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Investment Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

(2) Investment Securities

Investment securities available-for-sale at June 30, 2022 and December 31, 2021 are as follows: (in thousands)

 

 

 

Amortized

 

 

Gross
Unrealized

 

 

Gross
Unrealized

 

 

Estimated

 

June 30, 2022

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury securities

 

$

5,087

 

 

$

—

 

 

$

(586

)

 

$

4,501

 

Municipal securities - tax exempt

 

 

536

 

 

 

—

 

 

 

(94

)

 

 

442

 

Municipal securities - taxable

 

 

2,529

 

 

 

—

 

 

 

(355

)

 

 

2,174

 

U. S. Government sponsored enterprises

 

 

11,837

 

 

 

—

 

 

 

(2,736

)

 

 

9,101

 

Government agency mortgage-backed securities

 

 

21,743

 

 

 

—

 

 

 

(2,408

)

 

 

19,335

 

Corporate securities

 

 

9,631

 

 

 

—

 

 

 

(633

)

 

 

8,998

 

Total

 

$

51,363

 

 

$

—

 

 

$

(6,812

)

 

$

44,551

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

5,068

 

 

$

5

 

 

$

(23

)

 

$

5,050

 

Municipal securities - tax exempt

 

 

540

 

 

 

—

 

 

 

(4

)

 

 

536

 

Municipal securities - taxable

 

 

796

 

 

 

—

 

 

 

(6

)

 

 

790

 

U. S. Government sponsored enterprises

 

 

11,837

 

 

 

—

 

 

 

(295

)

 

 

11,542

 

Government agency mortgage-backed securities

 

 

21,371

 

 

 

200

 

 

 

(232

)

 

 

21,339

 

Corporate securities

 

 

9,425

 

 

 

20

 

 

 

(145

)

 

 

9,300

 

Total

 

$

49,037

 

 

$

225

 

 

$

(705

)

 

$

48,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There were 57 securities in an unrealized loss position as of June 30, 2022 for less than 12 months. There were eight securities in an unrealized loss position for 12 months or greater as of June 30, 2022. The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades and are reviewed regularly. Four of the securities are agency bonds and five are U.S. Treasury bonds, so all of these are direct obligations of the U.S. Government. Thirty-nine of the securities are mortgage backed bonds that have the direct or implied backing of the U.S. Government. Four of the bonds are municipal securities and the remaining 13 securities are corporate securities that are either trust preferred securities or subordinated debentures where the Bank performs a credit review regularly and such review has raised no concerns. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis which may be at maturity.

 

The amortized cost and estimated fair value of investment securities available-for-sale at June 30, 2022, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have

the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands)

 

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

U.S. Treasury securities

 

 

 

 

 

 

Within 1 year

 

$

—

 

 

 

—

 

Greater than 1 to 5 years

 

 

—

 

 

 

—

 

Greater than 5 to 10 years

 

 

5,087

 

 

 

4,501

 

Greater than 10 years

 

 

—

 

 

 

—

 

Municipal securities - tax exempt

 

 

 

 

 

 

Within 1 year

 

 

—

 

 

 

—

 

Greater than 1 to 5 years

 

 

—

 

 

 

—

 

Greater than 5 to 10 years

 

 

—

 

 

 

—

 

Greater than 10 years

 

 

536

 

 

 

442

 

Municipal securities - taxable

 

 

 

 

 

 

Within 1 year

 

 

—

 

 

 

—

 

Greater than 1 to 5 years

 

 

—

 

 

 

—

 

Greater than 5 to 10 years

 

 

1,278

 

 

 

1,128

 

Greater than 10 years

 

 

1,251

 

 

 

1,046

 

Government agency securities

 

 

 

 

 

 

Within 1 year

 

 

—

 

 

 

—

 

Greater than 1 to 5 years

 

 

—

 

 

 

—

 

Greater than 5 to 10 years

 

 

2,022

 

 

 

1,637

 

Greater than 10 years

 

 

9,815

 

 

 

7,464

 

Corporate securities

 

 

 

 

 

 

Within 1 year

 

 

—

 

 

 

—

 

Greater than 1 to 5 years

 

 

496

 

 

 

475

 

Greater than 5 to 10 years

 

 

8,635

 

 

 

8,098

 

Greater than 10 years

 

 

500

 

 

 

425

 

 

 

 

29,620

 

 

 

25,216

 

Government agency mortgage-backed securities

 

 

21,743

 

 

 

19,335

 

Total

 

$

51,363

 

 

$

44,551

 

 

No securities were sold during the three months or six months ended June 30, 2022 or 2021.

Securities with a carrying value of approximately $2.2 million and $2.8 million were pledged to secure public deposits at June 30, 2022 and December 31, 2021, respectively.