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

NOTE 2 - INVESTMENT SECURITIES

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

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Fair Value as
% of Total

 

June 30, 2022-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

$

10,127,958

 

 

$

—

 

 

$

581,984

 

 

$

9,545,974

 

 

 

21

%

Mortgage-backed securities

 

 

9,957,104

 

 

 

—

 

 

 

619,629

 

 

 

9,337,475

 

 

 

20

%

Collateralized mortgage
   obligations

 

 

17,196,129

 

 

 

—

 

 

 

573,514

 

 

 

16,622,615

 

 

 

36

%

Municipal bonds

 

 

8,764,515

 

 

 

—

 

 

 

1,390,436

 

 

 

7,374,079

 

 

 

16

%

Corporate obligations

 

 

3,625,000

 

 

 

—

 

 

 

261,976

 

 

 

3,363,024

 

 

 

7

%

 

 

$

49,670,706

 

 

$

—

 

 

$

3,427,539

 

 

$

46,243,167

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

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 June 30, 2022 and December 31, 2021:

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

Unrealized loss for less than 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

$

9,545,974

 

 

$

581,984

 

 

$

5,104,004

 

 

$

25,271

 

Mortgage-backed securities

 

 

9,337,475

 

 

 

619,629

 

 

 

6,389,012

 

 

 

100,143

 

Collateralized mortgage obligations

 

 

12,589,589

 

 

 

438,035

 

 

 

11,190,910

 

 

 

145,656

 

Municipal bonds

 

 

7,374,079

 

 

 

1,390,436

 

 

 

7,828,330

 

 

 

170,787

 

Corporate obligations

 

 

3,363,024

 

 

 

261,976

 

 

 

2,831,546

 

 

 

43,454

 

Total less than 12 months

 

$

42,210,141

 

 

$

3,292,060

 

 

$

33,343,802

 

 

$

485,311

 

Unrealized loss for more than 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Collateralized mortgage obligations

 

 

4,033,026

 

 

 

135,479

 

 

 

—

 

 

 

—

 

Municipal bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Corporate obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total more than 12 months

 

 

4,033,026

 

 

 

135,479

 

 

 

—

 

 

 

—

 

Total

 

$

46,243,167

 

 

$

3,427,539

 

 

$

33,343,802

 

 

$

485,311

 

At June 30, 2022 and 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 because the repayment sources of principal and interest are backed by government entities. At June 30, 2022, all five US treasuries, all 14 mortgage backed securities, all 13 collateralized mortgage obligations, all nine municipal bonds and all seven corporate obligations contained unrealized losses. At December 31, 2021, all US treasuries, four of 14 mortgage backed securities, 11 out of 13 collateralized mortgage obligations, all 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 June 30, 2022, 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

 

 

5,008,709

 

 

 

4,937,694

 

5 to 10 years

 

 

17,508,764

 

 

 

15,345,383

 

Over 10 years

 

 

—

 

 

 

—

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

27,153,233

 

 

 

25,960,090

 

Total

 

$

49,670,706

 

 

$

46,243,167

 

The Bank did not sell any investment securities available-for-sale for the six months ended June 30, 2022 or 2021. Securities with carrying values of approximately $106,000 and $142,000 at June 30, 2022 and December 31, 2021, respectively, were pledged to secure public deposits as required by law and for other purposes.