v3.22.0.1

Investment Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment SecuritiesThe investment securities portfolio consists primarily of U.S. government sponsored entity securities, asset-backed securities, securities issued by states, counties and municipalities, corporate bonds and mortgage backed securities (“MBS”). The asset-backed securities are comprised of student loan collateral issued by the Federal Family Education Loan Program (“FFELP”) which includes a minimum of a 97% government repayment guarantee, as well as additional support in excess of the government guaranteed portion.

Note 3 - Investment Securities (continued)

The amortized cost and estimated fair value of investment securities available for sale at December 31, 2021 and 2020 are summarized as follows:

						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
(in thousands)
December 31, 2021
U.S Treasuries						$	132,452					$	45					$	(1,496)					$	131,001
Asset-backed securities						10,093						59						(12)						10,140
Municipal						10,825						43						(394)						10,474
Corporate						5,000						—						(66)						4,934
Mortgage-backed securities						27,589						514						(197)						27,906
						$	185,959					$	661					$	(2,165)					$	184,455
December 31, 2020
Asset-backed securities						$	10,839					$	42					$	—					$	10,881
Municipal						10,836						108						(17)						10,927
Corporate						5,759						30						(22)						5,767
Mortgage-backed securities						70,016						2,208						(12)						72,212
						$	97,450					$	2,388					$	(51)					$	99,787

Proceeds from the sale of securities during the years ended December 31, 2021 and 2020 were $66.5 million and $1.0 million respectively, and resulted in gains of $694.2 thousand and losses of $540.8 thousand for December 31, 2021 and gains of $20 thousand and no losses for the same period in 2020.

Information related to unrealized losses in the investment portfolio as of December 31, 2021 and 2020 are as follows:

						Less than 12 months												12 months or longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
(in thousands)
December 31, 2021
U.S. Treasuries						$	110,191					$	(1,496)					$	—					$	—					$	110,191					$	(1,496)
Asset-backed securities						—						—						2,115						(12)						2,115						(12)
Municipal						5,750						(248)						3,019						(146)						8,769						(394)
Corporate						4,448						(52)						486						(14)						4,934						(66)
Mortgage-backed securities						14,114						(189)						2,124						(8)						16,238						(197)
						$	134,503					$	(1,985)					$	7,744					$	(180)					$	142,247					$	(2,165)
December 31, 2020
Municipal						$	3,151					$	(17)					$	—					$	—					$	3,151					$	(17)
Corporate						1,994						(6)						244						(16)						2,238						(22)
Mortgage-backed securities						2,410						(12)						—						—						2,410						(12)
						$	7,555					$	(35)					$	244					$	(16)					$	7,799					$	(51)

At December 31, 2021, there was one asset-backed security, two municipal securities, one corporate security, and one mortgage-backed security that have been in a loss position for greater than twelve months. Management believes that all unrealized losses have resulted from temporary changes in interest rates and current market conditions and not as a result of credit deterioration. Management has the ability and the intent to hold these investment securities until maturity or until they recover in value.

Note 3 - Investment Securities (continued)

There were no pledged securities at December 31, 2021. A summary of pledged securities at December 31, 2020 is shown below:

																		December 31,
												2020
(in thousands)																		Amortized Cost						Fair Value
Federal Home Loan Bank (“FHLB”) advances																		$	1,142					$	1,189
																		$	1,142					$	1,189

Contractual maturities of U.S. government-sponsored agencies, asset-backed, municipal, corporate and mortgage-backed securities at December 31, 2021 and 2020 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						For the Years Ended December 31,
						2021												2020
(in thousands)						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Over one to five years						$	58,602					$	57,650					$	—					$	—
Over five to ten years						78,850						78,285						5,500						5,524
Over ten years						10,825						10,474						11,095						11,170
Asset-backed securities(1)						10,093						10,140						10,839						10,881
Mortgage-backed securities(1)						27,589						27,906						70,016						72,212
						$	185,959					$	184,455					$	97,450					$	99,787

(1) Mortgage-backed and Asset-backed securities are due in monthly installments.

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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 http://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 http://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 http://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 http://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

Name:	us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration