XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.22.1

Investment Securities | 3 Months Ended
--- | ---
Mar. 31, 2022
Investments Debt And Equity Securities [Abstract] |
Investment Securities |
4. | INVESTMENT SECURITIES
Details of investment securities available-for-sale and held-to-maturity as of March 31, 2022 and December 31, 2021 were as follows:
|  | Available-for-Sale |
|  | March 31, 2022 |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 46,121 |  |  | $ | 81 |  |  | $ | (1,620 | ) |  | $ | 44,582 |
Commercial |  |  | 22,089 |  |  |  | 195 |  |  |  | (148 | ) |  |  | 22,136 |
Obligations of U.S. government-sponsored agencies |  |  | 5,158 |  |  |  | — |  |  |  | (357 | ) |  |  | 4,801 |
Obligations of states and political subdivisions |  |  | 4,228 |  |  |  | 20 |  |  |  | (66 | ) |  |  | 4,182 |
Corporate notes |  |  | 19,875 |  |  |  | 46 |  |  |  | (526 | ) |  |  | 19,395 |
U.S. Treasury securities |  |  | 42,043 |  |  |  | — |  |  |  | (2,121 | ) |  |  | 39,922 |
Total |  | $ | 139,514 |  |  | $ | 342 |  |  | $ | (4,838 | ) |  | $ | 135,018 |
|  | Held-to-Maturity |
|  | March 31, 2022 |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,821 |  |  | $ | — |  |  | $ | (9 | ) |  | $ | 1,812 |
Obligations of U.S. government-sponsored agencies |  |  | 758 |  |  |  | — |  |  |  | (19 | ) |  |  | 739 |
Obligations of states and political subdivisions |  |  | 139 |  |  |  | — |  |  |  | (4 | ) |  |  | 135 |
Total |  | $ | 2,718 |  |  | $ | — |  |  | $ | (32 | ) |  | $ | 2,686 |
|  | Available-for-Sale |
|  | December 31, 2021 |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | 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 |
The scheduled maturities of investment securities available-for-sale and held-to-maturity as of March 31, 2022 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 |  | $ | 2,592 |  |  | $ | 2,600 |  |  | $ | — |  |  | $ | — |
Maturing after one to five years |  |  | 38,838 |  |  |  | 37,355 |  |  |  | — |  |  |  | — |
Maturing after five to ten years |  |  | 77,858 |  |  |  | 75,029 |  |  |  | 1,553 |  |  |  | 1,546 |
Maturing after ten years |  |  | 20,226 |  |  |  | 20,034 |  |  |  | 1,165 |  |  |  | 1,140 |
Total |  | $ | 139,514 |  |  | $ | 135,018 |  |  | $ | 2,718 |  |  | $ | 2,686 |
For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments. The following tables reflect 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 March 31, 2022 and December 31, 2021.
|  | Available-for-Sale |
|  | March 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 35,249 |  |  | $ | (1,617 | ) |  | $ | 230 |  |  | $ | (3 | )
Commercial |  |  | 8,724 |  |  |  | (146 | ) |  |  | 2,897 |  |  |  | (2 | )
Obligations of U.S. government-sponsored agencies |  |  | 4,645 |  |  |  | (356 | ) |  |  | 145 |  |  |  | (1 | )
Obligations of states and political subdivisions |  |  | 2,705 |  |  |  | (66 | ) |  |  | — |  |  |  | — |
Corporate notes |  |  | 15,394 |  |  |  | (526 | ) |  |  | — |  |  |  | — |
U.S. Treasury securities |  |  | 39,921 |  |  |  | (2,121 | ) |  |  | — |  |  |  | — |
Total |  | $ | 106,638 |  |  | $ | (4,832 | ) |  | $ | 3,272 |  |  | $ | (6 | )
|  | Held-to-Maturity |
|  | March 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,285 |  |  | $ | (9 | ) |  | $ | — |  |  | $ | — |
Obligations of U.S. government-sponsored agencies |  | $ | 739 |  |  | $ | (19 | ) |  | $ | — |  |  | $ | — |
Obligations of states and political subdivisions |  | $ | 135 |  |  | $ | (4 | ) |  | $ | — |  |  |  |  |
Total |  | $ | 2,159 |  |  | $ | (32 | ) |  | $ | — |  |  | $ | — |
|  | 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. Due to the increasing interest rate environment in the first quarter of 2022, gross unrealized losses increased significantly, particularly within the Company’s available-for-sale portfolio. Management evaluates securities for other-than-temporary impairment no less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to: (i) the length of time and the extent to which fair value has been less than cost; (ii) the financial condition and near-term prospects of the issuer; (iii) whether the Company intends to sell the securities; and (iv) whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. As of March 31, 2022, 10 debt securities had been in a loss position for more than 12 months, and 81 debt securities had been in a loss position for less than 12 months. As of December 31, 2021, 10 debt securities had been in a loss position for more than 12 months, and 32 debt securities had been in a loss position for less than 12 months. The increase in the number of debt securities in a loss position of less than 12 months resulted from the rising interest rate environment during the three months ended March 31, 2022. As of both March 31, 2022 and December 31, 2021, the losses for all securities were considered to be a direct result of the effect that the prevailing interest rate environment had on the value of debt securities and were not related to the creditworthiness of the issuers. Further, the Company has the current intent and ability to retain its investments for a period of time that management believes to be sufficient to allow for any anticipated recovery in fair value. Therefore, the Company did no t recognize any other-than-temporary impairments as of March 3 1, 202 2 or December 31, 20 2 1. Investment securities with a carrying value of $60.2 million and $52.2 million as of March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits and for other purposes.

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