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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 001-38676

BANK FIRST CORPORATION

(Exact name of registrant as specified in its charter)

WISCONSIN

    

39-1435359

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

402 North 8th Street, Manitowoc, Wisconsin

    

54220

(Address of principal executive offices)

(Zip Code)

(920) 652-3100

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name on each exchange on which registered

Common Stock, par value $0.01 per share

 

BFC

 

The Nasdaq Stock Market LLC

The number of shares of the issuer’s common stock, par value $0.01, outstanding as of May 10, 2022 was 7,524,825 shares.

TABLE OF CONTENTS

Page Number

Part I. Financial Information

3

ITEM 1.

Financial Statements

3

Consolidated Balance Sheets – March 31, 2022 (unaudited) and December 31, 2021

3

Consolidated Statements of Income – Three Months Ended March 31, 2022 and 2021 (unaudited)

4

Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2022 and 2021 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity – Three Months Ended March 31, 2022 and 2021  (unaudited)

6

Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021 (unaudited)

7

Notes to Unaudited Consolidated Financial Statements

9

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

51

ITEM 4.

Controls and Procedures

53

Part II. Other Information

53

ITEM 1.

Legal Proceedings

53

ITEM 1A.

Risk Factors

53

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

ITEM 3.

Defaults Upon Senior Securities

54

ITEM 4.

Mine Safety Disclosures

54

ITEM 5.

Other Information

54

ITEM 6.

Exhibits

55

Signatures

56

2

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:

BANK FIRST CORPORATION

Consolidated Balance Sheets

(In thousands, except share and per share data)

March 31, 2022

December 31, 2021

(Unaudited)

(Audited)

Assets

Cash and due from banks

$

28,890

$

29,171

Interest-bearing deposits

 

78,469

 

267,689

Cash and cash equivalents

 

107,359

 

296,860

Securities held to maturity, at amortized cost ($5,845 and $5,922 fair value at March 31, 2022 and December 31, 2021, respectively)

 

5,841

 

5,911

Securities available for sale, at fair value

 

297,063

 

212,689

Loans held for sale

371

786

Loans, net

 

2,294,939

 

2,215,199

Premises and equipment, net

 

50,068

 

49,461

Goodwill

 

55,357

 

55,357

Other investments

 

19,563

 

9,004

Cash value of life insurance

 

32,084

 

31,897

Identifiable intangible assets, net

 

3,742

 

4,035

Mortgage Servicing Rights ("MSR")

5,466

5,016

Other real estate owned (“OREO”)

 

 

150

Investment in minority-owned subsidiaries

 

43,552

 

42,935

Other assets

 

9,531

 

8,252

TOTAL ASSETS

$

2,924,936

$

2,937,552

Liabilities and Stockholders’ Equity

 

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Interest-bearing deposits

$

1,758,849

$

1,728,504

Noninterest-bearing deposits

 

798,257

 

799,936

Total deposits

 

2,557,106

 

2,528,440

Securities sold under repurchase agreements

 

13,130

 

41,122

Notes payable

 

7,747

 

8,011

Subordinated notes

 

17,500

 

17,500

Other liabilities

 

11,150

 

19,826

Total liabilities

 

2,606,633

 

2,614,899

Stockholders’ equity:

 

  

 

  

Serial preferred stock - $0.01 par value

 

  

 

  

Authorized - 5,000,000 shares

 

 

Common stock - $0.01 par value

 

  

 

  

Authorized - 20,000,000 shares

 

  

 

  

Issued - 8,478,383 shares as of March 31, 2022 and December 31, 2021

 

  

 

  

Outstanding - 7,570,766 and 7,616,540 shares as of March 31, 2022 and December 31, 2021, respectively

 

85

 

85

Additional paid-in capital

 

92,166

 

93,149

Retained earnings

 

266,614

 

258,104

Treasury stock, at cost - 907,617 and 861,843 shares as of March 31, 2022 and December 31, 2021, respectively

 

(35,972)

 

(32,294)

Accumulated other comprehensive income

 

(4,590)

 

3,609

Total stockholders’ equity

 

318,303

 

322,653

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

2,924,936

$

2,937,552

See accompanying notes to consolidated financial statements.

3

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Income

(In thousands, except per share data) (Unaudited)

    

Three months ended March 31, 

2022

    

2021

Interest income:

Loans, including fees

$

22,306

$

23,276

Securities:

 

 

Taxable

 

1,288

 

655

Tax-exempt

 

449

 

472

Other

 

177

 

39

Total interest income

 

24,220

 

24,442

Interest expense:

 

 

Deposits

 

1,562

 

2,150

Securities sold under repurchase agreements

 

2

 

3

Borrowed funds

 

366

 

186

Total interest expense

 

1,930

 

2,339

Net interest income

 

22,290

 

22,103

Provision for loan losses

 

1,200

 

900

Net interest income after provision for loan losses

 

21,090

 

21,203

Noninterest income:

 

 

Service charges

 

1,422

 

1,467

Income from Ansay and Associates, LLC (“Ansay”)

 

826

 

725

Income from UFS, LLC (“UFS”)

 

705

 

366

Loan servicing income

 

1,062

 

505

Net gain on sales of mortgage loans

 

671

 

2,811

Net gain on sales and valuations of OREO

 

171

 

133

Other

 

377

 

336

Total noninterest income

 

5,234

 

6,343

Noninterest expense:

 

 

Salaries, commissions, and employee benefits

 

7,175

 

7,091

Occupancy

 

1,115

 

1,210

Data processing

 

1,345

 

1,393

Postage, stationery, and supplies

 

183

 

197

Advertising

 

89

 

49

Charitable contributions

 

168

 

126

Outside service fees

 

1,172

 

755

Amortization of intangibles

 

293

 

351

Other

 

1,191

 

1,186

Total noninterest expense

 

12,731

 

12,358

Income before provision for income taxes

 

13,593

 

15,188

Provision for income taxes

 

3,410

 

3,674

Net Income

$

10,183

$

11,514

Earnings per share - basic

$

1.34

$

1.49

Earnings per share - diluted

$

1.34

$

1.49

Dividends per share

$

0.22

$

0.21

See accompanying notes to unaudited consolidated financial statements

4

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Comprehensive Income

(In thousands) (Unaudited)

Three Months Ended

March 31, 

    

2022

    

2021

Net Income

$

10,183

$

11,514

Other comprehensive loss:

 

 

Unrealized losses on available for sale securities:

 

  

 

  

Unrealized holding losses arising during period

 

(11,232)

 

(1,693)

Income tax benefit

 

3,033

 

457

Total other comprehensive loss

 

(8,199)

 

(1,236)

Comprehensive income

$

1,984

$

10,278

See accompanying notes to unaudited consolidated financial statements.

5

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statement of Stockholders’ Equity

(In thousands, except share and per share data) (Unaudited)

Accumulated

Serial

Additional

Other

Total

Preferred

Common

Paid-in

Retained

Treasury

Comprehensive

Stockholders'

    

Stock

    

Stock

    

Capital

    

Earnings

    

Stock

    

Income (loss)

    

Equity

Balance at January 1, 2021

$

$

85

$

92,847

$

221,393

$

(25,227)

$

5,759

$

294,857

Net income

 

 

 

 

11,514

 

 

 

11,514

Other comprehensive loss

 

 

 

 

 

 

(1,236)

 

(1,236)

Purchase of treasury stock

 

 

 

 

 

(402)

 

 

(402)

Sale of treasury stock

 

 

 

 

 

23

 

 

23

Cash dividends ($0.21 per share)

 

 

 

 

(1,618)

 

 

 

(1,618)

Amortization of stock-based compensation

 

 

 

304

 

 

 

 

304

Vesting of restricted stock awards

 

 

 

(1,046)

 

 

1,046

 

 

Balance at March 31, 2021

$

$

85

$

92,105

$

231,289

$

(24,560)

$

4,523

$

303,442

Balance at January 1, 2022

$

$

85

$

93,149

$

258,104

$

(32,294)

$

3,609

$

322,653

Net income

 

 

 

 

10,183

 

 

 

10,183

Other comprehensive loss

 

 

 

 

 

 

(8,199)

 

(8,199)

Purchase of treasury stock

(5,018)

 

 

(5,018)

Sale of treasury stock

37

37

Cash dividends ($0.22 per share)

 

 

 

 

(1,673)

 

 

 

(1,673)

Amortization of stock-based compensation

 

 

 

320

 

 

 

 

320

Vesting of restricted stock awards

 

 

 

(1,303)

 

 

1,303

 

 

Balance at March 31, 2022

$

$

85

$

92,166

$

266,614

$

(35,972)

$

(4,590)

$

318,303

See accompanying notes to unaudited consolidated financial statements.

6

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Cash Flows

(In thousands) (Unaudited)

Three Months Ended March 31, 

    

2022

    

2021

Cash flows from operating activities:

Net income

$

10,183

$

11,514

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Provision for loan losses

 

1,200

 

900

Depreciation and amortization of premises and equipment

 

398

 

508

Amortization of intangibles

 

293

 

351

Net amortization of securities

 

176

 

183

Amortization of stock-based compensation

 

320

 

304

Accretion of purchase accounting valuations

 

(554)

 

(242)

Net change in deferred loan fees and costs

 

(510)

 

1,014

Change in fair value of mortgage servicing rights ("MSR") and other investments

(623)

 

467

Gain on sale and disposal of premises and equipment

(62)

Gain on sale of OREO and valuation allowance

 

(171)

 

(133)

Proceeds from sales of mortgage loans

 

36,304

 

97,619

Originations of mortgage loans held for sale

 

(35,218)

 

(94,940)

Gain on sales of mortgage loans

 

(671)

 

(2,811)

Undistributed income of UFS joint venture

 

(705)

 

(366)

Undistributed income of Ansay joint venture

 

(826)

 

(725)

Net earnings on life insurance

 

(187)

 

(192)

Decrease in other assets

 

1,754

 

967

Decrease in other liabilities

 

(8,676)

 

(8,223)

Net cash provided by operating activities

 

2,487

 

6,133

Cash flows from investing activities, net of effects of business combination:

 

  

 

  

Activity in securities available for sale and held to maturity:

 

  

 

  

Maturities, prepayments, and calls

5,881

5,550

Purchases

 

(101,593)

 

(9,576)

Net increase in loans

 

(80,183)

 

(38,348)

Dividends received from UFS

 

460

 

565

Dividends received from Ansay

 

454

 

456

Proceeds from sale of OREO

 

321

 

1,101

Net purchases of Federal Home Loan Bank (“FHLB”) stock

(10,386)

Proceeds from sale of premises and equipment

 

 

367

Purchases of premises and equipment

 

(1,005)

 

(1,237)

Net cash used in investing activities

 

(186,051)

 

(41,122)

7

ITEM 1. Financial Statements Continued:

BANK FIRST CORPORATION

Consolidated Statements of Cash Flows (Continued)

(In thousands) (Unaudited)

Three Months Ended March 31, 

    

2022

    

2021

Cash flows from financing activities, net of effects of business combination:

  

    

  

Net increase in deposits

$

28,959

$

127,167

Net increase (decrease) in securities sold under repurchase agreements

 

(27,992)

 

11,254

Proceeds from advances of notes payable

 

1,500,000

 

Repayment of notes payable

 

(1,500,250)

 

(10,480)

Dividends paid

 

(1,673)

 

(1,618)

Proceeds from sales of common stock

 

37

 

23

Repurchase of common stock

 

(5,018)

 

(402)

Net cash provided by (used in) financing activities

 

(5,937)

 

125,944

Net increase (decrease) in cash and cash equivalents

 

(189,501)

 

90,955

Cash and cash equivalents at beginning of period

 

296,860

 

170,219

Cash and cash equivalents at end of period

$

107,359

$

261,174

Supplemental disclosures of cash flow information:

 

  

 

  

Cash paid during the period for:

Interest

$

1,916

$

2,508

Supplemental schedule of noncash activities:

 

 

MSR resulting from sale of loans

 

269

 

560

Change in unrealized gains and losses on investment securities available for sale, net of tax

 

(8,199)

 

(1,236)

See accompanying notes to consolidated financial statements.

8

BANK FIRST CORPORATION

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share data)

NOTE 1 – BASIS OF PRESENTATION

Bank First Corporation (the “Company”) provides a variety of financial services to individual and corporate customers through its wholly-owned subsidiary, Bank First, N.A. (the “Bank”). The Bank operates as a full-service financial institution with a primary market area including, but not limited to, the counties in which the Bank’s branches are located. The Bank has twenty-one locations located in Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Waupaca, Ozaukee, Monroe, and Jefferson counties in Wisconsin. The Company and Bank are subject to the regulations of certain federal agencies and undergo periodic examinations by those regulatory authorities.

These interim unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures required by GAAP have been omitted or abbreviated. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”).

The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.

Critical Accounting Policies and Estimates

Preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for loan losses (“ALL”), valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, other-than-temporary impairment calculations, valuation of deferred tax assets, uncertain income tax positions and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the ALL, the determination and assessment of deferred tax assets and liabilities, and the valuation of loans acquired in acquisition transactions; therefore, these are critical accounting policies. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented.

There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as previously disclosed in the Company’s Annual Report.

Recently Issued Not Yet Effective Accounting Standards

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Certain aspects of this ASU were updated in November 2018 by the issuance of ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. The main objective of the ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in the ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. During 2019 FASB issued ASU 2019-10 which delayed the effective date of ASU 2016-13 for smaller, publicly traded companies, until interim and annual periods beginning after December 15, 2022. This delay applies to the Company as it was classified as a “Smaller reporting company” as defined in Rule 12b-2 of the Exchange Act as of the date ASU 2019-10 was enacted. During the first half of 2019 the Company

9

engaged a third-party partner to assist it in implementation of this standard. Over the last three years significant progress has been made working through the assumptions, drivers, documentation and other mechanics for the calculation of the Company’s ALL under ASU 2016-13. Throughout this process, Management has evaluated the impact of this update. While the general expectation in the banking industry is that the implementation of this standard will result in higher required balances within the ALL, it is not anticipated to have a significant impact on the Company’s overall ALL balances.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying GAAP to contracts hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The updated guidance is effective for all entities from March 12, 2020 through December 31, 2022. The Company has been diligent in responding to reference rate reform and does not anticipate a significant impact to its financial statements as a result.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU provides guidance on eliminating the requirement for classification of and disclosures around troubled debt restructurings. The purpose of this guidance is to eliminate unnecessary and overly-complex disclosures of loans that are already incorporated into the allowance for credit losses and related disclosures. This ASU further requires the disclosure of current-period gross charge-offs by year of origination. The updated guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, for all entities which have implemented ASU 2016-13. The Company has historically had very few credit relationships classified as troubled debt restructurings, and as such does not anticipate that the elimination of accounting for and disclosure of these types of credit relationships will have a significant impact to its financial statements upon implementation of ASU 2016-13 beginning with the first quarter of 2023.

NOTE 2 – ACQUISITIONS

On January 18, 2022, the Company entered into an Agreement and Plan of Merger with Denmark Bancshares, Inc. (“Denmark”), a Wisconsin Corporation, under which Denmark will merge with and into the Company and Denmark’s banking subsidiary, Denmark State Bank, will merge with and into the Bank. The transaction is expected to close during the third quarter of 2022, and is subject to, among other items, approval by the shareholders of both institutions and regulatory agencies. Merger consideration will consist of up to 20% cash and no less than 80% common stock of the Company, and will total approximately $119 million, subject to the fair market value of the Company’s common stock on the date of closing. Based on results as of March 31, 2022, the combined company would have total assets of approximately $3.61 billion, loans of approximately $2.79 billion and deposits of approximately $3.17 billion.

For more information concerning the Company’s acquisitions, see “Note 2 – Acquisition” in the Company’s audited consolidated financial statements included in the Company’s Annual Report.

NOTE 3 – EARNINGS PER SHARE

The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no anti-dilutive stock options for the three months ended March 31, 2022 or 2021.

10

The following table presents the factors used in the earnings per share computations for the period indicated:

Three Months Ended March 31, 

    

2022

    

2021

Basic

Net income available to common shareholders

$

10,183

$

11,514

Less: Earnings allocated to participating securities

(79)

(88)

Net income allocated to common shareholders

$

10,104

$

11,426

 

 

Weighted average common shares outstanding including participating securities

7,599,382

7,716,424

Less: Participating securities (1)

(59,119)

(59,123)

Average shares

7,540,263

7,657,301

Basic earnings per common shares

$

1.34

$

1.49

Diluted

Net income available to common shareholders

$

10,183

$

11,514

Weighted average common shares outstanding for basic earnings per common share

7,540,263

7,657,301

Add: Dilutive effects of stock based compensation awards

18,956

20,675

Average shares and dilutive potential common shares

7,559,219

7,677,976

Diluted earnings per common share

$

1.34

$

1.49

(1)Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested.

NOTE 4 – SECURITIES

The following is a summary of available for sale securities:

    

    

Gross

    

Gross

    

Amortized

Unrealized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

March 31, 2022

 

  

 

  

 

  

 

  

U.S. Treasury securities

$

149,576

$

$

(3,466)

$

146,110

Obligations of U.S. Government sponsored agencies

 

25,398

 

 

(1,555)

 

23,843

Obligations of states and political subdivisions

81,173

1,009

(2,285)

79,897

Mortgage-backed securities

25,105

219

(121)

25,203

Corporate notes

 

20,580

 

389

 

(470)

 

20,499

Certificates of deposit

1,520

(9)

1,511

Total available for sale securities

$

303,352

$

1,617

$

(7,906)

$

297,063

December 31, 2021

 

 

 

 

U.S. Treasury securities

$

49,574

$

121

$

(193)

$

49,502

Obligations of U.S. Government sponsored agencies

26,722

165

(341)

26,546

Obligations of states and political subdivisions

83,019

3,786

(67)

86,738

Mortgage-backed securities

 

26,143

 

1,117

 

(1)

 

27,259

Corporate notes

 

20,760

 

436

 

(94)

 

21,102

Certificates of deposit

1,529

13

1,542

Total available for sale securities

$

207,747

$

5,638

$

(696)

$

212,689

11

The following is a summary of held to maturity securities:

    

    

Gross

    

Gross

    

Amortized

Unrealized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

March 31, 2022

Obligations of states and political subdivisions

$

5,841

$

4

$

$

5,845

December 31, 2021

 

  

 

  

 

  

 

  

Obligations of states and political subdivisions

$

5,911

$

11

$

$

5,922

The following table shows the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

Less Than 12 Months

Greater Than 12 Months

Total

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

Value

Losses

Value

Losses

Value

Losses

March 31, 2022 - Available for Sale

U.S. Treasury securities