2020 Annual Report

asset-backed securities represented 10.0% of the portfolio, and other mortgage-backed securities represented 0.2% of the portfolio.

The following table presents the amortized cost and fair value of securities available for sale, by type, at December 31, 2020, 2019 and 2018.

December 31, 2020

December 31, 2019

December 31, 2018

Amortized

Fair

Amortized

Fair Value

Amortized

Fair

Cost Value U.S. Treasury Securities . . . . . . . . . . . . . . $ — $ — $ 4,990 $ 4,998 $ 17,862 $ 17,897 SBA Securities . . . . . . . . . . . . . . . . . . . . . . 40,455 40,107 50,126 49,559 49,876 49,054 Value Cost Cost

Mortgage-Backed Securities Issued or Guaranteed by U.S. Agencies (MBS): Residential Pass-Through: Guaranteed by GNMA . . . . . . . . . . .

892

957 1,195 1,215 6,357 6,137

Issued by FNMA and FHLMC. . . . . 16,067 16,117 3,571 3,543

314

314

Other Residential Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . 94,440 94,409 46,464 46,695 25,252 24,539 Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . 11,254 12,032 12,019 12,213 15,443 14,736 All Other Commercial MBS . . . . . . . . . . 742 745 1,063 1,062 1,450 1,450 Total MBS . . . . . . . . . . . . . . . . . . . . . 123,395 124,260 64,312 64,728 48,816 47,176 Municipal Securities . . . . . . . . . . . . . . . . . 105,975 115,012 99,441 105,743 117,991 118,133 Corporate Securities . . . . . . . . . . . . . . . . . 71,116 72,155 49,674 50,176 21,170 21,118 Asset-Backed Securities . . . . . . . . . . . . . . 38,135 39,095 14,673 14,673 — — Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 379,076 $ 390,629 $ 283,216 $ 289,877 $ 255,715 $ 253,378

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