Debt Securities |
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Debt Securities | NOTE 3 — Debt SECURITIES
The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2022 and 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:
The scheduled maturities of debt securities were as follows at December 31, 2022. Actual maturities of asset and government mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be repaid without any penalties. Because asset- and mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary.
There were no realized gains or losses on sales and calls during the year ended December 31, 2022 or 2021.
There were no securities of issuers whose aggregate carrying amount exceeded 10% of equity at December 31, 2022 or 2021.
Securities with carrying amounts of $9.8 million and $14.4 million were pledged to secure available borrowings with the Federal Home Loan Bank at December 31, 2022 and 2021, respectively.
As of December 31, 2022, the Company’s security portfolio consisted of 54 securities, 52 of which were in an unrealized loss position.
The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized-loss position for less than twelve months and for twelve months or more, and are temporarily impaired, are as follows at December 31, 2022 and 2021:
State and municipal, asset-backed and government mortgage-backed securities: The gross unrealized losses on these securities were primarily attributable to relative changes in interest rates since the time of purchase. Management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, the Company does not intend to sell these securities and it is not more likely than-not that the Company will be required to sell these securities before recovery of their cost basis, which may be maturity. Therefore, management does not consider these investments to be other-than-temporarily impaired at December 31, 2022. |