XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.22.1

Investment Securities | 3 Months Ended
--- | ---
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | (2) Investment Securities Investment securities available-for-sale at March 31, 2022 and December 31, 2021 are as follows: (in thousands)
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Estimated |
March 31, 2022 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. Treasury securities |  | $ | 5,078 |  |  | $ | — |  |  | $ | (401 | ) |  | $ | 4,677 |
Municipal securities - tax exempt |  |  | 538 |  |  |  | — |  |  |  | (50 | ) |  |  | 488 |
Municipal securities - taxable |  |  | 2,046 |  |  |  | — |  |  |  | (166 | ) |  |  | 1,880 |
U. S. Government sponsored enterprises |  |  | 11,837 |  |  |  | — |  |  |  | (1,511 | ) |  |  | 10,326 |
Government agency mortgage-backed securities |  |  | 20,536 |  |  |  | — |  |  |  | (1,521 | ) |  |  | 19,015 |
Corporate securities |  |  | 9,905 |  |  |  | — |  |  |  | (380 | ) |  |  | 9,525 |
Total |  | $ | 49,940 |  |  | $ | — |  |  | $ | (4,029 | ) |  | $ | 45,911 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 5,068 |  |  | $ | 5 |  |  | $ | (23 | ) |  | $ | 5,050 |
Municipal securities - tax exempt |  |  | 540 |  |  |  | — |  |  |  | (4 | ) |  |  | 536 |
Municipal securities - taxable |  |  | 796 |  |  |  | — |  |  |  | (6 | ) |  |  | 790 |
U. S. Government sponsored enterprises |  |  | 11,837 |  |  |  | — |  |  |  | (295 | ) |  |  | 11,542 |
Government agency mortgage-backed securities |  |  | 21,371 |  |  |  | 200 |  |  |  | (232 | ) |  |  | 21,339 |
Corporate securities |  |  | 9,425 |  |  |  | 20 |  |  |  | (145 | ) |  |  | 9,300 |
Total |  | $ | 49,037 |  |  | $ | 225 |  |  | $ | (705 | ) |  | $ | 48,557 |
There were 57 securities in an unrealized loss position as of March 31, 2022 for less than 12 months. There were four securities in an unrealized loss position for 12 months or greater as of March 31, 2022. The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades and are reviewed regularly. Four of the securities are agency bonds and five are U.S. Treasury bonds, so all of these are direct obligations of the U.S. Government. Thirty-six of the securities are mortgage backed bonds that have the direct or implied backing of the U.S. Government. Three of the bonds are municipal securities and the remaining 13 securities are corporate securities that are either trust preferred securities or subordinated debentures where the Bank performs a credit review regularly and such review has raised no concerns. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis which may be at maturity. The amortized cost and estimated fair value of investment securities available-for-sale at March 31, 2022, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands)
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
U.S. Treasury securities |  |  |  |  |  |
Within 1 year |  | $ | — |  |  | $ | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | 5,078 |  |  |  | 4,677 |
Greater than 10 years |  |  | — |  |  |  | — |
Municipal securities - tax exempt |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 538 |  |  |  | 488 |
Municipal securities - taxable |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | 796 |  |  |  | 724 |
Greater than 10 years |  |  | 1,250 |  |  |  | 1,156 |
Government agency securities |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | — |  |  |  | — |
Greater than 5 to 10 years |  |  | — |  |  |  | — |
Greater than 10 years |  |  | 11,837 |  |  |  | 10,326 |
Corporate securities |  |  |  |  |  |
Within 1 year |  |  | — |  |  |  | — |
Greater than 1 to 5 years |  |  | 495 |  |  |  | 486 |
Greater than 5 to 10 years |  |  | 8,910 |  |  |  | 8,614 |
Greater than 10 years |  |  | 500 |  |  |  | 425 |
|  |  | 29,404 |  |  |  | 26,896 |
Government agency mortgage-backed securities |  |  | 20,536 |  |  |  | 19,015 |
Total |  | $ | 49,940 |  |  | $ | 45,911 |
No securities were sold during the three months ended March 31, 2022 or 2021. Securities with a carrying value of approximately $2.5 million and $2.8 million were pledged to secure public deposits at March, 2022 and December 31, 2021, respectively.

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