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v3.23.2

Securities Available-for-Sale | 6 Months Ended
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Jun. 30, 2023
Debt Securities, Available-for-Sale [Abstract] |
Securities Available For Sale | 2. 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 |
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. 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 | )
Management evaluates securities available-for-sale in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At June 30, 2023, the Company had 159 securities available-for-sale in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore the Company carried no allowance for credit losses on securities available-for-sale as of June 30, 2023. 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 |
As of June 30, 2023 and December 31, 2022, there were no holdings of securities of any issuer, other than the SBA, FHLMC, GNMA and FNMA, whose aggregate carrying value exceeded 10% of stockholders’ equity.

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