v3.22.0.1

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Investment

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

Schedule of Investment Portfolio in Continuous Unrealized Loss Position, Fair Value

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)

Schedule Of Pledged Securities

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

Schedule of Investments Classified by Contractual Maturity Date

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.

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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-Publisher FASB
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-SubTopic 30
-Section 50
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Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 45
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