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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Available-for-Sale

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale by Contractual 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