XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

SECURITIES | 9 Months Ended
--- | ---
Sep. 30, 2022
SECURITIES [Abstract] |
SECURITIES | NOTE 3 – SECURITIES The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at September 30, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) and gross unrecognized gains and losses:
Securities Available for Sale |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 45,988 |  |  | $ | — |  |  | $ | (3,198 | ) |  | $ | 42,790 |
U.S. Government sponsored entity securities |  |  | 21,344 |  |  |  | — |  |  |  | (2,627 | ) |  |  | 18,717 |
Agency mortgage-backed securities, residential |  |  | 141,183 |  |  |  | — |  |  |  | (17,846 | ) |  |  | 123,337 |
Total securities |  | $ | 208,515 |  |  | $ | — |  |  | $ | (23,671 | ) |  | $ | 184,844 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 20,182 |  |  | $ | — |  |  | $ | (39 | ) |  | $ | 20,143 |
U.S. Government sponsored entity securities |  |  | 25,980 |  |  |  | 109 |  |  |  | (173 | ) |  |  | 25,916 |
Agency mortgage-backed securities, residential |  |  | 129,942 |  |  |  | 1,476 |  |  |  | (477 | ) |  |  | 130,941 |
Total securities |  | $ | 176,104 |  |  | $ | 1,585 |  |  | $ | (689 | ) |  | $ | 177,000 |
Securities Held to Maturity |  | Amortized Cost |  |  | Gross Unrecognized Gains |  |  | Gross Unrecognized Losses |  |  | Estimated Fair Value |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 9,641 |  |  | $ | 30 |  |  | $ | (1,017 | ) |  | $ | 8,654 |
Agency mortgage-backed securities, residential |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total securities |  | $ | 9,642 |  |  | $ | 30 |  |  | $ | (1,017 | ) |  | $ | 8,655 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 10,292 |  |  | $ | 200 |  |  | $ | (44 | ) |  | $ | 10,448 |
Agency mortgage-backed securities, residential |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Total securities |  | $ | 10,294 |  |  | $ | 200 |  |  | $ | (44 | ) |  | $ | 10,450 |
The amortized cost and estimated fair value of debt securities at September 30, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay the debt obligations prior to their contractual maturities. Securities not due at a single maturity are shown separately.
|  | Available for Sale |  |  | Held to Maturity |
Debt Securities: |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due in one year or less |  | $ | 1,998 |  |  | $ | 1,987 |  |  | $ | 359 |  |  | $ | 360 |
Due in over one to five years |  |  | 60,334 |  |  |  | 55,264 |  |  |  | 3,522 |  |  |  | 3,376 |
Due in over five to ten years |  |  | 5,000 |  |  |  | 4,256 |  |  |  | 3,022 |  |  |  | 2,718 |
Due after ten years |  |  | — |  |  |  | — |  |  |  | 2,738 |  |  |  | 2,200 |
Agency mortgage-backed securities, residential |  |  | 141,183 |  |  |  | 123,337 |  |  |  | 1 |  |  |  | 1 |
Total debt securities |  | $ | 208,515 |  |  | $ | 184,844 |  |  | $ | 9,642 |  |  | $ | 8,655 |
The following table summarizes securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position:
September 30, 2022 |  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 42,790 |  |  | $ | (3,198 | ) |  | $ | — |  |  | $ | — |  |  | $ | 42,790 |  |  | $ | (3,198 | )
U.S. Government sponsored entity securities |  |  | 8,017 |  |  |  | (827 | ) |  |  | 10,700 |  |  |  | (1,800 | ) |  |  | 18,717 |  |  |  | (2,627 | )
Agency mortgage-backed securities, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
residential |  |  | 87,082 |  |  |  | (11,001 | ) |  |  | 36,255 |  |  |  | (6,845 | ) |  |  | 123,337 |  |  |  | (17,846 | )
Total available for sale |  | $ | 137,889 |  |  | $ | (15,026 | ) |  | $ | 46,955 |  |  | $ | (8,645 | ) |  | $ | 184,844 |  |  | $ | (23,671 | )
December 31, 2021 |  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 20,143 |  |  | $ | (39 | ) |  | $ | — |  |  | $ | — |  |  | $ | 20,143 |  |  | $ | (39 | )
U.S Government sponsored entity securities |  |  | 18,307 |  |  |  | (173 | ) |  |  | — |  |  |  | — |  |  |  | 18,307 |  |  |  | (173 | )
Agency mortgage-backed securities, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
residential |  |  | 64,560 |  |  |  | (477 | ) |  |  | — |  |  |  | — |  |  |  | 64,560 |  |  |  | (477 | )
Total available for sale |  | $ | 103,010 |  |  | $ | (689 | ) |  | $ | — |  |  | $ | — |  |  | $ | 103,010 |  |  | $ | (689 | )
September 30, 2022 |  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 5,206 |  |  | $ | (652 | ) |  | $ | 1,660 |  |  | $ | (365 | ) |  | $ | 6,866 |  |  | $ | (1,017 | )
Total held to maturity |  | $ | 5,206 |  |  | $ | (652 | ) |  | $ | 1,660 |  |  | $ | (365 | ) |  | $ | 6,866 |  |  | $ | (1,017 | )
December 31, 2021 |  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 2,617 |  |  | $ | (38 | ) |  | $ | 130 |  |  | $ | (6 | ) |  | $ | 2,747 |  |  | $ | (44 | )
Total held to maturity |  | $ | 2,617 |  |  | $ | (38 | ) |  | $ | 130 |  |  | $ | (6 | ) |  | $ | 2,747 |  |  | $ | (44 | )
There were no sales of investment securities during the three and nine months ended September 30, 2022 or 2021. Unrealized losses on the Company’s debt securities have not been recognized into income because the issuers’ securities were of high credit quality as of September 30, 2022, and management does not intend to sell, and it is likely that management will not be required to sell, the securities prior to their anticipated recovery. Management does not believe any individual unrealized loss at September 30, 2022 and December 31, 2021 represents an other-than-temporary impairment.

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