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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investment Securities

Summary of amortized cost and fair value of securities available-for-sale

Investment securities available for sale (AFS):

March 31, 2023

GROSS

GROSS

ALLOWANCE

UNREALIZED

UNREALIZED

FOR CREDIT

FAIR

COST BASIS

GAINS

LOSSES

LOSSES

VALUE

(IN THOUSANDS)

U.S. Agency

$

12,713

$

1

$

(1,158)

$

—

$

11,556

U.S. Agency mortgage-backed securities

100,428

80

(11,872)

—

88,636

Municipal

20,837

3

(1,503)

—

19,337

Corporate bonds

63,162

8

(3,900)

(926)

58,344

Total

$

197,140

$

92

$

(18,433)

$

(926)

$

177,873

Investment securities available for sale (AFS):


		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

Summary of amortized cost and fair value of securities held-to-maturity

Investment securities held to maturity (HTM):

March 31, 2023

GROSS

GROSS

ALLOWANCE

UNREALIZED

UNREALIZED

FAIR

FOR CREDIT

COST BASIS

GAINS

LOSSES

VALUE

LOSSES

(IN THOUSANDS)

U.S. Agency

$

2,500

$

—

$

(418)

$

2,082

$

—

U.S. Agency mortgage-backed securities

18,831

8

(2,036)

16,803

—

Municipal

33,983

1

(3,206)

30,778

3

Corporate bonds and other securities

5,426

—

(132)

5,294

80

Total

$

60,740

$

9

$

(5,792)

$

54,957

$

83

Investment securities held to maturity (HTM):


		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

Schedule of investment securities

March 31, 2023

Available for sale

Held to maturity

Cost Basis

Fair Value

Cost Basis

Fair Value

Within 1 year

$

6,385

$

6,328

$

2,425

$

2,386

After 1 year but within 5 years

48,222

46,066

12,381

11,889

After 5 years but within 10 years

47,646

42,248

25,687

22,853

Over 10 years

94,887

83,231

20,247

17,829

Total

$

197,140

$

177,873

$

60,740

$

54,957

Schedule of investments with unrealized losses

March 31, 2023

LESS THAN 12 MONTHS

12 MONTHS OR LONGER

TOTAL

FAIR

UNREALIZED

FAIR

UNREALIZED

FAIR

UNREALIZED

VALUE

LOSSES

VALUE

LOSSES

VALUE

LOSSES

U.S. Agency

$

2,448

$

(48)

$

8,107

$

(1,110)

$

10,555

$

(1,158)

U.S. Agency mortgage-backed securities

26,473

(1,161)

56,993

(10,711)

83,466

(11,872)

Municipal

3,358

(85)

15,216

(1,418)

18,574

(1,503)

Corporate bonds

26,749

(1,412)

26,586

(2,488)

53,335

(3,900)

Total

$

59,028

$

(2,706)

$

106,902

$

(15,727)

$

165,930

$

(18,433)

Schedule of allowance for credit losses on held to maturity debt securities


		Three months ended March 31, 2023
		Balance at			Impact of Adopting			Charge-						Provision			Balance at
		December 31, 2022			ASU 2016-13			Offs			Recoveries			(Credit)			March 31, 2023
U.S. Agency		$	—		$	—		$	—		$	—		$	—		$	—
U.S. Agency mortgage-backed securities			—			—			—			—			—			—
Municipal			—			3			—			—			—			3
Corporate bonds and other securities			—			111			—			—			(31)			80
Total		$	—		$	114		$	—		$	—		$	(31)		$	83

Schedule of amortized cost of held to maturity debt securities

March 31, 2023

Credit Rating

AAA/AA/A

BBB/BB/B

Unrated

Total

U.S. Agency

$

2,500

$

—

$

—

$

2,500

U.S. Agency mortgage-backed securities

18,831

—

—

18,831

Municipal

33,983

—

—

33,983

Corporate bonds and other securities

4,010

—

1,416

5,426

Total

$

59,324

$

—

$

1,416

$

60,740