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Investment Securities (Tables)

9 Months Ended

Sep. 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):

September 30, 2022

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

11,349

$

—

$

(1,312)

$

10,037

U.S. Agency mortgage-backed securities

101,389

14

(13,377)

88,026

Municipal

21,438

—

(1,799)

19,639

Corporate bonds

59,284

36

(2,722)

56,598

Total

$

193,460

$

50

$

(19,210)

$

174,300

Investment securities held to maturity (HTM):

September 30, 2022

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

2,500

$

—

$

(439)

$

2,061

U.S. Agency mortgage-backed securities

19,354

11

(2,343)

17,022

Municipal

34,206

6

(3,818)

30,394

Corporate bonds and other securities

6,507

—

(196)

6,311

Total

$

62,567

$

17

$

(6,796)

$

55,788

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 September 30, 2022 and December 31, 2021 (in thousands):

Total investment securities:

September 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

$

5,917

$

(432)

$

6,181

$

(1,319)

$

12,098

$

(1,751)

U.S. Agency mortgage-backed securities

65,965

(6,084)

37,261

(9,636)

103,226

(15,720)

Municipal

43,069

(4,327)

5,796

(1,290)

48,865

(5,617)

Corporate bonds and other securities

46,988

(2,416)

5,898

(502)

52,886

(2,918)

Total

$

161,939

$

(13,259)

$

55,136

$

(12,747)

$

217,075

$

(26,006)

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

September 30, 2022

Available for sale

Held to maturity

Cost Basis

Fair Value

Cost Basis

Fair Value

Within 1 year

$

7,265

$

7,234

$

2,200

$

2,132

After 1 year but within 5 years

40,696

39,101

12,136

11,620

After 5 years but within 10 years

49,071

44,735

24,434

21,526

Over 10 years

96,428

83,230

23,797

20,510

Total

$

193,460

$

174,300

$

62,567

$

55,788