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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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):

June 30, 2021

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

6,725

$

161

$

—

$

6,886

U.S. Agency mortgage-backed securities

83,598

1,806

(580)

84,824

Municipal

19,358

1,106

(12)

20,452

Corporate bonds

52,538

1,206

(63)

53,681

Total

$

162,219

$

4,279

$

(655)

$

165,843

Investment securities held to maturity (HTM):

June 30, 2021

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

2,500

$

4

$

—

$

2,504

U.S. Agency mortgage-backed securities

11,612

292

(58)

11,846

Municipal

31,931

2,101

(86)

33,946

Corporate bonds and other securities

7,509

88

(2)

7,595

Total

$

53,552

$

2,485

$

(146)

$

55,891

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

June 30, 2021

Available for sale

Held to maturity

Cost Basis

Fair Value

Cost Basis

Fair Value

Within 1 year

$

3,575

$

3,627

$

3,000

$

2,999

After 1 year but within 5 years

32,800

33,881

8,155

8,553

After 5 years but within 10 years

46,739

48,276

23,536

25,083

After 10 years but within15 years

13,090

13,639

9,441

9,761

Over 15 years

66,015

66,420

9,420

9,495

Total

$

162,219

$

165,843

$

53,552

$

55,891

Schedule of investments with unrealized losses

The following tables present information concerning investments with unrealized losses as of June 30, 2021 and December 31, 2020 (in thousands):

Total investment securities:

June 30, 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 mortgage-backed securities

$

28,931

$

(637)

$

93

$

(1)

$

29,024

$

(638)

Municipal

4,542

(54)

752

(44)

5,294

(98)

Corporate bonds and other securities

5,843

(57)

3,993

(8)

9,836

(65)

Total

$

39,316

$

(748)

$

4,838

$

(53)

$

44,154

$

(801)

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)