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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investment Securities

Schedule of cost basis and fair values of investment securities

The cost basis and fair values of investment securities are summarized as follows:

Investment securities available for sale (AFS):

		March 31, 2021
					GROSS			GROSS
					UNREALIZED			UNREALIZED			FAIR
		COST BASIS			GAINS			LOSSES			VALUE
		(IN THOUSANDS)
U.S. Agency		$	6,786		$	135		$	(33)		$	6,888
U.S. Agency mortgage-backed securities			75,758			2,016			(899)			76,875
Municipal			19,859			1,001			(83)			20,777
Corporate bonds			51,040			1,002			(166)			51,876
Total		$	153,443		$	4,154		$	(1,181)		$	156,416

Investment securities held to maturity (HTM):

		March 31, 2021
					GROSS			GROSS
					UNREALIZED			UNREALIZED			FAIR
		COST BASIS			GAINS			LOSSES			VALUE
		(IN THOUSANDS)
U.S. Agency		$	1,500		$	—		$	—		$	1,500
U.S. Agency mortgage-backed securities			9,317			311			(91)			9,537
Municipal			30,935			1,797			(261)			32,471
Corporate bonds and other securities			6,025			79			(29)			6,075
Total		$	47,777		$	2,187		$	(381)		$	49,583

Investment securities available for sale (AFS):

		December 31, 2020
					GROSS			GROSS
					UNREALIZED			UNREALIZED			FAIR
		COST BASIS			GAINS			LOSSES			VALUE
		(IN THOUSANDS)
U.S. Agency		$	2,971		$	181		$	—		$	3,152
U.S. Agency mortgage-backed securities			65,398			2,533			(18)			67,913
Municipal			19,000			1,348			—			20,348
Corporate bonds			52,315			666			(229)			52,752
Total		$	139,684		$	4,728		$	(247)		$	144,165

Investment securities held to maturity (HTM):

		December 31, 2020
					GROSS			GROSS
					UNREALIZED			UNREALIZED			FAIR
		COST BASIS			GAINS			LOSSES			VALUE
		(IN THOUSANDS)
U.S. Agency mortgage-backed securities		$	8,119		$	369		$	—		$	8,488
Municipal			30,076			2,455			(49)			32,482
Corporate bonds and other securities			6,027			113			(4)			6,136
Total		$	44,222		$	2,937		$	(53)		$	47,106

Schedule of investment securities

		March 31, 2021
		Available for sale						Held to maturity
		Cost Basis			Fair Value			Cost Basis			Fair Value
Within 1 year		$	4,587		$	4,634		$	3,400		$	3,398
After 1 year but within 5 years			26,757			27,575			8,164			8,552
After 5 years but within 10 years			50,613			51,944			19,061			20,270
After 10 years but within15 years			14,788			15,380			10,162			10,326
Over 15 years			56,698			56,883			6,990			7,037
Total		$	153,443		$	156,416		$	47,777		$	49,583

Schedule of investments with unrealized losses

The following tables present information concerning investments with unrealized losses as of March 31, 2021 and December 31, 2020 (in thousands):

Total investment securities:

		March 31, 2021
		LESS THAN 12 MONTHS						12 MONTHS OR LONGER						TOTAL
		FAIR			UNREALIZED			FAIR			UNREALIZED			FAIR			UNREALIZED
		VALUE			LOSSES			VALUE			LOSSES			VALUE			LOSSES
U.S. Agency		$	1,967		$	(33)		$	—		$	—		$	1,967		$	(33)
U.S. Agency mortgage-backed securities			28,534			(989)			101			(1)			28,635			(990)
Municipal			8,958			(297)			751			(47)			9,709			(344)
Corporate bonds and other securities			9,466			(130)			7,435			(65)			16,901			(195)
Total		$	48,925		$	(1,449)		$	8,287		$	(113)		$	57,212		$	(1,562)

Total investment securities:

		December 31, 2020
		LESS THAN 12 MONTHS						12 MONTHS OR LONGER						TOTAL
		FAIR			UNREALIZED			FAIR			UNREALIZED			FAIR			UNREALIZED
		VALUE			LOSSES			VALUE			LOSSES			VALUE			LOSSES
U.S. Agency mortgage-backed securities		$	6,394		$	(17)		$	123		$	(1)		$	6,517		$	(18)
Municipal			—			—			751			(49)			751			(49)
Corporate bonds and other securities			13,083			(162)			7,929			(71)			21,012			(233)
Total		$	19,477		$	(179)		$	8,803		$	(121)		$	28,280		$	(300)

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- Definition

Tabular disclosure of the reconciliation of available-for-sale and held for maturity securities from cost basis to fair value.

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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 http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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