Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities at June 30, 2022 and December 31, 2021 are summarized as follows:

	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,983	$	—	$	(264	)	$	2,719
Corporate Bonds		25,841		2		(1,812	)		24,031
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		47,252		—		(5,322	)		41,930
FHLMC Certificates		11,965		—		(1,513	)		10,452
FNMA Certificates		70,771				(10,003	)		60,768
GNMA Certificates		144		—		—			144
Total available-for-sale securities	$	158,956	$	2	$	(18,914	)	$	140,044

Held-to-Maturity Securities:
Corporate Bonds	$	79,000	$	7	$	—		$	79,007
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		62,422		—		(3	)		62,419
FHLMC Certificates		842		—		(128	)		714
FNMA Certificates		69,253		—		(41	)		69,212
Total held-to-maturity securities	$	211,517	$	7	$	(172	)	$	211,352

(1)

Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

Note 4.Securities (Continued)

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,981	$	—	$	(47	)	$	2,934
Corporate Bonds		21,243		144		(203	)		21,184
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ⁽¹⁾		18,845		—		(497	)		18,348
FNMA Certificates		71,930		—		(1,231	)		70,699
GNMA Certificates		175		6		—			181
Total available-for-sale securities	$	115,174	$	150	$	(1,978	)	$	113,346

Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	—	$	(20	)	$	914
Total held-to-maturity securities	$	934	$	—	$	(20	)	$	914

(1) Comprised of FHLMC, FNMA and GNMA issued securities.

Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position

Note 4.Securities (Continued)

The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at June 30, 2022 and December 31, 2021:

	June 30, 2022
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,719	$	(264	)	$	—	$	—		$	2,719	$	(264	)
Corporate Bonds		22,980		(1,812	)		—		—			22,980		(1,812	)
Mortgage-Backed
Collateralized Mortgage Obligations		30,911		(3,098	)		11,019		(2,224	)		41,930		(5,322	)
FHLMC Certificates		6,478		(937	)		3,974		(576	)		10,452		(1,513	)
FNMA Certificates		57,524		(9,572	)		3,244		(431	)		60,768		(10,003	)
Total available-for-sale securities	$	120,612	$	(15,683	)	$	18,237	$	(3,231	)	$	138,849	$	(18,914	)
Held-to-Maturity Securities:
Collateralized Mortgage Obligations	$	62,419	$	(3	)	$	—	$	—		$	62,419	$	(3	)
FHLMC Certificates		—		—			714		(128	)		714		(128	)
FNMA Certificates		69,212		(41	)		—		—			69,212		(41	)
Total held-to-maturity securities	$	131,631	$	(44	)	$	714	$	(128	)	$	132,345	$	(172	)

	December 31, 2021
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	(47	)	$	—	$	—		$	2,934	$	(47	)
Corporate Bonds		15,297		(203	)		—		—			15,297		(203	)
Mortgage-Backed
Collateralized Mortgage Obligations		16,034		(419	)		2,314		(78	)		18,348		(497	)
FNMA Certificates		70,699		(1,231	)		—		—			70,699		(1,231	)
Total available-for-sale securities	$	104,964	$	(1,900	)	$	2,314	$	(78	)	$	107,278	$	(1,978	)
Held-to-Maturity Securities:
FHLMC Certificates	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)
Total held-to-maturity securities	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)

Summary of Maturities of Securities

The following is a summary of maturities of securities at June 30, 2022 and December 31, 2021. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.

	June 30, 2022
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,983		2,719
More than five years through ten years		—		—
		2,983		2,719
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,000		3,713
More than five years through ten years		21,841		20,318
		25,841		24,031
Mortgage-Backed Securities		130,132		113,294
Total available-for-sale securities	$	158,956	$	140,044
Held-to-Maturity Securities:
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		75,000		75,007
More than five years through ten years		4,000		4,000
		79,000		79,007
Mortgage-Backed Securities		132,517		132,345
Total held-to-maturity securities	$	211,517	$	211,352

Note 4.Securities (Continued)

	December 31, 2021
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,981		2,934
More than five years through ten years		—		—
		2,981		2,934
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,445		4,381
More than five years through ten years		16,798		16,803
		21,243		21,184
Mortgage-Backed Securities		90,950		89,228
Total available-for-sale securities	$	115,174	$	113,346
Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	914
Total held-to-maturity securities	$	934	$	914