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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 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:

DECEMBER 31, 2022

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

11,797

$

1

$

(1,265)

$

10,533

U.S. Agency mortgage-backed securities

102,631

64

(12,710)

89,985

Municipal

20,837

—

(1,799)

19,038

Corporate bonds

63,152

30

(3,230)

59,952

Total

$

198,417

$

95

$

(19,004)

$

179,508

Investment securities held to maturity:

DECEMBER 31, 2022

GROSS

GROSS

UNREALIZED

UNREALIZED

FAIR

COST BASIS

GAINS

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

2,500

$

—

$

(432)

$

2,068

U.S. Agency mortgage-backed securities

18,877

8

(2,212)

16,673

Municipal

33,993

2

(3,880)

30,115

Corporate bonds and other securities

6,508

—

(172)

6,336

Total

$

61,878

$

10

$

(6,696)

$

55,192

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

Schedule of investments with unrealized losses

The following table presents information concerning investments with unrealized losses as of December 31, 2022 (in thousands):

Total investment securities:

DECEMBER 31, 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

$

5,446

$

(350)

$

6,653

$

(1,347)

$

12,099

$

(1,697)

U.S. Agency mortgage-backed securities

57,193

(4,018)

44,083

(10,904)

101,276

(14,922)

Municipal

37,175

(3,113)

11,475

(2,566)

48,650

(5,679)

Corporate bonds and other securities

39,549

(1,923)

16,721

(1,479)

56,270

(3,402)

Total

$

139,363

$

(9,404)

$

78,932

$

(16,296)

$

218,295

$

(25,700)

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)

Schedule of investment securities

Investment securities available for sale:

AT DECEMBER 31, 2022

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

$

—

$

1,065

$

6,000

$

—

$

7,065

After 1 year but within 5 years

4,279

12,538

26,039

1,488

44,344

After 5 years but within 10 years

6,000

7,234

30,463

5,577

49,274

Over 10 years

1,518

—

650

95,566

97,734

Total

$

11,797

$

20,837

$

63,152

$

102,631

$

198,417

FAIR VALUE

Within 1 year

$

—

$

1,045

$

5,970

$

—

$

7,015

After 1 year but within 5 years

4,102

11,873

25,084

1,431

42,490

After 5 years but within 10 years

5,048

6,120

28,364

5,264

44,796

Over 10 years

1,383

—

534

83,290

85,207

Total

$

10,533

$

19,038

$

59,952

$

89,985

$

179,508

Investment securities held to maturity:

AT DECEMBER 31, 2022

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

$

—

$

425

$

2,000

$

—

$

2,425

After 1 year but within 5 years

—

8,874

3,015

1,005

12,894

After 5 years but within 10 years

2,500

21,315

500

812

25,127

Over 10 years

—

3,379

993

17,060

21,432

Total

$

2,500

$

33,993

$

6,508

$

18,877

$

61,878

FAIR VALUE

Within 1 year

$

—

$

419

$

1,942

$

—

$

2,361

After 1 year but within 5 years

—

8,411

2,901

979

12,291

After 5 years but within 10 years

2,068

18,550

500

779

21,897

Over 10 years

—

2,735

993

14,915

18,643

Total

$

2,068

$

30,115

$

6,336

$

16,673

$

55,192