NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at March 31, 2021 and December 31, 2020 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2021 (unaudited)
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	9,598	$	92	$	10	$	9,680
Mortgage-backed securities - residential		55		3		-		58
Total	$	9,653	$	95	$	10	$	9,738


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2020
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	8,517	$	119	$	-	$	8,636
Mortgage-backed securities - residential		62		3		-		65
Total	$	8,579	$	122	$	-	$	8,701

There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at March 31, 2021 or March 31, 2020.

There were no sales of securities during the three months ended March 31, 2021 and 2020.

The amortized cost and fair value of debt securities at March 31, 2021 and December 31, 2020 are shown in the table below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.



	March 31, 2021					December 31, 2020
	(unaudited)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	5,035	$	5,056	$	5,011	$	5,033
Due from one to five years		4,563		4,624		3,506		3,603
Mortgage-backed securities - residential		55		58		62		65
Total	$	9,653	$	9,738	$	8,579	$	8,701

Fair value of securities pledged as collateral was as follows:


	March 31, 2021		December 31, 2020
	(unaudited)
Pledged as collateral for:
FHLB advances	$	1,013	$	1,017
Public deposits		3,068		3,060
Mortgage banking derivatives		3,039		3,016
Total	$	7,120	$	7,093

At March 31, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than U.S. government-sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

The following table summarizes securities with unrealized losses at March 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position.



March 31, 2021 (unaudited)	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	3,077		10	$	-	$	-	$	3,077	$	10
Total temporarily impaired	$	3,077	$	10	$	-	$	-	$	3,077	$	10

The unrealized losses in U.S. Treasuries at March 31, 2021 were related to multiple securities. Because the decline in fair value was attributable to changes in market conditions, and not credit quality, and because the Company did not have the intent to sell these securities and it was likely that it would not be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be other-than-temporarily impaired at March 31, 2021.

There were no unrealized losses at December 31, 2020.