Investment and Mortgage-Backed Securities, Held to Maturity

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment and Mortgage-Backed Securities, Held to Maturity

7. Investment and Mortgage-Backed Securities, Held to Maturity

At September 30, 2021 and December 31, 2020, the Company's entire held to maturity portfolio was comprised of mortgage-backed securities. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of held to maturity securities at those dates were as follows:

September 30, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage-Backed Securities (1)	$	22,420,739	$	729,574	$	296,370	$	22,853,943
Total Held To Maturity	$	22,420,739	$	729,574	$	296,370	$	22,853,943
December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mortgage-Backed Securities (1)	$	18,254,394	$	984,015	$	33,122	$	19,205,287
Total Held To Maturity	$	18,254,394	$	984,015	$	33,122	$	19,205,287

(1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA

At September 30, 2021, the Bank held an amortized cost and fair value of $5.9 million and $6.4 million, respectively, in GNMA mortgage-backed securities classified as held to maturity, which are included in the table above, compared to an amortized cost and fair value of $8.1 million and $8.7 million, respectively, at December 31, 2020. The Company has not invested in any private label mortgage-backed securities classified as held to maturity. At September 30, 2021, the amortized cost and fair value of mortgage-backed securities held to maturity that were pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $9.2 million and $9.9 million, respectively, compared to an amortized cost and fair value of $13.4 million and $14.3 million, respectively, at December 31, 2020.

7. Investment and Mortgage-Backed Securities, Held to Maturity, Continued

The following tables show gross unrealized losses, fair value, and length of time that individual held to maturity securities have been in a continuous unrealized loss position at the dates indicated below.

	September 30, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-Backed Securities (1)	$	11,574,820	$	296,370	$	—	$	—	$	11,574,820	$	296,370
	$	11,574,820	$	296,370	$	—	$	—	$	11,574,820	$	296,370

(1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA

	December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-Backed Securities (1)	$	3,692,780	$	32,583	$	787,503	$	539	$	4,480,283	$	33,122
	$	3,692,780	$	32,583	$	787,503	$	539	$	4,480,283	$	33,122

(1) COMPRISED OF MORTGAGE-BACKED SECURITIES OF GSEs OR GNMA

The Company’s held to maturity portfolio is recorded at amortized cost.  At September 30, 2021 there were no securities in a continuous loss position for 12 months or more compared to one security at December 31, 2020, which represented 1.6% of the unrealized losses at December 31, 2020. The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value was attributable to changes in market interest rates and was not in the credit quality of the issuer and therefore, the loss was not considered other-than-temporary. The Company has the ability and intent to hold this security to maturity.