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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 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:

DECEMBER 31, 2021

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

7,371

$

86

$

(70)

$

7,387

U.S. Agency mortgage-backed securities

80,136

1,202

(1,171)

80,167

Municipal

20,066

851

(25)

20,892

Corporate bonds

53,843

1,028

(146)

54,725

Total

$

161,416

$

3,167

$

(1,412)

$

163,171

Investment securities held to maturity:

DECEMBER 31, 2021

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

2,500

$

—

$

(11)

$

2,489

U.S. Agency mortgage-backed securities

10,556

203

(115)

10,644

Municipal

33,188

1,734

(103)

34,819

Corporate bonds and other securities

7,507

64

(7)

7,564

Total

$

53,751

$

2,001

$

(236)

$

55,516

Investment securities available for sale:


		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:


		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

Investment securities available for sale:

AT DECEMBER 31, 2021

TOTAL

U.S. AGENCY

INVESTMENT

MORTGAGE-

SECURITIES

CORPORATE

BACKED

AVAILABLE

U. S. AGENCY

MUNICIPAL

BONDS

SECURITIES

FOR SALE

(IN THOUSANDS)

COST BASIS

Within 1 year

$

—

$

700

$

3,002

$

22

$

3,724

After 1 year but within 5 years

—

11,099

22,648

2,034

35,781

After 5 years but within 10 years

5,497

8,267

27,543

6,657

47,964

Over 10 years

1,874

—

650

71,423

73,947

Total

$

7,371

$

20,066

$

53,843

$

80,136

$

161,416

FAIR VALUE

Within 1 year

$

—

$

708

$

3,014

$

23

$

3,745

After 1 year but within 5 years

—

11,647

22,797

2,133

36,577

After 5 years but within 10 years

5,438

8,537

28,250

6,910

49,135

Over 10 years

1,949

—

664

71,101

73,714

Total

$

7,387

$

20,892

$

54,725

$

80,167

$

163,171

Investment securities held to maturity:

AT DECEMBER 31, 2021

TOTAL

U.S. AGENCY

INVESTMENT

CORPORATE

MORTGAGE-

SECURITIES

BONDS AND

BACKED

HELD TO

U.S. AGENCY

MUNICIPAL

OTHER

SECURITIES

MATURITY

(IN THOUSANDS)

COST BASIS

Within 1 year

$

—

$

200

$

—

$

—

$

200

After 1 year but within 5 years

—

5,130

6,021

1,037

12,188

After 5 years but within 10 years

2,500

21,287

500

457

24,744

Over 10 years

—

6,571

986

9,062

16,619

Total

$

2,500

$

33,188

$

7,507

$

10,556

$

53,751

FAIR VALUE

Within 1 year

$

—

$

205

$

—

$

—

$

205

After 1 year but within 5 years

—

5,431

6,078

1,064

12,573

After 5 years but within 10 years

2,489

22,540

500

485

26,014

Over 10 years

—

6,643

986

9,095

16,724

Total

$

2,489

$

34,819

$

7,564

$

10,644

$

55,516

Schedule of investments with unrealized losses

The following table presents information concerning investments with unrealized losses as of December 31, 2021 (in thousands):

Total investment securities:

DECEMBER 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

$

7,419

$

(81)

$

—

$

—

$

7,419

$

(81)

U.S. Agency mortgage-backed securities

45,422

(972)

6,691

(314)

52,113

(1,286)

Municipal

7,832

(128)

—

—

7,832

(128)

Corporate bonds and other securities

14,558

(92)

2,439

(61)

16,997

(153)

Total

$

75,231

$

(1,273)

$

9,130

$

(375)

$

84,361

$

(1,648)

The following table presents information concerning investments with unrealized losses as of December 31, 2020 (in thousands):

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)