INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

INVESTMENT SECURITIES

Schedule of the amortized cost and fair value of securities available for sale, with gross unrealized gains and losses recognized

The following presents the amortized cost and fair value of securities available-for-sale, with gross unrealized gains and losses recognized in accumulated other comprehensive income as of December 31, 2021 and December 31, 2020 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2021	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	—	$	(3)	$	247
U.S. Government Agency		3,522		—		—		3,522
Corporate bonds		8,113		227		(15)		8,325
GNMA mortgage-backed securities – residential		26,611		185		(146)		26,650
FNMA mortgage-backed securities – residential		14,400		43		—		14,443
Government CMO and MBS - commercial		878		—		—		878
Corporate CMO and MBS		1,492		23		(18)		1,497
Other		649		—		—		649
Total securities available-for-sale	$	55,915	$	478	$	(182)	$	56,211

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2020	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	4	$	—	$	254
Corporate bonds		6,000		55		(11)		6,044
GNMA mortgage-backed securities – residential		23,806		798		—		24,604
FNMA mortgage-backed securities – residential		1,616		61		—		1,677
Corporate CMO and MBS		4,078		62		(53)		4,087
Total securities available-for-sale	$	35,750	$	980	$	(64)	$	36,666

Summary of the amortized cost and estimated fair value of available for sale securities, excluding SBIC with contractual maturity dates

	Amortized		Fair
December 31, 2021	Cost		Value
Due within one year	$	506	$	506
Due between one year and five years		414		411
Due between five years and ten years		9,303		9,515
Due after ten years		1,662		1,662
Securities (CMO and MBS)		44,030		44,117
Total	$	55,915	$	56,211

Summary of securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position

The following presents securities with unrealized losses as of December 31, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands, before tax):

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2021	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury debt	$	247	$	(3)	$	—	$	—	$	247	$	(3)
Corporate bonds		485		(15)		—		—		485		(15)
GNMA mortgage-backed securities – residential		17,205		(146)		—		—		17,205		(146)
Corporate CMO and MBS		—		—		521		(18)		521		(18)
Total	$	17,937	$	(164)	$	521	$	(18)	$	18,458	$	(182)

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2020	Value		Losses		Value		Losses		Value		Losses
Corporate bonds	$	3,489	$	(11)	$	—	$	—	$	3,489	$	(11)
Corporate CMO and MBS		880		(40)		566		(13)		1,446		(53)
Total	$	4,369	$	(51)	$	566	$	(13)	$	4,935	$	(64)