| 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.
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