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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The amortized cost, estimated fair value and related unrealized gains and losses on securities available for sale and held to maturity as of March 31, 2023 and December 31, 2022, respectively, were as follows:
Available for sale securitiesAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
March 31, 2023
U.S. government agency obligations$25,213 $153 $184 $25,182 
Mortgage-backed securities96,020 — 17,061 78,959 
Corporate debt securities47,141 — 4,926 42,215 
Corporate asset-based securities27,933 11 877 27,067 
Total available for sale securities$196,307 $164 $23,048 $173,423 
December 31, 2022
U.S. government agency obligations$18,373 $173 $233 $18,313 
Mortgage-backed securities97,458 — 18,848 78,610 
Corporate debt securities44,636 — 4,385 40,251 
Corporate asset-based securities29,877 — 1,060 28,817 
Total available for sale securities$190,344 $173 $24,526 $165,991 
Held to maturity securitiesAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
March 31, 2023
Obligations of states and political subdivisions$600 $— $45 $555 
Mortgage-backed securities94,701 9 18,082 76,628 
Total held to maturity securities$95,301 $9 $18,127 $77,183 
December 31, 2022
Obligations of states and political subdivisions$600 $— $54 $546 
Mortgage-backed securities95,779 7 19,553 76,233 
Total held to maturity securities$96,379 $7 $19,607 $76,779 
At March 31, 2023, the Bank has pledged mortgage-backed securities with a carrying value of $30,396 as collateral against a borrowing line of credit with the Federal Reserve Bank. However, as of March 31, 2023, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of March 31, 2023, the Bank has pledged U.S. Government Agency securities with a carrying value of $2,224 and mortgage-backed securities with a carrying value of $2,116 as collateral against specific municipal deposits. As of March 31, 2023, the Bank also has mortgage-backed securities with a carrying value of $122 pledged as collateral to the Federal Home Loan Bank of Des Moines.
At December 31, 2022, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $5,421 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2022, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2022, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $2,602 and mortgage-backed securities with a carrying value of $2,219 as collateral against specific municipal deposits. As of December 31, 2022, the Bank also has mortgage-backed securities with a carrying value of $142 pledged as collateral to the Federal Home Loan Bank of Des Moines.
For the three month periods ended March 31, 2023 and March 31, 2022, there were no sales of available for sale securities.
The estimated fair value of securities at March 31, 2023 and December 31, 2022, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities on mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Expected maturities may differ from contractual maturities on certain agency and municipal securities due to the call feature.
March 31, 2023December 31, 2022
Available for sale securitiesAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year or less$— $— $— $— 
Due after one year through five years11,624 11,300 8,525 8,184 
Due after five years through ten years48,688 43,988 45,622 41,427 
Due after ten years39,975 39,176 38,739 37,770 
Total securities with contractual maturities$100,287 $94,464 $92,886 $87,381 
Mortgage-backed securities96,020 78,959 97,458 78,610 
Total available for sale securities$196,307 $173,423 $190,344 $165,991 

March 31, 2023December 31, 2022
Held to maturity securitiesAmortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year or less$100 $97 $— $— 
Due after one year through five years500 458 450 415 
Due after five years through ten years— — 150 131 
Total securities with contractual maturities600 555 600 546 
Mortgage-backed securities94,701 76,628 95,779 76,233 
Total held to maturity securities$95,301 $77,183 $96,379 $76,779 
Securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
 Less than 12 Months12 Months or MoreTotal
Available for sale securitiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
March 31, 2023
U.S. government agency obligations$5,015 $7 $2,923 $177 $7,938 $184 
Mortgage-backed securities— — 78,934 17,061 78,934 17,061 
Corporate debt securities17,080 1,070 25,135 3,856 42,215 4,926 
Corporate asset-based securities— — 25,801 877 25,801 877 
Total$22,095 $1,077 $132,793 $21,971 $154,888 $23,048 
December 31, 2022
U.S. government agency obligations$3,169 $138 $1,138 $95 $4,307 $233 
Mortgage backed securities9,654 896 68,907 17,952 78,561 18,848 
Corporate debt securities21,547 1,688 18,704 2,697 40,251 4,385 
Corporate asset-based securities7,955 221 20,862 839 28,817 1,060 
Total $42,325 $2,943 $109,611 $21,583 $151,936 $24,526 
 Less than 12 Months12 Months or MoreTotal
Held to maturity securitiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
March 31, 2023
Obligations of states and political subdivisions$— $— $555 $45 $555 $45 
Mortgage-backed securities365 9 76,035 18,073 76,400 18,082 
Total$365 $9 $76,590 $18,118 $76,955 $18,127 
December 31, 2022
Obligations of states and political subdivisions$— $— $546 $54 $546 $54 
Mortgage-backed securities16,627 2,416 59,367 17,137 75,994 19,553 
Total$16,627 $2,416 $59,913 $17,191 $76,540 $19,607 
 
The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. As part of such monitoring, the credit quality of individual securities and their issuer is assessed. Significant inputs used to measure the amount of other-than-temporary impairment related to credit loss include, but are not limited to; the Company’s intent and ability to sell the debt security prior to recovery, that it is more likely than not that the Company will not sell the security prior to recovery, default and delinquency rates of the underlying collateral, remaining credit support, and historical loss severities. Adjustments to market value of available for sale securities that are considered temporary are recorded as separate components of stockholders’ equity, net of tax. If the unrealized loss of a security is identified as other-than-temporary based on information available, such as the decline in the creditworthiness of the issuer, external market ratings, or the anticipated or realized elimination of associated dividends, such impairments are further analyzed to determine if credit loss exists. If there is a credit loss, it will be recorded in the Company’s consolidated statement of operations. Non-credit components of the unrealized losses on available for sale securities will continue to be recognized in other comprehensive income (loss), net of tax. Unrealized losses reflected in the preceding tables have not been included in results of operations because the unrealized loss was not deemed other-than-temporary. Management has determined that more likely than not, the Company neither intends to sell, nor will it be required to sell each debt security before its anticipated recovery, and therefore recovery of cost will occur.