| Investment Securities |
Note 4 – Investment Securities The following tables provide information on the amortized cost and estimated fair values of debt securities. | | | | | | | | | | | | | | | | | | Gross | | Gross | | Estimated | | | Amortized | | Unrealized | | Unrealized | | Fair | (Dollars in thousands) | | Cost | | Gains | | Losses | | Value | Available-for-sale securities: | | | | | | | | | | | | | March 31, 2022 | | | | | | | | | | | | | U.S. Government agencies | | $ | 22,495 | | $ | 5 | | $ | 1,245 | | $ | 21,255 | Mortgage-backed | | | 85,165 | | | 381 | | | 2,104 | | | 83,442 | Other Debt securities | | | 2,024 | | | — | | | 26 | | | 1,998 | Total | | $ | 109,684 | | $ | 386 | | $ | 3,375 | | $ | 106,695 | | | | | | | | | | | | | | December 31, 2021 | | | | | | | | | | | | | U.S. Government agencies | | $ | 22,932 | | $ | 7 | | $ | 634 | | $ | 22,305 | Mortgage-backed | | | 91,948 | | | 1,318 | | | 629 | | | 92,637 | Other Debt securities | | | 2,026 | | | 14 | | | — | | | 2,040 | Total | | $ | 116,906 | | $ | 1,339 | | $ | 1,263 | | $ | 116,982 |
No available for sale securities were sold during the three months ended March 31, 2022 and 2021. | | | | | | | | | | | | | | | | | | Gross | | Gross | | Estimated | | | Amortized | | Unrealized | | Unrealized | | Fair | (Dollars in thousands) | | Cost | | Gains | | Losses | | Value | Held-to-maturity securities: | | | | | | | | | | | | | March 31, 2022 | | | | | | | | | | | | | U.S. Government agencies | | $ | 86,490 | | $ | — | | $ | 3,472 | | $ | 83,018 | Mortgage-backed | | | 305,741 | | | 1 | | | 13,116 | | | 292,626 | States and political subdivisions | | | 400 | | | 1 | | | — | | | 401 | Other debt securities | | | 14,507 | | | 45 | | | 56 | | | 14,496 | Total | | $ | 407,138 | | $ | 47 | | $ | 16,644 | | $ | 390,541 | | | | | | | | | | | | | | December 31, 2021 | | | | | | | | | | | | | U.S. Government agencies | | $ | 87,072 | | $ | 20 | | $ | 1,231 | | $ | 85,861 | Mortgage-backed | | | 302,604 | | | 301 | | | 2,248 | | | 300,657 | States and political subdivisions | | | 400 | | | 2 | | | — | | | 402 | Other debt securities | | | 14,518 | | | 95 | | | 9 | | | 14,604 | Total | | $ | 404,594 | | $ | 418 | | $ | 3,488 | | $ | 401,524 |
Equity securities with an aggregate fair value of $1.3 million at March 31, 2022 and $1.4 million at December 31, 2021 are presented separately on the balance sheet. The fair value adjustment recorded through earnings totaled $(70) thousand for the three months ended March 31, 2022 and $(18) thousand for the three months ended March 31, 2021, respectively. The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021. | | | | | | | | | | | | | | | | | | | | | Less than | | More than | | | | | | | | | 12 Months | | 12 Months | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (Dollars in thousands) | | Value | | Losses | | Value | | Losses | | Value | | Losses | March 31, 2022 | | | | | | | | | | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | U.S. Government agencies | | $ | 1,561 | | $ | 65 | | $ | 17,368 | | $ | 1,180 | | $ | 18,929 | | $ | 1,245 | Mortgage-backed | | | 39,851 | | | 490 | | | 3,562 | | | 1,614 | | | 43,413 | | | 2,104 | Other debt securities | | | 1,998 | | | 26 | | | — | | | — | | | 1,998 | | | 26 | Total | | $ | 43,410 | | $ | 581 | | $ | 20,930 | | $ | 2,794 | | $ | 64,340 | | $ | 3,375 | | | | | | | | | | | | | | | | | | | | Held-to-maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Government agencies | | $ | 62,586 | | $ | 2,157 | | $ | 20,432 | | $ | 1,315 | | $ | 83,018 | | $ | 3,472 | Mortgage-backed | | | 253,725 | | | 10,536 | | | 36,962 | | | 2,580 | | | 290,687 | | | 13,116 | Other debt securities | | | 4,943 | | | 56 | | | — | | | — | | | 4,943 | | | 56 | Total | | $ | 321,254 | | $ | 12,749 | | $ | 57,394 | | $ | 3,895 | | $ | 378,648 | | $ | 16,644 |
| | | | | | | | | | | | | | | | | | | | | Less than | | More than | | | | | | | | | 12 Months | | 12 Months | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (Dollars in thousands) | | Value | | Losses | | Value | | Losses | | Value | | Losses | December 31, 2021 | | | | | | | | | | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | U.S. Government agencies | | $ | 1,561 | | $ | 1 | | $ | 17,368 | | $ | 633 | | $ | 18,929 | | $ | 634 | Mortgage-backed | | | 39,851 | | | 593 | | | 3,562 | | | 36 | | | 43,413 | | | 629 | Total | | $ | 41,412 | | $ | 594 | | $ | 20,930 | | $ | 669 | | $ | 62,342 | | $ | 1,263 | | | | | | | | | | | | | | | | | | | | Held-to-maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Government agencies | | $ | 64,268 | | $ | 1,005 | | $ | 11,719 | | $ | 226 | | $ | 75,987 | | $ | 1,231 | Mortgage-backed | | | 226,918 | | | 1,836 | | | 14,564 | | | 412 | | | 241,482 | | | 2,248 | Other debt securities | | | 491 | | | 9 | | | — | | | — | | | 491 | | | 9 | Total | | $ | 291,677 | | $ | 2,850 | | $ | 26,283 | | $ | 638 | | $ | 317,960 | | $ | 3,488 |
All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase and are not related to credit concerns. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary. There were fifty-four available-for-sale securities and one hundred and fifty-three held-to-maturity securities in an unrealized loss position at March 31, 2022. The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at March 31, 2022. | | | | | | | | | | | | | | | Available for sale | | Held to maturity | | | Amortized | | | | | Amortized | | | | (Dollars in thousands) | | Cost | | Fair Value | | Cost | | Fair Value | Due in one year or less | | $ | 71 | | $ | 72 | | $ | 3,924 | | $ | 3,930 | Due after one year through five years | | | 2,137 | | | 2,149 | | | 22,537 | | | 22,016 | Due after five years through ten years | | | 55,374 | | | 54,351 | | | 91,202 | | | 88,810 | Due after ten years | | | 52,102 | | | 50,123 | | | 289,475 | | | 275,785 | Total | | $ | 109,684 | | $ | 106,695 | | $ | 407,138 | | $ | 390,541 |
The maturity dates for debt securities are determined using contractual maturity dates.
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