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Securities Available for Sale
 3 Months Ended
Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]  
Securities Available for Sale

4.

SECURITIES AVAILABLE FOR SALE

The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

 

(In thousands)

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

12,732

 

 

$

—

 

 

$

(687

)

 

$

12,045

 

U.S. Government-sponsored enterprises

 

 

1,996

 

 

 

—

 

 

 

(59

)

 

 

1,937

 

Corporate

 

 

2,501

 

 

 

—

 

 

 

(80

)

 

 

2,421

 

Municipal

 

 

350

 

 

 

1

 

 

 

—

 

 

 

351

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

21,447

 

 

 

60

 

 

 

(1,031

)

 

 

20,476

 

Commercial mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

8,701

 

 

 

—

 

 

 

(211

)

 

 

8,490

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

749

 

 

 

—

 

 

 

(22

)

 

 

727

 

U.S. Government-guaranteed

 

 

2,474

 

 

 

—

 

 

 

(85

)

 

 

2,389

 

Total securities available for sale

 

$

50,950

 

 

$

61

 

 

$

(2,175

)

 

$

48,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

10,939

 

 

$

—

 

 

$

(168

)

 

$

10,771

 

U.S. Government-sponsored enterprises

 

 

1,995

 

 

 

—

 

 

 

(17

)

 

 

1,978

 

Corporate

 

 

2,510

 

 

 

33

 

 

 

(7

)

 

 

2,536

 

Municipal

 

 

351

 

 

 

2

 

 

 

—

 

 

 

353

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

23,349

 

 

 

324

 

 

 

(194

)

 

 

23,479

 

Commercial mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

8,733

 

 

 

223

 

 

 

—

 

 

 

8,956

 

U.S. Government-guaranteed

 

 

103

 

 

 

—

 

 

 

—

 

 

 

103

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

796

 

 

 

14

 

 

 

—

 

 

 

810

 

U.S. Government-guaranteed

 

 

2,641

 

 

 

39

 

 

 

—

 

 

 

2,680

 

Total securities available for sale

 

$

51,417

 

 

$

635

 

 

$

(386

)

 

$

51,666

 

 

There were no sales of securities during the three months ended March 31, 2022 and 2021.

 

The amortized cost and fair value of debt securities by contractual maturity at March 31, 2022 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

 

 

(In thousands)

 

Within 1 year

 

$

2,511

 

 

$

2,504

 

After 1 year through 5 years

 

 

9,344

 

 

 

8,928

 

After 5 years through 10 years

 

 

5,724

 

 

 

5,322

 

 

 

 

17,579

 

 

 

16,754

 

Mortgage-backed securities

 

 

33,371

 

 

 

32,082

 

 

 

$

50,950

 

 

$

48,836

 

 

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

 

 

Gross

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

March 31, 2022

 

(In thousands)

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

(687

)

 

$

10,248

 

 

$

—

 

 

$

—

 

U.S. Government-sponsored enterprises

 

 

(59

)

 

 

1,937

 

 

 

—

 

 

 

—

 

Corporate

 

 

(80

)

 

 

2,420

 

 

 

—

 

 

 

—

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

(1,031

)

 

 

16,288

 

 

 

—

 

 

 

—

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

(211

)

 

 

8,490

 

 

 

—

 

 

 

—

 

Collateralized mortgage obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

(22

)

 

 

727

 

 

 

—

 

 

 

—

 

U.S. Government-guaranteed

 

 

(85

)

 

 

2,389

 

 

 

—

 

 

 

—

 

Total debt securities

 

$

(2,175

)

 

$

42,499

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

(168

)

 

 

10,771

 

 

$

—

 

 

$

—

 

U.S. Government-sponsored enterprises

 

 

(17

)

 

 

1,978

 

 

 

—

 

 

 

—

 

Corporate

 

 

(7

)

 

 

723

 

 

 

—

 

 

 

—

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored enterprises

 

 

(194

)

 

 

11,477

 

 

 

—

 

 

 

—

 

Total debt securities

 

$

(386

)

 

$

24,949

 

 

$

—

 

 

$

—

 

 

At March 31, 2022, 50 debt securities had unrealized losses with aggregate depreciation of 4.87% from the Company’s amortized cost basis. The Company had 17 securities in a loss position at December 31, 2021. The unrealized losses at March 31, 2022 were due to interest rate increases since the date on which they were purchased. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of these investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell any debt securities and it is more likely than not that the Company will not be required to sell any debt securities before recovery of its amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at March 31, 2022.