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Securities Available For Sale
 3 Months Ended
Mar. 31, 2022
Securities Available For Sale [Abstract]  
Securities Available For Sale Note 3 – Securities Available For Sale

At March 31, 2022 and December 31, 2021, respectively, the amortized cost and approximate fair values of securities available-for-sale were as follows:

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

Cost

Gains

Losses

Value

(In Thousands)

March 31, 2022:

U.S. Government agency obligations

$

34,055

$

-

$

(1,144)

$

32,911

Municipal bonds

69,064

302

(7,536)

61,830

U.S. Government Sponsored Enterprise (GSE) -
‎   Mortgage-backed securities - commercial

511

-

(31)

480

U.S. Government Sponsored Enterprise (GSE) -
‎   Mortgage-backed securities - residential

270,447

42

(23,593)

246,896

Total

$

374,077

$

344

$

(32,304)

$

342,117

December 31, 2021:

U.S. Government agency obligations

29,146

-

(288)

28,858

Municipal bonds

60,017

1,464

(377)

61,104

U.S. Government Sponsored Enterprise (GSE) -
‎   Mortgage-backed securities - commercial

511

19

-

530

U.S. Government Sponsored Enterprise (GSE) -
‎   Mortgage-backed securities - residential

222,101

885

(3,214)

219,772

Total

$

311,775

$

2,368

$

(3,879)

$

310,264

The amortized cost and fair value of securities as of March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties.

Amortized

Fair

Cost

Value

(In Thousands)

Due in one year or less

$

510

$

509

Due after one year through five years

34,424

33,281

Due after five years through ten years

6,666

6,612

Due after ten years

61,519

54,339

103,119

94,741

U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial

511

480

U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential

270,447

246,896

Total

$

374,077

$

342,117

There were no sales of securities for the three months ended March 31, 2022 and no gross losses on the sales of securities for the three months ended March 31, 2022 and March 31, 2021. Gross gains of $24 thousand were realized on sales of securities for the three months ended March 31, 2021.

Securities with a carrying value of $125.2 million and $114.0 million at March 31, 2022 and December 31, 2021, respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law.


‎

The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021:

Less Than 12 Months

12 Months or More

Total

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

March 31, 2022:

(In Thousands)

U.S. Government agency obligations

$

4,749

$

(162)

$

28,162

$

(982)

$

32,911

$

(1,144)

Municipal bonds

51,448

(7,456)

346

(80)

51,794

(7,536)

U.S. Government Sponsored Enterprise

(GSE) - Mortgage -backed securities -

commercial

480

(31)

-

-

480

(31)

U.S. Government Sponsored Enterprise

(GSE) - Mortgage -backed securities -

residential

216,362

(20,230)

26,469

(3,363)

242,831

(23,593)

Total Temporarily Impaired Securities

$

273,039

$

(27,879)

$

54,977

$

(4,425)

$

328,016

$

(32,304)

.

December 31, 2021:

U.S. Government agency obligations

$

9,911

$

(84)

$

18,947

$

(204)

$

28,858

$

(288)

Municipal bonds

20,722

(377)

-

-

20,722

(377)

U.S. Government Sponsored Enterprise

(GSE) - Mortgage -backed securities -

residential

190,435

(3,214)

-

-

190,435

(3,214)

Total Temporarily Impaired Securities

$

221,068

$

(3,675)

$

18,947

$

(204)

$

240,015

$

(3,879)

The Company had one hundred sixty-two (162) securities in an unrealized loss position at March 31, 2022 and seventy (70) securities in an unrealized loss position at December 31, 2021. As of March 31, 2022, the Company either has the intent and ability to hold the securities until maturity or market price recovery or believes that it is more likely than not that it will not be required to sell such securities. Management believes that the unrealized loss only represents temporary impairment of the securities, and are a result of changes in the interest rate environment, not the credit quality. None of the individual losses are significant.