INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

INVESTMENT SECURITIES

Schedule of the amortized cost and fair value of securities held to maturity, with gross unrecognized gains and losses

			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
September 30, 2022	Cost		Gains		Losses		Value
Investment securities held-to-maturity:
U.S. Treasury debt	$	241	$	—	$	(9)	$	232
U.S. Government Agency		251		—		(2)		249
Corporate bonds		23,871		2		(1,641)		22,232
GNMA mortgage-backed securities – residential		41,697		—		(2,710)		38,987
FNMA mortgage-backed securities – residential		6,934		—		(634)		6,300
Government CMO and MBS - commercial		7,073		14		(498)		6,589
Corporate CMO and MBS		4,190		—		(155)		4,035
Total securities held-to-maturity	$	84,257	$	16	$	(5,649)	$	78,624

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

			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 held to maturity securities

	Amortized		Fair
September 30, 2022	Cost		Value
Due within one year	$	251	$	249
Due between one year and five years		2,232		2,135
Due between five years and ten years		21,565		20,022
Due after ten years		315		307
Securities (CMO and MBS)		59,894		55,911
Total	$	84,257	$	78,624

Schedule of unrealized loss on held to maturity and available for sale securities

The following presents securities with unrecognized losses aggregated by major security type and length of time in a continuous unrecognized loss position as of the date noted (dollars in thousands, before tax):

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrecognized		Fair		Unrecognized		Fair		Unrecognized
September 30, 2022	Value		Losses		Value		Losses		Value		Losses
Investment securities held-to-maturity:
U.S. Treasury debt	$	—	$	—	$	232	$	(9)	$	232	$	(9)
U.S. Government Agency		249		(2)		—		—		249		(2)
Corporate bonds		21,764		(1,629)		460		(12)		22,224		(1,641)
GNMA mortgage-backed securities – residential		28,987		(1,605)		10,000		(1,105)		38,987		(2,710)
FNMA mortgage-backed securities – residential		6,300		(634)		—		—		6,300		(634)
Government CMO and MBS - commercial		5,731		(498)		—		—		5,731		(498)
Corporate CMO and MBS		3,623		(133)		412		(22)		4,035		(155)
Total	$	66,654	$	(4,501)	$	11,104	$	(1,148)	$	77,758	$	(5,649)

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 date noted (dollars 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
Investment securities available-for-sale:
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)