	)		—		—			2,403,485		(15,440	)
MBSs – commercial		2,652,666		(59,042	)		—		—			2,652,666		(59,042	)
Total	$	7,240,085	$	(77,143	)	$	—	$	—		$	7,240,085	$	(77,143	)

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, 2021 and December 31, 2020, securities held to maturity with a carrying amount of $8,774,302 and $11,057,973, respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York.

At March 31, 2021 and December 31, 2020, securities held to maturity with a carrying value of $4,107,705 and $4,327,429, respectively were pledged to secure public deposits.