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v3.23.2

Securities Available-for-Sale (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Securities, Available-for-Sale [Abstract] |
Schedule of amortized cost and fair value of securities available-for-sale | The amortized cost and fair value of securities available-for-sale, and the corresponding amounts of gross unrealized gains and losses for which an allowance for credit losses has not been recorded, are as follows as of June 30, 2023 and December 31, 2022:
|  | June 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (Dollars in thousands) |
U.S. Government-sponsored enterprises obligations |  | $ | 2,178 |  |  | $ | — |  |  | $ | (338 | ) |  | $ | 1,840 |
U.S. Government agency small business administration pools guaranteed by SBA |  |  | 8,965 |  |  |  | — |  |  |  | (1,177 | ) |  |  | 7,788 |
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA |  |  | 6,594 |  |  |  | — |  |  |  | (730 | ) |  |  | 5,864 |
Residential mortgage-backed securities |  |  | 26,144 |  |  |  | — |  |  |  | (4,472 | ) |  |  | 21,672 |
Municipal bonds |  |  | 70,870 |  |  |  | 229 |  |  |  | (5,958 | ) |  |  | 65,141 |
Corporate debt |  |  | 500 |  |  |  | — |  |  |  | (15 | ) |  |  | 485 |
Corporate subordinated debt |  |  | 8,223 |  |  |  | — |  |  |  | (1,117 | ) |  |  | 7,106 |
|  | $ | 123,474 |  |  | $ | 229 |  |  | $ | (13,807 | ) |  | $ | 109,896 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (Dollars in thousands) |
U.S. Government-sponsored enterprises obligations |  | $ | 2,191 |  |  | $ | — |  |  | $ | (365 | ) |  | $ | 1,826 |
U.S. Government agency small business administration pools guaranteed by SBA |  |  | 9,475 |  |  |  | — |  |  |  | (1,116 | ) |  |  | 8,359 |
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA |  |  | 6,922 |  |  |  | 8 |  |  |  | (708 | ) |  |  | 6,222 |
Residential mortgage-backed securities |  |  | 26,390 |  |  |  | — |  |  |  | (4,567 | ) |  |  | 21,823 |
Municipal bonds |  |  | 69,373 |  |  |  | 172 |  |  |  | (7,129 | ) |  |  | 62,416 |
Corporate debt |  |  | 500 |  |  |  | — |  |  |  | (3 | ) |  |  | 497 |
Corporate subordinated debt |  |  | 5,550 |  |  |  | — |  |  |  | (593 | ) |  |  | 4,957 |
|  | $ | 120,401 |  |  | $ | 180 |  |  | $ | (14,481 | ) |  | $ | 106,100 |
Schedule of amortized cost and fair values of securities available-for-sale by contractual maturity | The amortized cost and fair values of securities available-for-sale at June 30, 2023 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2023 |
|  | Amortized Cost |  |  | Fair Value |
|  | (Dollars in thousands) |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 2,234 |  |  |  | 2,211 |
Due after five years through ten years |  |  | 9,998 |  |  |  | 8,539 |
Due after ten years |  |  | 69,539 |  |  |  | 63,822 |
Total U.S. Government-sponsored enterprises obligations, municipal bonds, corporate debt and corporate subordinated debt |  |  | 81,771 |  |  |  | 74,572 |
U.S. Government agency small business pools guaranteed by SBA(1) |  |  | 8,965 |  |  |  | 7,788 |
Collateralized mortgage obligations issued by the FHLMC, FNMA, and GNMA(1) |  |  | 6,594 |  |  |  | 5,864 |
Residential mortgage-backed securities(1) |  |  | 26,144 |  |  |  | 21,672 |
Total |  | $ | 123,474 |  |  | $ | 109,896 |
(1) Actual maturities for these debt securities are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of gross unrealized losses and fair value for those investments with unrealized losses | The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at June 30, 2023 and December 31, 2022.
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in thousands) |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored enterprises obligations |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 4 |  |  | $ | 1,840 |  |  | $ | (338 | ) |  | $ | 1,840 |  |  | $ | (338 | )
U.S. Government agency small business administration pools guaranteed by SBA |  |  | 4 |  |  |  | 2,667 |  |  |  | (213 | ) |  |  | 7 |  |  |  | 5,121 |  |  |  | (964 | ) |  |  | 7,788 |  |  |  | (1,177 | )
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA |  |  | 5 |  |  |  | 3,584 |  |  |  | (240 | ) |  |  | 5 |  |  |  | 2,280 |  |  |  | (490 | ) |  |  | 5,864 |  |  |  | (730 | )
Residential mortgage backed securities |  |  | 3 |  |  |  | 2,530 |  |  |  | (100 | ) |  |  | 30 |  |  |  | 19,142 |  |  |  | (4,372 | ) |  |  | 21,672 |  |  |  | (4,472 | )
Municipal bonds |  |  | 13 |  |  |  | 7,370 |  |  |  | (164 | ) |  |  | 80 |  |  |  | 47,197 |  |  |  | (5,794 | ) |  |  | 54,567 |  |  |  | (5,958 | )
Corporate debt |  |  | 1 |  |  |  | 485 |  |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 485 |  |  |  | (15 | )
Corporate subordinated debt |  |  | 4 |  |  |  | 4,015 |  |  |  | (167 | ) |  |  | 3 |  |  |  | 3,091 |  |  |  | (950 | ) |  |  | 7,106 |  |  |  | (1,117 | )
|  |  | 30 |  |  | $ | 20,651 |  |  | $ | (899 | ) |  |  | 129 |  |  | $ | 78,671 |  |  | $ | (12,908 | ) |  | $ | 99,322 |  |  | $ | (13,807 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored enterprises obligations |  |  | 1 |  |  | $ | 453 |  |  | $ | (43 | ) |  |  | 3 |  |  | $ | 1,373 |  |  | $ | (322 | ) |  | $ | 1,826 |  |  | $ | (365 | )
U.S. Government agency small business administration pools guaranteed by SBA |  |  | 8 |  |  |  | 5,947 |  |  |  | (602 | ) |  |  | 3 |  |  |  | 2,412 |  |  |  | (514 | ) |  |  | 8,359 |  |  |  | (1,116 | )
Collateralized mortgage obligations issued by the FHLMC, FNMA and GNMA |  |  | 5 |  |  |  | 3,212 |  |  |  | (209 | ) |  |  | 4 |  |  |  | 2,016 |  |  |  | (499 | ) |  |  | 5,228 |  |  |  | (708 | )
Residential mortgage backed securities |  |  | 8 |  |  |  | 4,239 |  |  |  | (503 | ) |  |  | 23 |  |  |  | 16,649 |  |  |  | (4,064 | ) |  |  | 20,888 |  |  |  | (4,567 | )
Municipal bonds |  |  | 86 |  |  |  | 49,228 |  |  |  | (5,900 | ) |  |  | 8 |  |  |  | 5,769 |  |  |  | (1,229 | ) |  |  | 54,997 |  |  |  | (7,129 | )
Corporate debt |  |  | 1 |  |  |  | 497 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 497 |  |  |  | (3 | )
Corporate subordinated debt |  |  | 4 |  |  |  | 4,457 |  |  |  | (593 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,457 |  |  |  | (593 | )
|  |  | 113 |  |  | $ | 68,033 |  |  | $ | (7,853 | ) |  |  | 41 |  |  | $ | 28,219 |  |  | $ | (6,628 | ) |  | $ | 96,252 |  |  | $ | (14,481 | )
Summary of sales proceeds, principal payments received and gross realized gains and losses on available for sale securities | Proceeds from sales, maturities, principal payments received and gross realized gains and losses on securities available-for-sale were as follows for the three and six months ended June 30, 2023 and 2022:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Proceeds from sales, maturities and principal payments received on securities available-for-sale |  | $ | 1,173 |  |  | $ | 746 |  |  | $ | 2,211 |  |  | $ | 2,542 |
Gross realized gains |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52 |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gains |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |

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- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 + Details
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