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INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

NOTE 5 – INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available-for-sale at the dates indicated are summarized as follows:


					Gross			Gross
		Amortized			unrealized			unrealized			Estimated
		cost			gains			losses			fair value
September 30, 2022 (As Restated)
U.S. Government Agencies		$	1,506		$	—		$	—		$	1,506
Municipal securities			21,494			3			(2,194)			19,303
Mortgage-backed securities			35,472			30			(4,256)			31,246
Collateralized mortgage obligations			28,653			—			(2,768)			25,885
SBA securities			4,694			25			(107)			4,612
Corporate bonds			77,150			92			(6,984)			70,258
Total		$	168,969		$	150		$	(16,309)		$	152,810


					Gross			Gross
		Amortized			unrealized			unrealized			Estimated
		cost			gains			losses			fair value
December 31, 2021
U.S. Government Agencies		$	1,510		$	—		$	—		$	1,510
Municipal securities			23,646			493			(16)			24,123
Mortgage-backed securities			33,973			1,333			(210)			35,096
Collateralized mortgage obligations			27,228			436			(158)			27,506
SBA securities			6,055			53			(20)			6,088
Corporate bonds			60,650			851			(166)			61,335
Total		$	153,062		$	3,166		$	(570)		$	155,658

During the three and nine months ended September 30, 2022, the Company sold none and one available-for-sale securities for minimal realized gains, respectively, and the Company sold six securities available-for-sale for net realized gains of $22,000 during the three and nine months ended September 30, 2021.

The estimated fair value and gross unrealized losses for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position at the dates indicated are as follows:


		Less than 12 months						12 months or more						Total
		Estimated			Unrealized			Estimated			Unrealized			Estimated			Unrealized
		fair value			loss			fair value			loss			fair value			loss
September 30, 2022 (As Restated)
Municipal securities		$	15,518		$	(1,874)		$	2,216		$	(320)		$	17,734		$	(2,194)
Mortgage-backed securities			25,682			(2,988)			5,089			(1,268)			30,771			(4,256)
Collateralized mortgage obligations			51,074			(1,673)			7,291			(1,095)			58,365			(2,768)
SBA securities			1,063			(99)			499			(8)			1,562			(107)
Corporate bonds			54,417			(5,742)			11,508			(1,242)			65,925			(6,984)
Total		$	147,754		$	(12,376)		$	26,603		$	(3,933)		$	174,357		$	(16,309)


		Less than 12 months						12 months or more						Total
		Estimated			Unrealized			Estimated			Unrealized			Estimated			Unrealized
		fair value			loss			fair value			loss			fair value			loss
December 31, 2021
Municipal securities		$	3,932		$	(16)		$	—		$	—		$	3,932		$	(16)
Mortgage-backed securities			2,954			(111)			2,133			(99)			5,087			(210)
Collateralized mortgage obligations			9,236			(108)			1,605			(50)			10,841			(158)
SBA securities			134			—			1,058			(20)			1,192			(20)
Corporate bonds			23,084			(166)			—			—			23,084			(166)
Total		$	39,340		$	(401)		$	4,796		$	(169)		$	44,136		$	(570)

At September 30, 2022, the Company held 330 investment securities, of which 38 were in an unrealized loss position for more than twelve months and 238 were in an unrealized loss position for less than twelve months. These temporary unrealized losses relate principally to current interest rates for similar types of securities. The Company anticipates full recovery of amortized cost with respect to these securities at maturity or sooner in the event of a more favorable market interest rate environment.

The amortized cost and estimated fair value of securities available-for-sale at the dates indicated by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


		September 30, 2022						December 31, 2021
		Amortized			Estimated			Amortized			Estimated
		cost			fair value			cost			fair value
		(As Restated)			(As Restated)
Available-for-sale
Due in one year or less		$	1,007		$	1,000		$	862		$	865
Due after one through five years			23,459			22,760			23,519			24,173
Due after five years through ten years			93,356			85,813			79,116			79,993
Due after ten years			51,147			43,237			49,565			50,627
Total		$	168,969		$	152,810		$	153,062		$	155,658

Equity securities – The company recognized a net loss of $362,000 and $4.0 million for the three and nine months ended September 30, 2022, respectively due to a decrease in fair value of equity securities. Equity securities were $14.4 million as of September 30, 2022, compared to $18.8 million as of December 31, 2021.