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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized as follows:


		June 30, 2022
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	36,827			$	40			$	(2,618	)		$	34,249
State and political subdivisions			47,559				77				(3,315	)			44,321
Corporate			14,604				752				(447	)			14,909
Asset backed securities			17,172				-				(645	)			16,527
Residential mortgage-backed - US agency			21,667				19				(1,278	)			20,408
Collateralized mortgage obligations - US agency			10,314				-				(914	)			9,400
Collateralized mortgage obligations - Private label			66,219				-				(3,072	)			63,147
Total			214,362				888				(12,289	)			202,961
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Total			206				-				-				206
Total available-for-sale		$	214,568			$	888			$	(12,289	)		$	203,167

Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	3,872			$	-			$	(87	)		$	3,785
State and political subdivisions			15,240				1				(1,720	)			13,521
Corporate			48,048				38				(1,159	)			46,927
Asset backed securities			15,257				21				(620	)			14,658
Residential mortgage-backed - US agency			7,764				17				(417	)			7,364
Collateralized mortgage obligations - US agency			15,775				5				(648	)			15,132
Collateralized mortgage obligations - Private label			75,576				7				(2,412	)			73,171
Total held-to-maturity		$	181,532			$	89			$	(7,063	)		$	174,558


		December 31, 2021
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	32,669			$	17			$	(413	)		$	32,273
State and political subdivisions			37,860				1,383				(44	)			39,199
Corporate			13,603				562				(38	)			14,127
Asset backed securities			13,693				9				(89	)			13,613
Residential mortgage-backed - US agency			22,482				148				(466	)			22,164
Collateralized mortgage obligations - US agency			12,658				30				(403	)			12,285
Collateralized mortgage obligations - Private label			56,848				285				(402	)			56,731
Total			189,813				2,434				(1,855	)			190,392
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Total			206				-				-				206
Total available-for-sale		$	190,019			$	2,434			$	(1,855	)		$	190,598

Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	-			$	-			$	-			$	-
State and political subdivisions			14,790				416				(140	)			15,066
Corporate			46,290				1,252				(102	)			47,440
Asset backed securities			14,636				67				(188	)			14,515
Residential mortgage-backed - US agency			9,740				277				(18	)			9,999
Collateralized mortgage obligations - US agency			11,362				367				(9	)			11,720
Collateralized mortgage obligations - Private label			64,105				222				(262	)			64,065
Total held-to-maturity		$	160,923			$	2,601			$	(719	)		$	162,805

Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity

The amortized cost and estimated fair value of debt investments at June 30, 2022 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 penalties.


		Available-for-Sale								Held-to-Maturity
		Amortized				Estimated				Amortized				Estimated
(In thousands)		Cost				Fair Value				Cost				Fair Value
Due in one year or less		$	4,576			$	5,309			$	2,825			$	2,826
Due after one year through five years			9,068				8,811				11,012				10,842
Due after five years through ten years			37,654				34,856				43,401				42,090
Due after ten years			64,864				61,030				25,179				23,133
Sub-total			116,162				110,006				82,417				78,891
Residential mortgage-backed - US agency			21,667				20,408				7,764				7,364
Collateralized mortgage obligations - US agency			10,314				9,400				15,775				15,132
Collateralized mortgage obligations - Private label			66,219				63,147				75,576				73,171
Totals		$	214,362			$	202,961			$	181,532			$	174,558

Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position

The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:


		June 30, 2022
		Less than Twelve Months												Twelve Months or More												Total
		Number of												Number of												Number of
		Individual				Unrealized				Fair				Individual				Unrealized				Fair				Individual				Unrealized				Fair
(Dollars in thousands)		Securities				Losses				Value				Securities				Losses				Value				Securities				Losses				Value
Available-for-Sale Portfolio
US Treasury, agencies and GSE's			1			$	(36	)		$	2,959				3			$	(2,582	)		$	27,626				4			$	(2,618	)		$	30,585
State and political subdivisions			30				(3,126	)			39,848				1				(189	)			2,021				31				(3,315	)			41,869
Corporate			9				(308	)			8,169				1				(139	)			616				10				(447	)			8,785
Asset backed securities			10				(499	)			13,671				1				(146	)			2,857				11				(645	)			16,528
Residential mortgage-backed - US agency			14				(767	)			10,846				2				(511	)			8,363				16				(1,278	)			19,209
Collateralized mortgage obligations - US agency			10				(325	)			5,106				3				(589	)			4,294				13				(914	)			9,400
Collateralized mortgage obligations - Private label			33				(2,895	)			57,719				3				(177	)			3,779				36				(3,072	)			61,498
Totals			107			$	(7,956	)		$	138,318				14			$	(4,333	)		$	49,556				121			$	(12,289	)		$	187,874
Held-to-Maturity Portfolio
US Treasury, agencies and GSE's			2			$	(87	)		$	3,784				-			$	-			$	-				2			$	(87	)		$	3,784
State and political subdivisions			11				(650	)			8,803				3				(1,070	)			4,198				14				(1,720	)			13,001
Corporate			32				(1,133	)			30,843				1				(26	)			724				33				(1,159	)			31,567
Asset backed securities			5				(502	)			7,727				1				(118	)			921				6				(620	)			8,648
Residential mortgage-backed - US agency			9				(417	)			5,658				-				-				-				9				(417	)			5,658
Collateralized mortgage obligations - US agency			9				(632	)			12,794				1				(16	)			963				10				(648	)			13,757
Collateralized mortgage obligations - Private label			30				(2,078	)			46,003				2				(334	)			3,285				32				(2,412	)			49,288
Totals			98			$	(5,499	)		$	115,612				8			$	(1,564	)		$	10,091				106			$	(7,063	)		$	125,703


		December 31, 2021
		Less than Twelve Months												Twelve Months or More												Total
		Number of												Number of												Number of
		Individual				Unrealized				Fair				Individual				Unrealized				Fair				Individual				Unrealized				Fair
(Dollars in thousands)		Securities				Losses				Value				Securities				Losses				Value				Securities				Losses				Value
Available-for-Sale Portfolio
US Treasury, agencies and GSE's			3			$	(413	)		$	31,195				-			$	-			$	-				3			$	(413	)		$	31,195
State and political subdivisions			3				(44	)			4,847				-				-				-				3				(44	)			4,847
Corporate			2				(5	)			1,162				1				(33	)			722				3				(38	)			1,884
Asset backed securities			5				(89	)			11,206				-				-				-				5				(89	)			11,206
Residential mortgage-backed - US agency			3				(466	)			13,090				-				-				-				3				(466	)			13,090
Collateralized mortgage obligations - US agency			3				(126	)			6,504				2				(277	)			2,204				5				(403	)			8,708
Collateralized mortgage obligations - Private label			18				(388	)			38,816				2				(14	)			1,539				20				(402	)			40,355
Totals			37			$	(1,531	)		$	106,820				5			$	(324	)		$	4,465				42			$	(1,855	)		$	111,285
Held-to-Maturity Portfolio
State and political subdivisions			4			$	(28	)		$	2,013				2			$	(112	)		$	3,988				6			$	(140	)		$	6,001
Corporate			9				(102	)			7,636				-				-				-				9				(102	)			7,636
Asset backed securities			2				(130	)			2,974				2				(58	)			1,610				4				(188	)			4,584
Residential mortgage-backed - US agency			1				(18	)			1,941				-				-				-				1				(18	)			1,941
Collateralized mortgage obligations - US agency			-				-				-				1				(9	)			1,109				1				(9	)			1,109
Collateralized mortgage obligations - Private label			6				(163	)			13,070				3				(99	)			3,820				9				(262	)			16,890
Totals			22			$	(441	)		$	27,634				8			$	(278	)		$	10,527				30			$	(719	)		$	38,161

Gross Realized Gains (Losses) on Sale and Redemptions of Securities

Gross realized gains (losses) on sales and redemptions of securities for the indicated periods are detailed below:


		For the three months									For the six months
		ended June 30,									ended June 30,
(In thousands)		2022				2021					2022				2021
Realized gains on investments		$	36			$	51				$	36			$	58
Realized losses on investments			-				-					(6	)			(7	)
		$	36			$	51				$	30			$	51