INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

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 unrealized gains and losses recognized in accumulated other comprehensive income as of the dates noted (dollars in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
March 31, 2022	Cost		Gains		Losses		Value
Investment securities available-for-sale:
U.S. Treasury debt	$	250	$	—	$	(11)	$	239
U.S. Government Agency		2,959		—		(92)		2,867
Corporate bonds		17,110		142		(169)		17,083
GNMA mortgage-backed securities – residential		24,890		4		(1,352)		23,542
FNMA mortgage-backed securities – residential		13,779		3		(780)		13,002
Government CMO and MBS - commercial		672		—		(14)		658
Corporate CMO and MBS		1,362		—		(26)		1,336
Total securities available-for-sale	$	61,022	$	149	$	(2,444)	$	58,727

			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
Total securities available-for-sale	$	55,266	$	478	$	(182)	$	55,562

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

Gross

	Amortized		Fair
March 31, 2022	Cost		Value
Due within one year	$	254	$	252
Due between one year and five years		374		361
Due between five years and ten years		18,207		18,146
Due after ten years		1,484		1,430
Securities (CMO and MBS)		40,703		38,538
Total	$	61,022	$	58,727

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 aggregated by major security type and length of time in a continuous unrealized loss position as of the dates noted (dollars in thousands, before tax):

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
March 31, 2022	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury debt	$	239	$	(11)	$	—	$	—	$	239	$	(11)
U.S. Government Agency		2,867		(92)		—		—		2,867		(92)
Corporate bonds		7,112		(138)		469		(31)		7,581		(169)
GNMA mortgage-backed securities – residential		23,132		(1,352)		—		—		23,132		(1,352)
FNMA mortgage-backed securities – residential		12,802		(780)		—		—		12,802		(780)
Government CMO and MBS - commercial		658		(14)		—		—		658		(14)
Corporate CMO and MBS		647		(4)		485		(22)		1,132		(26)
Total	$	47,457	$	(2,391)	$	954	$	(53)	$	48,411	$	(2,444)

	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)