
			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2020	Cost		Gains		Losses			Fair Value
Obligations of states and political subdivisions	$	11,570	$	244	$	(11	)	$	11,803
Government-sponsored mortgage-backed securities		36,886		1,165		(12	)		38,039
Asset-backed securities		7,231		57		(7	)		7,281
Certificates of deposit		1,458		122		—			1,580

Total	$	57,145	$	1,588	$	(30	)	$	58,703

Fair values of securities are estimated based on financial models or prices paid for similar securities. It is possible interest rates could change considerably, resulting in a material change in estimated fair value.

The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by one of the following government enterprises: Fannie Mae, Freddie Mac or Ginnie Mae. Available for sale securities with a carrying value of $1.8 million and $2.0 million were pledged as collateral to secure customer deposit accounts at December 31, 2021 and December 31, 2020, respectively.

The following table presents the portion of the Company’s portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position:


	Less than 12 months					12 months or longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2021	Value		Loss			Value		Loss			Value		Loss
U.S. Treasury notes	$	12,971	$	(25	)	$	—	$	—		$	12,971	$	(25	)
Obligations of states and political subdivisions		5,414		(82	)		4,105		(123	)		9,519		(205	)
Government-sponsored mortgage-backed securities		39,392		(463	)		—		—			39,392		(463	)
Asset-backed securities		808		(1	)		—		—			808		(1	)

Total	$	58,585	$	(571	)	$	4,105	$	(123	)	$	62,690	$	(694	)


	Less than 12 months					12 months or longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2020	Value		Loss			Value		Loss			Value		Loss
Obligations of states and political subdivisions	$	4,235	$	(11	)	$	—	$	—		$	4,235	$	(11	)
Government-sponsored mortgage-backed securities		4,984		(12	)		—		—			4,984		(12	)
Asset-backed securities		—		—			638		(7	)		638		(7	)


Total	$	9,219	$	(23	)	$	638	$	(7	)	$	9,857	$	(30	)

At December 31, 2021, the Company had 24 debt securities with unrealized losses with aggregate depreciation of 1.1% from the Company’s amortized cost basis. At December 31, 2020, the Company had 5 debt securities with unrealized losses with aggregate depreciation of 0.3% from the Company’s amortized cost basis. These unrealized losses relate principally to the changes in interest rates and are not caused by changes in the financial condition of the issuer, the quality of any underlying assets, or applicable credit enhancements. In analyzing whether unrealized losses on debt securities are other than temporary, management considers whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer, and the quality of any underlying assets or credit enhancements. Since management has the ability to hold debt securities for the foreseeable future, no declines are deemed to be other than temporary.

The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary listed below:


	December 31, 2021
	Amortized		Fair
	Cost		Value
Debt and other securities:
Due in one year or less	$	1,505	$	1,512
Due after one through 5 years		13,901		13,982
Due after 5 through 10 years		14,812		14,822
Due after 10 years		11,500		11,452

Total debt and other securities		41,718		41,768
Mortgage-related securities		64,049		64,149
Asset-backed securities		6,479		6,523

Total	$	112,246	$	112,440

The following is a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for each of the periods listed below:


	Years ended December 31,
	2021		2020
Proceeds from sales of securities available-for-sale	$	1,018	$	19,515
Gross realized gains		12		1,023
Gross realized losses		—		—