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Investment Securities (Tables)

9 Months Ended

Sep. 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):

September 30, 2021

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

7,536

$

127

$

(28)

$

7,635

U.S. Agency mortgage-backed securities

77,963

1,610

(813)

78,760

Municipal

19,258

1,062

(18)

20,302

Corporate bonds

52,561

1,197

(102)

53,656

Total

$

157,318

$

3,996

$

(961)

$

160,353

Investment securities held to maturity (HTM):

September 30, 2021

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

2,500

$

—

$

—

$

2,500

U.S. Agency mortgage-backed securities

11,078

272

(101)

11,249

Municipal

32,856

1,973

(95)

34,734

Corporate bonds and other securities

7,508

80

(1)

7,587

Total

$

53,942

$

2,325

$

(197)

$

56,070

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

September 30, 2021

Available for sale

Held to maturity

Cost Basis

Fair Value

Cost Basis

Fair Value

Within 1 year

$

3,150

$

3,188

$

—

$

—

After 1 year but within 5 years

34,390

35,443

12,293

12,768

After 5 years but within 10 years

44,850

46,275

23,084

24,509

After 10 years but within15 years

13,608

14,082

9,877

10,105

Over 15 years

61,320

61,365

8,688

8,688

Total

$

157,318

$

160,353

$

53,942

$

56,070

Schedule of investments with unrealized losses

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

Total investment securities:

September 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

$

5,971

$

(28)

$

—

$

—

$

5,971

$

(28)

U.S. Agency mortgage-backed securities

45,487

(909)

462

(5)

45,949

(914)

Municipal

7,053

(113)

—

—

7,053

(113)

Corporate bonds and other securities

8,451

(48)

2,445

(55)

10,896

(103)

Total

$

66,962

$

(1,098)

$

2,907

$

(60)

$

69,869

$

(1,158)

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)