Investment securities available for sale (Tables)

9 Months Ended

Sep. 30, 2022

Investment securities available for sale

Schedule of amortized cost and fair value of investment securities available for sale

The amortized cost and fair value of investment securities available for sale as of September 30, 2022 and December 31, 2021 are as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
September 30, 2022
U.S. Government agency obligations	$	64,643	$	—	$	(4,066)	$	60,577
Mortgage-backed securities		71,156		—		(9,150)		62,006
Municipals		2,268		—		(723)		1,545
Subordinated debt		11,053		49		(727)		10,375
	$	149,120	$	49	$	(14,666)	$	134,503
December 31, 2021
U.S. Government agency obligations	$	41,513	$	22	$	(536)	$	40,999
Mortgage-backed securities		40,806		302		(613)		40,495
Municipals		2,271		—		(62)		2,209
Subordinated debt		11,016		90		(110)		10,996
	$	95,606	$	414	$	(1,321)	$	94,699

Schedule of investment securities available for sale

Investment securities available for sale that have an unrealized loss position at September 30, 2022 and December 31, 2021 are detailed below (in thousands):

	Securities in a loss				Securities in a loss
	position for less than				position for more than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
September 30, 2022
U.S. Government agency obligations	$	23,602	$	(768)	$	36,975	$	(3,298)	$	60,577	$	(4,066)
Mortgage-backed securities		42,320		(5,060)		17,620		(4,090)		59,940		(9,150)
Municipals		—		—		1,545		(723)		1,545		(723)
Subordinated debt		5,937		(615)		1,388		(112)		7,325		(727)
	$	71,859	$	(6,443)	$	57,528	$	(8,223)	$	129,387	$	(14,666)
December 31, 2021
U.S. Government agency obligations	$	39,617	$	(536)	$	—	$	—	$	39,617	$	(536)
Mortgage-backed securities		21,911		(448)		4,518		(165)		26,429		(613)
Municipals		2,208		(62)		—		—		2,208		(62)
Subordinated debt		919		(80)		470		(30)		1,389		(110)
	$	64,655	$	(1,126)	$	4,988	$	(195)	$	69,643	$	(1,321)

Schedule of investment by contractual maturity

The amortized cost and estimated fair value of investment securities available for sale as of September 30, 2022, by contractual maturity, are as follows (in thousands):

	Amortized
	Cost		Fair Value
Less than one year	$	10,510	$	10,088
One to five years		53,627		49,995
Five to ten years		15,062		14,082
More than ten years		69,921		60,338
Total	$	149,120	$	134,503