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Investment Securities | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and fair values of investment securities at the date indicated are as follows:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (dollars in thousands)
December 31, 2022 |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 99,967 |  |  | $ | — |  |  | $ | (2,952) |  |  | $ | 97,015 |
U.S. Agency collateralized mortgage obligations | 54 |  |  | — |  |  | (3) |  |  | 51 |
U.S. Agency residential mortgage-backed securities | 1 |  |  | — |  |  | — |  |  | 1 |
Municipal bonds | 250 |  |  | — |  |  | — |  |  | 250 |
Total available-for-sale securities | 100,272 |  |  | — |  |  | (2,955) |  |  | 97,317 |
Held-to-maturity |  |  |  |  |  |  |
U.S. Agency residential mortgage-backed securities | 1,036 |  |  | — |  |  | (120) |  |  | 916 |
Total investment securities | $ | 101,308 |  |  | $ | — |  |  | $ | (3,075) |  |  | $ | 98,233 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (dollars in thousands)
December 31, 2021 |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 34,999 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 34,998 |
U.S. Agency collateralized mortgage obligations | 68 |  |  | 2 |  |  | — |  |  | 70 |
U.S. Agency residential mortgage-backed securities | 3 |  |  | — |  |  | — |  |  | 3 |
Municipal bonds | 252 |  |  | 4 |  |  | — |  |  | 256 |
Total available-for-sale securities | 35,322 |  |  | 6 |  |  | (1) |  |  | 35,327 |
Held-to-maturity |  |  |  |  |  |  |
U.S. Agency residential mortgage-backed securities | 1,296 |  |  | 52 |  |  | — |  |  | 1,348 |
Total investment securities | $ | 36,618 |  |  | $ | 58 |  |  | $ | (1) |  |  | $ | 36,675 |
The amortized cost and fair value of debt securities at December 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers in mortgage backed securities or obligations may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are shown separately, since they are not due at a single maturity date.
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (dollars in thousands)
December 31, 2022 |  |  |  |  |  |  |
Amounts maturing in |  |  |  |  |  |  |
One year or less | $ | 250 |  |  | $ | 250 |  |  | $ | — |  |  | $ | — |
After one year through five years | 99,967 |  |  | 97,016 |  |  | — |  |  | — |
| 100,217 |  |  | 97,266 |  |  | — |  |  | — |
U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations | 55 |  |  | 51 |  |  | 1,036 |  |  | 916 |
| $ | 100,272 |  |  | $ | 97,317 |  |  | $ | 1,036 |  |  | $ | 916 |
Investment securities with amortized cost of $37.8 million and $36.0 million at December 31, 2022 and December 31, 2021 respectively, were pledged to secure public deposits and for other purposes as required or permitted by law. During the year ended December 31, 2022, a total of five U.S. Treasury Bills were purchased for a total of $135.0 million, to replace maturing securities and to pledge as security for public deposits, and $70.0 million in U.S. Treasury securities matured during the year ended December 31, 2022. There were no sales of investments during the year ended December 31, 2022 or December 31, 2021. Information pertaining to securities with gross unrealized losses at the dates indicated, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (dollars in thousands)
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 97,015 |  |  | $ | 2,952 |  |  | $ | — |  |  | $ | — |  |  | $ | 97,015 |  |  | $ | 2,952 |
U.S. Agency collateralized mortgage obligations | 50 |  |  | 3 |  |  | — |  |  | — |  |  | 50 |  |  | 3 |
Total available-for-sale securities | 97,065 |  |  | 2,955 |  |  | — |  |  | — |  |  | 97,065 |  |  | 2,955 |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. Agency residential mortgage-backed securities | 916 |  |  | 120 |  |  | — |  |  | — |  |  | 916 |  |  | 120 |
Total investment securities | $ | 97,981 |  |  | $ | 3,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 97,981 |  |  | $ | 3,075 |
At December 31, 2022 and December 31, 2021, there were six and four securities, respectively, in an unrealized loss position. Unrealized losses have not been recognized into income because management does not intend to sell and does not expect it will be required to sell the investments. The decline is largely due to changes in market conditions and interest rates, rather than credit quality. The fair value is expected to recover as the underlying securities in the portfolio approach maturity date and market conditions improve. The Company does not consider these securities to be other than temporarily impaired at December 31, 2022.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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