Investment securities available for sales (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 are as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
June 30, 2023
U.S. Government agency obligations	$	64,594	$	3	$	(3,107)	$	61,490
Mortgage-backed securities		66,119		—		(8,243)		57,876
Municipals		2,266		—		(599)		1,667
Subordinated debt		12,442		21		(1,261)		11,202
	$	145,421	$	24	$	(13,210)	$	132,235
December 31, 2022
U.S. Government agency obligations	$	64,631	$	5	$	(3,734)	$	60,902
Mortgage-backed securities		69,151		6		(8,597)		60,560
Municipals		2,268		—		(718)		1,550
Subordinated debt		11,553		29		(741)		10,841
	$	147,603	$	40	$	(13,790)	$	133,853

Schedule of investment securities available for sale

Investment securities available for sale that have an unrealized loss position at June 30, 2023 and December 31, 2022 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
June 30, 2023
U.S. Government agency obligations	$	3,699	$	(39)	$	57,419	$	(3,068)	$	61,118	$	(3,107)
Mortgage-backed securities		8,360		(177)		49,516		(8,066)		57,876		(8,243)
Municipals		—		—		1,667		(599)		1,667		(599)
Subordinated debt		3,007		(243)		5,284		(1,018)		8,291		(1,261)
	$	15,066	$	(459)	$	113,886	$	(12,751)	$	128,952	$	(13,210)
December 31, 2022
U.S. Government agency obligations	$	21,848	$	(723)	$	37,256	$	(3,011)	$	59,104	$	(3,734)
Mortgage-backed securities		36,089		(3,588)		22,549		(5,009)		58,638		(8,597)
Municipals		—		—		1,549		(718)		1,549		(718)
Subordinated debt		5,305		(498)		2,007		(243)		7,312		(741)
	$	63,242	$	(4,809)	$	63,361	$	(8,981)	$	126,603	$	(13,790)

Schedule of investment by contractual maturity

The amortized cost and estimated fair value of investment securities available for sale as of June 30, 2023, by contractual maturity, are as follows (in thousands):

	Amortized
	Cost		Fair Value
Less than one year	$	29,937	$	29,410
One to five years		35,240		32,641
Five to ten years		16,369		14,787
More than ten years		63,875		55,397
Total	$	145,421	$	132,235