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Investment Securities
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Investment Securities

NOTE 2 - INVESTMENT SECURITIES

Investment securities available-for-sale at December 31, 2021 and 2020 are as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Fair Value as
% of Total

 

December 31, 2021-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

$

5,129,275

 

 

$

—

 

 

$

25,271

 

 

$

5,104,004

 

 

 

11

%

Mortgage-backed securities

 

 

10,295,332

 

 

 

174,102

 

 

 

100,143

 

 

 

10,369,291

 

 

 

23

%

Collateralized mortgage
   obligations

 

 

18,804,325

 

 

 

70,925

 

 

 

145,656

 

 

 

18,729,594

 

 

 

41

%

Municipal bonds

 

 

8,766,475

 

 

 

1,513

 

 

 

170,787

 

 

 

8,597,201

 

 

 

19

%

Corporate obligations

 

 

2,875,000

 

 

 

—

 

 

 

43,454

 

 

 

2,831,546

 

 

 

6

%

 

 

$

45,870,407

 

 

$

246,540

 

 

$

485,311

 

 

$

45,631,636

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

5,943,804

 

 

$

336,801

 

 

$

—

 

 

$

6,280,605

 

 

 

40

%

Collateralized mortgage
   obligations

 

 

8,966,213

 

 

 

168,852

 

 

 

—

 

 

 

9,135,065

 

 

 

57

%

Corporate obligations

 

 

499,580

 

 

 

1,616

 

 

 

—

 

 

 

501,196

 

 

 

3

%

 

 

$

15,409,597

 

 

$

507,269

 

 

$

—

 

 

$

15,916,866

 

 

 

100

%

 

The following outlines the unrealized losses and estimated fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021 and 2020:

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

Unrealized loss for less than 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

$

5,104,004

 

 

$

25,271

 

 

$

—

 

 

$

—

 

Mortgage-backed securities

 

 

6,389,012

 

 

 

100,143

 

 

 

—

 

 

 

—

 

Collateralized mortgage obligations

 

 

11,190,910

 

 

 

145,656

 

 

 

—

 

 

 

—

 

Municipal bonds

 

 

7,828,330

 

 

 

170,787

 

 

 

—

 

 

 

—

 

Corporate obligations

 

 

2,831,546

 

 

 

43,454

 

 

 

—

 

 

 

—

 

Total less than 12 months

 

$

33,343,802

 

 

$

485,311

 

 

$

—

 

 

$

—

 

 

At December 31, 2020, there were no unrealized losses in the investment portfolio. At December 31, 2021, unrealized losses in the investment portfolio related to debt securities. 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 or the repayment sources of principal and interest are backed by government entities. At December 31, 2021, all US treasuries, four of fourteen mortgage backed securities, seven of thirteen collateralized mortgage obligations, eight of nine municipal bonds and all corporate obligations contained unrealized losses. The Bank does not intend to sell the investments and it is not likely that the Bank 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 December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

 

 

 

Amortized
Cost

 

 

Estimated
Fair Value

 

Investment securities with maturities -

 

 

 

 

 

 

Within 1 year

 

$

—

 

 

$

—

 

1 to 5 years

 

 

—

 

 

 

—

 

5 to 10 years

 

 

16,770,750

 

 

 

16,532,751

 

Over 10 years

 

 

—

 

 

 

—

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

29,099,657

 

 

 

29,098,885

 

Total

 

$

45,870,407

 

 

$

45,631,636

 

 

 

The Bank did not sell any investment securities available-for-sale during 2021 or 2020. Securities with carrying values of approximately $142,000 and $265,000 at December 31, 2021 and 2020, respectively, were pledged to secure public deposits as required by law and for other purposes.