SECURITIES

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The amortized cost of securities available for sale and their estimated fair values at December 31, 2021 and 2020 are as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
December 31, 2021
Available for sale
U.S. Treasury Notes	$	36,933	$	4	$	(105)	$	36,832
Corporate Bonds	86,118		1,791		(290)		87,619
U.S. Government agency obligations	23,462		46		(179)		23,329
Obligations issued by U.S. states and their political subdivisions	19,172		1,152		—		20,324
Mortgage-backed securities: Residential one-to-four family	116,166		140		(1,905)		114,401
Multifamily	35,412		598		(94)		35,916
Asset-backed securities	6,538		3		(70)		6,471
Total available-for-sale	$	323,801	$	3,734	$	(2,643)	$	324,892


December 31, 2020
Available for sale
U.S. Treasury Notes	$	9,989	$	11	$	—	$	10,000
Corporate Bonds	57,478		1,863		—		59,341
U.S. Government agency obligations	19,787		89		(201)		19,675
Obligations issued by U.S. states and their political subdivisions	23,280		1,515		—		24,795
Mortgage-backed securities: Residential one-to-four family	71,773		951		(8)		72,716
Multifamily	56,563		1,499		(2)		58,060
Total available-for-sale	$	238,870	$	5,928	$	(211)	$	244,587

The amortized cost of securities held-to-maturity and their estimated fair values at December 31, 2021 and 2020, are as follows:


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
	(In thousands)
December 31, 2021
Held-to-maturity


Asset-backed securities	$	15,281	$	—	$	(373)	$	14,908
Corporate bonds	8,000		—		(59)		7,941
Total held-to-maturity	$	23,281	$	—	$	(432)	$	22,849


December 31, 2020
Held-to-maturity

Collateralized loan obligation	$	7,005	$	—	$	(26)	$	6,979
Total Held-to-maturity	$	7,005	$	—	$	(26)	$	6,979

During the year ended December 31, 2021, proceeds from calls of securities available for sale totaled $14.2 million, resulting in no gross realized gains and gross realized losses of $1 thousand. There were no securities sold during the year ended December 31, 2021. During the year ended December 31, 2020, proceeds from sales and calls of securities available for sale totaled $13.2 million, resulting in gross realized gains of $70 thousand and gross realized losses of $1 thousand.

There were no OTTI charges for the year ended December 31, 2021 and 2020.

The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately:


	December 31, 2021
	Amortized Cost		Estimated Fair Value
	(In thousands)
Available-for-sale
Due in one year or less	$	6,421	$	6,479
Due from one year to five years	87,166		87,673
Due from five to ten years	55,412		56,684
Due after ten years	16,686		17,268
Mortgage-backed and asset-backed securities	158,116		156,788
Total	$	323,801	$	324,892

Held-to-maturity

Due from one year to five years	6,071		5,947
Due from five to ten years	16,210		15,902
Due after ten years	1,000		1,000
Total	$	23,281	$	22,849

The following tables summarize available-for-sale securities with unrealized losses at December 31, 2021 and 2020, aggregated by major security type and length of time in a continuous loss position.


	Less than 12 Months				12 Months or More				Total
	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value
	(In thousands)
December 31, 2021
Available for sale
U.S. Treasury Note	$	(105)	$	16,814	$	—	$	—	$	(105)	$	16,814
Corporate Bonds	(290)		17,183		—		—		(290)		17,183
U.S. Government agency obligations	(49)		9,951		(130)		7,980		(179)		17,931

Mortgage-backed securities:
Residential one-to-four family	(1,761)		104,805		(144)		3,009		(1,905)		107,814
Multifamily	—		—		(94)		910		(94)		910
Asset-backed securities	(70)		4,458		—		—		(70)		4,458
Total available-for-sale	$	(2,275)	$	153,211	$	(368)	$	11,899	$	(2,643)	$	165,110

December 31, 2020
Available for sale


U.S. Government agency obligations	$	(54)	$	3,559	$	(147)	$	10,014	$	(201)	$	13,573

Mortgage-backed securities:
Residential one-to-four family	(7)		3,228		(1)		115		(8)		3,343
Multifamily	(2)		738		—		313		(2)		1,051
Total available-for-sale	$	(63)	$	7,525	$	(148)	$	10,442	$	(211)	$	17,967

At December 31, 2021, four U.S. Government agency obligations, two U.S Treasury note, and twenty-nine mortgage-backed securities held by the Company were in an unrealized loss position in the available-for-sale portfolio. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. There were also seven investment grade corporate bonds and two asset-backed securities in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery (maturity).

The Company did not have any held to maturity securities in an unrecognized loss position for more than twelve months at December 31, 2021 and 2020. At December 31, 2021, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $14.9 million in an aggregate unrecognized loss position of $373 thousand and two investment grade corporate bonds with total fair value of $6.9 million in an aggregate unrecognized loss position of $59 thousand. At December 31, 2020, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included one collateralized loan obligation security with a fair value of $3.0 million, in an unrecognized loss position of $26 thousand.

Securities pledged at December 31, 2021 and December 31, 2020, had a carrying amount of $9.1 million and $12.7 million, respectively, and were pledged to secure public deposits, FHLB advances, and derivatives.