Securities (Tables)

3 Months Ended

Mar. 31, 2022

Securities

Schedule of investments in securities available-for-sale and held-to-maturity

	At March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Residential mortgage-backed - US agency and Government Sponsored Enterprise ("GSE")	$	30	$	1	$	(1)	$	30
Corporate bonds		20,780		51		(1,742)		19,089
State and political subdivisions		17,241		629		(911)		16,959
Total securities available-for-sale	$	38,051	$	681	$	(2,654)	$	36,078
Securities held-to-maturity:
Residential mortgage-backed - US agency and GSEs	$	1,064	$	15	$	(4)	$	1,075
Total securities held-to-maturity	$	1,064	$	15	$	(4)	$	1,075
Equity securities:
Large cap equity mutual fund	$	44					$	44
Other mutual funds		294						294
Total of equity securities	$	338					$	338

	At December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Residential mortgage-backed - US agency and GSEs	$	33	$	1	$	(1)	$	33
Corporate bonds		18,589		266		(812)		18,043
State and political subdivisions		18,081		887		(69)		18,899
Total securities available-for-sale	$	36,703	$	1,154	$	(882)	$	36,975
Securities held-to-maturity:
Residential mortgage-backed - US agency and GSEs	$	1,128	$	25	$	(3)	$	1,150
Total securities held-to-maturity	$	1,128	$	25	$	(3)	$	1,150
Equity securities:
Large cap equity mutual fund	$	45					$	45
Other mutual funds		305						305
Total of equity securities	$	350					$	350

Schedule of gross unrealized losses on investment securities and the fair value of the related securities

	At March 31, 2022
	12 Months or Less				More than 12 Months				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Residential mortgage-backed - US agency and GSEs	$	—	$	—	$	22	$	(1)	$	22	$	(1)
Corporate bonds		15,602		(1,742)		—		—		15,602		(1,742)
State and political subdivisions		6,731		(857)		447		(54)		7,178		(911)
Total securities available-for-sale	$	22,333	$	(2,599)	$	469	$	(55)	$	22,802	$	(2,654)
Securities held-to-maturity:
Residential mortgage-backed - US agency and GSEs	$	214	$	(1)	$	248	$	(3)	$	462	$	(4)
Total securities held-to-maturity	$	214	$	(1)	$	248	$	(3)	$	462	$	(4)

	At December 31, 2021
	12 Months or Less				More than 12 Months				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Residential mortgage-backed - US agency and GSEs	$	—	$	—	$	23	$	(1)	$	23	$	(1)
Corporate bonds		9,925		(812)		—		—		9,925		(812)
State and political subdivisions		4,774		(69)		—		—		4,774		(69)
Total securities available-for-sale	$	14,699	$	(881)	$	23	$	(1)	$	14,722	$	(882)
Securities held-to-maturity:
Residential mortgage-backed - US agency and GSEs	$	—	$	—	$	156	$	(3)	$	156	$	(3)
Total securities held-to-maturity	$	—	$	—	$	156	$	(3)	$	156	$	(3)

Summary of the amortized cost and estimated fair values of debt securities

	At March 31, 2022
	Securities				Securities
	Available-for-Sale				Held-to-Maturity
	Amortized		Estimated		Amortized		Estimated
(in thousands)	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	125	$	128	$	—	$	—
Due over one year through five years		1,736		1,686		—		—
Due over five through ten years		5,907		5,828		—		—
Due after ten years		30,253		28,406		—		—
		38,021		36,048		—		—
Residential mortgage-backed securities		30		30		1,064		1,075
Total	$	38,051	$	36,078	$	1,064	$	1,075