Investment Securities (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Unrealized Gain (Loss) on Investments |
The amortized cost and estimated fair value of investment securities at September 30, 2022 and December 31, 2021 are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Securities Available for Sale | | | | | | | | | | (in thousands) | | | | | | | | | | September 30, 2022 | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Fair
Value | | Available for sale | | | | | | | | | | U.S. Treasuries | | $ | 232,406 | | | $ | — | | | $ | (17,466) | | | $ | 214,940 | | | | | | | | | | | | Municipal | | 10,817 | | | — | | | (2,730) | | | 8,087 | | | Corporate | | 5,000 | | | — | | | (352) | | | 4,648 | | | Asset-backed securities | | 8,323 | | | — | | | (101) | | | 8,222 | | | Mortgage-backed securities | | 36,604 | | | — | | | (2,881) | | | 33,723 | | | Total | | $ | 293,150 | | | $ | — | | | $ | (23,530) | | | $ | 269,620 | | | | | | | | | | | | December 31, 2021 | | | | | | | | | | Available for sale | | | | | | | | | | U.S. Treasuries | | $ | 132,452 | | | $ | 45 | | | $ | (1,496) | | | $ | 131,001 | | | | | | | | | | | | Municipal | | 10,825 | | | 43 | | | (394) | | | 10,474 | | | Corporate | | 5,000 | | | — | | | (66) | | | 4,934 | | | Asset-backed securities | | 10,093 | | | 59 | | | (12) | | | 10,140 | | | Mortgage-backed securities | | 27,589 | | | 514 | | | (197) | | | 27,906 | | | Total | | $ | 185,959 | | | $ | 661 | | | $ | (2,165) | | | $ | 184,455 | |
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| Schedule of Investment Portfolio in Continuous Unrealized Loss Position, Fair Value |
Information related to unrealized losses in the investment portfolio as of September 30, 2022 and December 31, 2021 is summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Securities Unrealized Losses | | | | | | | | | | | | (in thousands) | | Less than 12 months | | 12 months or longer | | Total | | September 30, 2022 | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 116,078 | | | $ | (4,968) | | | $ | 98,862 | | | $ | (12,498) | | | $ | 214,940 | | | $ | (17,466) | | | | | | | | | | | | | | | | Municipal | | 1,412 | | | (248) | | | 6,675 | | | (2,482) | | | 8,087 | | | (2,730) | | | Corporate | | — | | | — | | | 4,648 | | | (352) | | | 4,648 | | | (352) | | | Asset-backed securities | | 6,460 | | | (78) | | | 1,762 | | | (23) | | | 8,222 | | | (101) | | Mortgage-backed securities | | 22,126 | | | (1,862) | | | 11,597 | | | (1,019) | | | 33,723 | | | (2,881) | | | Total | | $ | 146,076 | | | $ | (7,156) | | | $ | 123,544 | | | $ | (16,374) | | | $ | 269,620 | | | $ | (23,530) | | | | | | | | | | | | | | | | December 31, 2021 | | | | | | | | | | | | | | U.S. Treasuries | | $ | 110,191 | | | $ | (1,496) | | | $ | — | | | $ | — | | | $ | 110,191 | | | $ | (1,496) | | | | | | | | | | | | | | | | Municipal | | 5,750 | | | (248) | | | 3,019 | | | (146) | | | 8,769 | | | (394) | | | Corporate | | 4,448 | | | (52) | | | 486 | | | (14) | | | 4,934 | | | (66) | | | Asset-backed securities | | — | | | — | | | 2,115 | | | (12) | | | 2,115 | | | (12) | | Mortgage-backed securities | | 14,114 | | | (189) | | | 2,124 | | | (8) | | | 16,238 | | | (197) | | | Total | | $ | 134,503 | | | $ | (1,985) | | | $ | 7,744 | | | $ | (180) | | | $ | 142,247 | | | $ | (2,165) | |
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| Investments Classified by Contractual Maturity Date |
Contractual maturities of investment securities at September 30, 2022 and December 31, 2021 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call premiums or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contractual Maturities | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | | (in thousands) | | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Within one year | | $ | 60,645 | | | $ | 60,219 | | | $ | — | | | $ | — | | | Over one to five years | | 98,111 | | | 91,686 | | | 58,602 | | | 57,650 | | | Over five to ten years | | 78,650 | | | 67,684 | | | 78,850 | | | 78,285 | | | Over ten years | | 10,817 | | | 8,086 | | | 10,825 | | | 10,474 | | Asset-backed securities(1) | | 8,323 | | | 8,222 | | | 10,093 | | | 10,140 | | Mortgage-backed securities(1) | | 36,604 | | | 33,723 | | | 27,589 | | | 27,906 | | | Total | | $ | 293,150 | | | $ | 269,620 | | | $ | 185,959 | | | $ | 184,455 | |
_______________ (1) Asset-backed and Mortgage-backed securities are due in monthly installments.
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