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INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of June 30, 2021 and December 31, 2020, respectively, were as follows:
Available for sale securitiesAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
June 30, 2021
U.S. government agency obligations$30,126 $612 $10 $30,728 
Obligations of states and political subdivisions140 — — 140 
Mortgage-backed securities125,439 1,194 97 126,536 
Corporate debt securities34,689 703 97 35,295 
Corporate asset-based securities35,096 225 49 35,272 
Trust preferred securities15,416 363 4 15,775 
Total available for sale securities$240,906 $3,097 $257 $243,746 
December 31, 2020
U.S. government agency obligations$33,048 $387 $70 $33,365 
Obligations of states and political subdivisions140 — — 140 
Mortgage-backed securities39,454 1,537 — 40,991 
Corporate debt securities17,199 372 109 17,462 
Corporate asset-based securities36,039 104 316 35,827 
Trust preferred securities16,297 189 38 16,448 
Total available for sale securities$142,177 $2,589 $533 $144,233 

Held to maturity securitiesAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
June 30, 2021
U.S. government agency obligations$3,500 $1 $— $3,501 
Obligations of states and political subdivisions4,600 1 6 4,595 
Mortgage-backed securities51,482 175 1,391 50,266 
Total held to maturity securities$59,582 $176 $1,397 $58,362 
December 31, 2020
Obligations of states and political subdivisions$600 $2 $— $602 
Mortgage-backed securities42,951 265 34 43,182 
Total held to maturity securities$43,551 $267 $34 $43,784 
As of June 30, 2021, the Bank has pledged U.S. Government Agency securities with a carrying value of $539 and mortgage-backed securities with a carrying value of $3,739 as collateral against specific municipal deposits. At June 30, 2021, the Bank has pledged mortgage-backed securities with a carrying value of $1,209 as collateral against a borrowing line of credit with the Federal Reserve Bank. However, as of June 30, 2021, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of June 30, 2021, the Bank also has mortgage-backed securities with a carrying value of $358 pledged as collateral to the Federal Home Loan Bank of Des Moines.
At December 31, 2020, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $1,209 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2020, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2020, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $576 and mortgage-backed securities with a carrying value of $3,028 as
collateral against specific municipal deposits. As of December 31, 2020, the Bank also has mortgage-backed securities with a carrying value of $468 pledged as collateral to the Federal Home Loan Bank of Des Moines.
For the three and six month periods ended June 30, 2021 gross sales of available for sale securities were $1,965 and $1,965, respectively. Gross gains on sale of available for sale securities for the three and six months ended June 30, 2021 were $36 and $36, respectively. Gross losses on sale of available for sale securities for the three and six months ended June 30, 2021were $0 and $0, respectively. Gross sales of available for sale securities were $0 and $10,841 for the three and six month periods ended June 30, 2020, respectively. Gross gains on sale of available for sale securities for the three and six months ended June 30, 2020 were $0 and $156, respectively. Gross losses on sale of available for sale securities for the three and six months ended June 30, 2020 were $0 and $0, respectively.
The estimated fair value of securities at June 30, 2021 and December 31, 2020, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain agency and municipal securities due to the call feature.
June 30, 2021December 31, 2020
Available for sale securitiesAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year or less$140 $140 $— $— 
Due after one year through five years6,788 7,131 3,833 4,095 
Due after five years through ten years51,509 52,423 44,405 44,880 
Due after ten years57,030 57,516 54,485 54,267 
Total securities with contractual maturities$115,467 $117,210 $102,723 $103,242 
Mortgage backed securities125,439 126,536 39,454 40,991 
Total available for sale securities$240,906 $243,746 $142,177 $144,233 
June 30, 2021December 31, 2020
Held to maturity securitiesAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year or less$— $— $— 
Due after one year through five years4,300 4,299 200 200 
Due after five years through ten years3,800 3,797 400 402 
Total securities with contractual maturities8,100 8,096 600 602 
Mortgage backed securities51,482 50,266 42,951 43,182 
Total held to maturity securities$59,582 $58,362 $43,551 $43,784 
Securities with unrealized losses at June 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
 Less than 12 Months12 Months or MoreTotal
Available for sale securitiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
June 30, 2021
U.S. government agency obligations$— $— $1,503 $10 $1,503 $10 
Mortgage backed securities41,120 97 — — 41,120 97 
Corporate debt securities5,298 15 1,418 82 6,716 97 
Corporate asset-based securities7,542 13 8,511 36 16,053 49 
Trust preferred securities953 4 — — 953 4 
Total$54,913 $129 $11,432 $128 $66,345 $257 
December 31, 2020
U.S. government agency obligations$7,654 $17 $6,834 $53 $14,488 $70 
Corporate debt securities3,447 27 1,418 82 4,865 109 
Corporate asset-based securities— — 24,310 316 24,310 316 
Trust preferred securities5,612 38 — — 5,612 38 
Total $16,713 $82 $32,562 $451 $49,275 $533 


 Less than 12 Months12 Months or MoreTotal
Held to maturity securitiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
June 30, 2021
Obligations of states and political subdivisions$594 $6 $— $— $594 $6 
Mortgage-backed securities44,071 1,391 — — 44,071 1,391 
Total$44,665 $1,397 $— $— $44,665 $1,397 
December 31, 2020
Mortgage-backed securities$16,538 $34 $— $— $16,538 $34 
Total$16,538 $34 $— $— $16,538 $34 
 
The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. As part of such monitoring, the credit quality of individual securities and their issuer is assessed. Significant inputs used to measure the amount of other-than-temporary impairment related to credit loss include, but are not limited to; the Company’s intent and ability to sell the debt security prior to recovery, that it is more likely than not that the Company will not sell the security prior to recovery, default and delinquency rates of the underlying collateral, remaining credit support, and historical loss severities. Adjustments to market value of available for sale securities that are considered temporary are recorded as separate components of stockholders’ equity, net of tax. If the unrealized loss of a security is identified as other-than-temporary based on information available, such as the decline in the creditworthiness of the issuer, external market ratings, or the anticipated or realized elimination of associated dividends, such impairments are further analyzed to determine if credit loss exists. If there is a credit loss, it will be recorded in the Company’s consolidated statement of operations. Non-credit components of the unrealized losses on available for sale securities will continue to be recognized in other comprehensive income (loss), net of tax. Unrealized losses reflected in the preceding tables have not been included in results of operations because the unrealized loss was not deemed other-than-temporary. Management has determined that more likely than not, the Company neither intends to sell, nor will it be required to sell each debt security before its anticipated recovery, and therefore recovery of cost will occur.