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Securities Available-for-Sale (Tables)
 6 Months Ended
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