Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities |
The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at March 31, 2021 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2021 | | Amortized Cost | | Gross Unrealized | | Fair Value | | | Gains | | Losses | | | (In thousands) | Available for sale securities: | | | | | | | | U.S. Government and agency obligations | | | | | | | | Less than one year | $ | 9,982 | | | $ | 130 | | | $ | — | | | $ | 10,112 | | | | | | | | | | Due from five through ten years | 7,993 | | | 572 | | | — | | | 8,565 | | Due after ten years | 51,237 | | | 1,842 | | | (93) | | | 52,986 | | Total U.S. Government and agency obligations | 69,212 | | | 2,544 | | | (93) | | | 71,663 | | | | | | | | | | Corporate bonds | | | | | | | | Due from five through ten years | 10,000 | | | 93 | | | (41) | | | 10,052 | | Due after ten years | 1,500 | | | 3 | | | — | | | 1,503 | | Total corporate bonds | 11,500 | | | 96 | | | (41) | | | 11,555 | | | | | | | | | | Total available for sale securities | $ | 80,712 | | | $ | 2,640 | | | $ | (134) | | | $ | 83,218 | | | | | | | | | | Held to maturity securities: | | | | | | | | State agency and municipal obligations | | | | | | | | Due after ten years | $ | 16,169 | | | $ | 2,580 | | | $ | (264) | | | $ | 18,485 | | | | | | | | | | Government-sponsored mortgage backed securities | | | | | | | | No contractual maturity | 56 | | | 9 | | | — | | | 65 | | Total held to maturity securities | $ | 16,225 | | | $ | 2,589 | | | $ | (264) | | | $ | 18,550 | |
The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2020 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | Amortized Cost | | Gross Unrealized | | Fair Value | | | Gains | | Losses | | | (In thousands) | Available for sale securities: | | | | | | | | U.S. Government and agency obligations | | | | | | | | Less than one year | $ | 9,976 | | | $ | 172 | | | $ | — | | | $ | 10,148 | | | | | | | | | | Due from five through ten years | 8,038 | | | 848 | | | — | | | 8,886 | | Due after ten years | 55,560 | | | 2,284 | | | — | | | 57,844 | | Total U.S. Government and agency obligations | 73,574 | | | 3,304 | | | — | | | 76,878 | | Corporate bonds | | | | | | | | | | | | | | | | Due from one through five years | 4,000 | | | 57 | | | — | | | 4,057 | | Due from five through ten years | 6,000 | | | 163 | | | — | | | 6,163 | | Due after ten years | 1,500 | | | 7 | | | — | | | 1,507 | | Total corporate bonds | 11,500 | | | 227 | | | — | | | 11,727 | | | | | | | | | | Total available for sale securities | $ | 85,074 | | | $ | 3,531 | | | $ | — | | | $ | 88,605 | | | | | | | | | | Held to maturity securities: | | | | | | | | State agency and municipal obligations | | | | | | | | Due after ten years | $ | 16,018 | | | $ | 3,944 | | | $ | — | | | $ | 19,962 | | | | | | | | | | Government-sponsored mortgage backed securities | | | | | | | | No contractual maturity | 60 | | | 10 | | | — | | | 70 | | Total held to maturity securities | $ | 16,078 | | | $ | 3,954 | | | $ | — | | | $ | 20,032 | |
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Schedule of fair value and related unrealized losses of temporarily impaired investment securities, aggregated by investment category |
The following table provides information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Length of Time in Continuous Unrealized Loss Position | | | | | | | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | | Unrealized Loss | | Percent Decline from Amortized Cost | | Fair Value | | Unrealized Loss | | Percent Decline from Amortized Cost | | Fair Value | | Unrealized Loss | | Percent Decline from Amortized Cost | | (Dollars in thousands) | | | | | | | | | | | | | | | | | | | March 31, 2021 | | | | | | | | | | | | | | | | | | U.S. Government and agency obligations | $ | 8,710 | | | $ | (93) | | | 1.05 | % | | $ | — | | | $ | — | | | — | % | | $ | 8,710 | | | $ | (93) | | | 1.05 | % | Corporate bonds | 5,959 | | | (41) | | | 0.68 | | | — | | | — | | | — | | | 5,959 | | | (41) | | | 0.68 | | State agency and municipal obligations | 4,430 | | | (264) | | | 5.63 | | | — | | | — | | | — | | | 4,430 | | | (264) | | | 5.63 | | Total investment securities | $ | 19,099 | | | $ | (398) | | | 2.04 | % | | $ | — | | | $ | — | | | — | % | | $ | 19,099 | | | $ | (398) | | | 2.04 | % |
There were six investment securities as of March 31, 2021, in which the fair value of the security was less than the amortized cost of the security.
The U.S. Government and agency obligations owned are either direct obligations of the U.S. Government or guaranteed by the U.S. Government, therefore the contractual cash flows are guaranteed and as a result the unrealized losses in this portfolio are considered to be only temporarily impaired.
The Company continually monitors its state agency, municipal and corporate bond portfolios and at this time these portfolios have minimal default risk because state agency, municipal and corporate bonds are all rated investment grade or deemed to be of investment grade quality.
The Company has the intent and ability to retain its investment securities in an unrealized loss position at March 31, 2021 until the decline in value has recovered or the security has matured.
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