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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Schedule of Investment Securities Available-for-Sale and Held-to-Maturity

 

Details of investment securities available-for-sale and held-to-maturity as of December 31, 2021 and 2020 were as follows:

 

 

 

Available-for-Sale

 

 

 

December 31, 2021

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

46,020

 

 

$

450

 

 

$

(242

)

 

$

46,228

 

Commercial

 

 

24,647

 

 

 

371

 

 

 

(47

)

 

 

24,971

 

Obligations of U.S. government-sponsored agencies

 

 

5,207

 

 

 

 

 

 

(15

)

 

 

5,192

 

Obligations of states and political subdivisions

 

 

4,247

 

 

 

80

 

 

 

(10

)

 

 

4,317

 

Corporate notes

 

 

15,458

 

 

 

76

 

 

 

(52

)

 

 

15,482

 

U.S. Treasury securities

 

 

35,097

 

 

 

 

 

 

(404

)

 

 

34,693

 

Total

 

$

130,676

 

 

$

977

 

 

$

(770

)

 

$

130,883

 

 

 

 

Held-to-Maturity

 

 

 

December 31, 2021

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

2,115

 

 

$

29

 

 

$

 

 

$

2,144

 

Obligations of U.S. government-sponsored agencies

 

 

768

 

 

 

10

 

 

 

 

 

 

778

 

Obligations of states and political subdivisions

 

 

553

 

 

 

2

 

 

 

 

 

 

555

 

Total

 

$

3,436

 

 

$

41

 

 

$

 

 

$

3,477

 

 

 

 

Available-for-Sale

 

 

 

December 31, 2020

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

24,680

 

 

$

865

 

 

$

(8

)

 

$

25,537

 

Commercial

 

 

40,849

 

 

 

780

 

 

 

(142

)

 

 

41,487

 

Obligations of states and political subdivisions

 

 

4,971

 

 

 

137

 

 

 

 

 

 

5,108

 

Corporate notes

 

 

2,711

 

 

 

73

 

 

 

 

 

 

2,784

 

U.S. Treasury securities

 

 

10,078

 

 

 

 

 

 

(1

)

 

 

10,077

 

Total

 

$

83,289

 

 

$

1,855

 

 

$

(151

)

 

$

84,993

 

 

 

 

Held-to-Maturity

 

 

 

December 31, 2020

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

4,302

 

 

$

75

 

 

$

 

 

$

4,377

 

Obligations of U.S. government-sponsored agencies

 

 

1,120

 

 

 

34

 

 

 

 

 

 

1,154

 

Obligations of states and political subdivisions

 

 

1,007

 

 

 

21

 

 

 

 

 

 

1,028

 

Total

 

$

6,429

 

 

$

130

 

 

$

 

 

$

6,559

 

 

Maturities of Investment Securities Available-for-Sale and Held-to-Maturity

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of December 31, 2021 are presented in the following table:

 

 

 

Available-for-Sale

 

 

Held-to-Maturity

 

 

 

Amortized

Cost

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Estimated

Fair

Value

 

 

 

(Dollars in Thousands)

 

Maturing within one year

 

$

81

 

 

$

81

 

 

$

400

 

 

$

401

 

Maturing after one to five years

 

 

34,755

 

 

 

34,611

 

 

 

 

 

 

 

Maturing after five to ten years

 

 

74,541

 

 

 

74,720

 

 

 

1,783

 

 

 

1,811

 

Maturing after ten years

 

 

21,299

 

 

 

21,471

 

 

 

1,253

 

 

 

1,265

 

Total

 

$

130,676

 

 

$

130,883

 

 

$

3,436

 

 

$

3,477

 

 

Schedule of Unrealized Loss on Investments

The following table reflects 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, as of December 31, 2021 and 2020.

 

 

 

Available-for-Sale

 

 

 

December 31, 2021

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

31,346

 

 

$

(240

)

 

$

253

 

 

$

(2

)

Commercial

 

 

2,245

 

 

 

(12

)

 

 

2,970

 

 

 

(35

)

Obligations of U.S. government-sponsored agencies

 

 

4,987

 

 

 

(13

)

 

 

194

 

 

 

(2

)

Obligations of states and political subdivisions

 

 

561

 

 

 

(10

)

 

 

 

 

 

 

Corporate notes

 

 

9,092

 

 

 

(52

)

 

 

 

 

 

 

U.S. Treasury securities

 

 

34,692

 

 

 

(404

)

 

 

 

 

 

 

Total

 

$

82,923

 

 

$

(731

)

 

$

3,417

 

 

$

(39

)

 

There were no held-to-maturity securities in an unrealized loss position as of December 31, 2021.

 

 

 

Available-for-Sale

 

 

 

December 31, 2020

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

2,334

 

 

$

(1

)

 

$

1,019

 

 

$

(7

)

Commercial

 

 

2,630

 

 

 

(1

)

 

 

3,327

 

 

 

(141

)

U.S. Treasury securities

 

 

10,077

 

 

 

(1

)

 

 

 

 

 

 

Total

 

$

15,041

 

 

$

(3

)

 

$

4,346

 

 

$

(148

)

 

 

 

Held-to-Maturity

 

 

 

December 31, 2020

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(Dollars in Thousands)

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

412

 

 

$

 

 

$

 

 

$

 

Total

 

$

412

 

 

$

 

 

$

 

 

$