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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

10,009

$

—

$

(723)

$

9,286

U.S. Agency mortgage-backed securities

97,467

58

(8,144)

89,381

Municipal

21,543

36

(1,046)

20,533

Corporate bonds

54,329

136

(1,413)

53,052

Total

$

183,348

$

230

$

(11,326)

$

172,252

Investment securities held to maturity (HTM):

June 30, 2022

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

2,500

$

—

$

(313)

$

2,187

U.S. Agency mortgage-backed securities

15,709

27

(1,383)

14,353

Municipal

34,287

64

(2,185)

32,166

Corporate bonds and other securities

6,507

—

(98)

6,409

Total

$

59,003

$

91

$

(3,979)

$

55,115

Investment securities available for sale (AFS):


		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 (HTM):


		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

Schedule of investments with unrealized losses

The following tables present information concerning investments with unrealized losses as of June 30, 2022 and December 31, 2021 (in thousands):

Total investment securities:

June 30, 2022

LESS THAN 12 MONTHS

12 MONTHS OR LONGER

TOTAL

FAIR

UNREALIZED

FAIR

UNREALIZED

FAIR

UNREALIZED

VALUE

LOSSES

VALUE

LOSSES

VALUE

LOSSES

U.S. Agency

$

10,599

$

(911)

$

874

$

(125)

$

11,473

$

(1,036)

U.S. Agency mortgage-backed securities

78,840

(6,307)

15,874

(3,220)

94,714

(9,527)

Municipal

42,300

(3,052)

1,591

(179)

43,891

(3,231)

Corporate bonds and other securities

41,606

(1,446)

1,436

(65)

43,042

(1,511)

Total

$

173,345

$

(11,716)

$

19,775

$

(3,589)

$

193,120

$

(15,305)

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)

Schedule of investment securities

June 30, 2022

Available for sale

Held to maturity

Cost Basis

Fair Value

Cost Basis

Fair Value

Within 1 year

$

5,427

$

5,426

$

200

$

201

After 1 year but within 5 years

36,336

35,632

12,555

12,372

After 5 years but within 10 years

51,117

48,844

24,299

22,908

Over 10 years

90,468

82,350

21,949

19,634

Total

$

183,348

$

172,252

$

59,003

$

55,115