Estimation of Fair Values. Fair values for securities available-for-sale are obtained from an independent third-party pricing service. Where available, fair values are based on quoted prices on a nationally recognized securities exchange. If quoted prices are not available, fair values are measured using quoted market prices for similar benchmark securities. Management generally makes no adjustments to the fair value quotes provided by the pricing source. The fair values of foreclosed real estate and the underlying collateral value of impaired loans are typically determined based on evaluations by third parties, less estimated costs to sell. When necessary, appraisals are updated to reflect changes in market conditions.
See Note 1 and Note 15 of the notes to the financial statements of the Company.
Comparison of Balance Sheets at December 31, 2022 and December 31, 2021
Total Assets. Total assets increased $71.6 million, or 22.7%, to $386.5 million at December 31, 2022 from $314.9 million at December 31, 2021, primarily reflecting an increase in net loans receivable and securities available-for-sale, partially offset by a decrease in cash and cash equivalents.
Cash and cash equivalents decreased by $9.7 million, or 36.0%, to $17.2 million at December 31, 2022 from $26.9 million at December 31, 2021 due to investing in short term treasury securities with excess liquidity at December 31, 2022.
Net loans receivable increased $51.7 million, or 20.7%, to $300.9 million at December 31, 2022 from $249.2 million at December 31, 2021 primarily due to increases in commercial real estate, construction real estate and commercial and industrial loans, with the Company having growth in all portfolio segments. Commercial real estate loans increased $30.3 million, or 25.6%, to $148.6 million at December 31, 2022 from $118.3 million at December 31, 2021. Construction real estate loans increased $6.7 million, or 48.4%, to $20.4 million at December 31, 2022 from $13.8 million at December 31, 2021. Commercial and industrial loans increased $6.0 million, or 50.5%, to $17.9 million at December 31, 2022 from $11.9 million at December 31, 2021. One- to four-family residential real estate loans increased $4.4 million, or 4.1%, to $110.4 million at December 31, 2022 from $106.0 million at December 31, 2021. Consumer and other loans increased $5.2 million, or 170.0%, to $8.2 million at December 31, 2022 from $3.0 million at December 31, 2021. The increase in commercial real estate, construction real estate and commercial and industrial loans was primarily due to our strategy to expand our commercial loan portfolio to diversify our balance sheet.
Debt securities available-for-sale increased $26.4 million, or 102.9%, to $52.0 million at December 31, 2022 from $25.6 million at December 31, 2021 due to a strategy of investing in short-term treasury securities with excess liquidity. The Company had purchases of $39.7 million of treasury securities partially offset by maturities and calls of securities of $10.0 million combined with $1.4 million of principal repayments on mortgage-backed securities, a decrease in the fair market value of debt securities available-for-sale of $2.1 million due to the increase in market interest rates during 2022 and $147,000 in net accretion of discounts and amortization of premiums. The remaining weighted average life of our debt securities available for sale portfolio is 1.39 years at December 31, 2022.
Premises and equipment decreased by $256,000, or 13.1%, to $1.7 million at December 31, 2022 from $1.9 million at December 31, 2021, primarily due to depreciation and amortization of fixed assets of $225,000.
Bank owned life insurance increased by $174,000, or 2.4%, to $7.5 million at December 31, 2022 from $7.3 million at December 31, 2021, primarily due to the earnings on existing policies.
Restricted stock increased by $1.4 million, or 154.6%, to $2.3 million at December 31, 2022 from $884,000 at December 31, 2021 due to additional Federal Home Loan Bank of Pittsburgh stock acquired in conjunction with increased borrowings from the Federal Home Loan Bank of Pittsburgh during 2022.
Deposits and Borrowings. Total deposits increased $38.4 million, or 15.3%, to $289.5 million at December 31, 2022 from $251.1 million at December 31, 2021. The increase in our deposits reflected a $36.2 million increase in certificates of deposits, a $6.2 million increase in noninterest-bearing demand accounts, a $2.7 million increase in interest-bearing demand accounts and a $646,000 increase in savings accounts, partially offset by a $7.5 million decrease in money