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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021 were as follows:

		Available-for-Sale
		September 30, 2022
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	50,647			$	1			$	(3,801	)		$	46,847
Commercial			18,324				134				(418	)			18,040
Obligations of U.S. government-sponsored agencies			5,118				—				(778	)			4,340
Obligations of states and political subdivisions			3,789				—				(127	)			3,662
Corporate notes			19,838				2				(1,680	)			18,160
U.S. Treasury securities			56,946				—				(4,201	)			52,745
Total		$	154,662			$	137			$	(11,005	)		$	143,794

		Held-to-Maturity
		September 30, 2022
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	1,334			$	—			$	(37	)		$	1,297
Obligations of U.S. government-sponsored agencies			675				—				(46	)			629
Obligations of states and political subdivisions			100				—				(13	)			87
Total		$	2,109			$	—			$	(96	)		$	2,013

		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

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 September 30, 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		$	2,518			$	2,511			$	—			$	—
Maturing after one to five years			60,412				56,550				—				—
Maturing after five to ten years			73,817				67,510				1,830				1,757
Maturing after ten years			17,915				17,223				279				256
Total		$	154,662			$	143,794			$	2,109			$	2,013

Schedule of Unrealized Loss on Investments

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 September 30, 2022 and December 31, 2021.

		Available-for-Sale
		September 30, 2022
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	26,903			$	(1,478	)		$	19,875			$	(2,323	)
Commercial			8,105				(364	)			535				(54	)
Obligations of U.S. government-sponsored agencies			4,223				(777	)			117				(1	)
Obligations of states and political subdivisions			3,151				(72	)			512				(55	)
Corporate notes			13,452				(1,387	)			2,707				(293	)
U.S. Treasury securities			21,323				(686	)			31,502				(3,515	)
Total		$	77,157			$	(4,764	)		$	55,248			$	(6,241	)

		Held-to-Maturity
		September 30, 2022
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	1,297			$	(37	)		$	—			$	—
Obligations of U.S. government-sponsored agencies			629				(46	)			—				—
Obligations of states and political subdivisions			87				(13	)			—				—
Total		$	2,013			$	(96	)		$	—			$	—

		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	)

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- Definition

Tabular disclosure of investment securities available for sale and held to maturity.

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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