NOTE 2 – SECURITIES

The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):

There were no sales of securities in the three and nine month periods ended September 30, 2021 and 2020.

Contractual maturities of debt securities at September 30, 2021 were as follows (dollars in thousands):

NOTE 2 – SECURITIES (Continued)

Securities with unrealized losses at September 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):

Other-Than-Temporary-Impairment

Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. At September 30, 2021, 88 securities available for sale with fair values totaling $116.8 million had unrealized losses totaling $1.5 million.  At September 30, 2021, 7 securities held to maturity with fair values totaling $20.4 million had unrealized losses totaling $47,000.  Management has the intent and ability to hold the securities classified as held to maturity until they mature, at which time the Company will receive full value for the securities.  In addition, management believes it is more likely than not that the Company will not be required to sell any of its investment securities before a recovery of cost.  Management determined that the unrealized losses for the three and nine month periods ended September 30, 2021 and 2020 were attributable to changes in interest rates and not due to credit quality.  As such, no OTTI charges were necessary during each period.