Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investment Securities

Schedule of cost basis and fair values of investment securities

The cost basis and fair values of investment securities are summarized as follows:

Investment securities available for sale (AFS):

	September 30, 2022
			GROSS		GROSS
			UNREALIZED		UNREALIZED		FAIR
	COST BASIS		GAINS		LOSSES		VALUE
	(IN THOUSANDS)
U.S. Agency	$	11,349	$	—	$	(1,312)	$	10,037
U.S. Agency mortgage-backed securities		101,389		14		(13,377)		88,026
Municipal		21,438		—		(1,799)		19,639
Corporate bonds		59,284		36		(2,722)		56,598
Total	$	193,460	$	50	$	(19,210)	$	174,300

Investment securities held to maturity (HTM):

	September 30, 2022
			GROSS		GROSS
			UNREALIZED		UNREALIZED		FAIR
	COST BASIS		GAINS		LOSSES		VALUE
	(IN THOUSANDS)
U.S. Agency	$	2,500	$	—	$	(439)	$	2,061
U.S. Agency mortgage-backed securities		19,354		11		(2,343)		17,022
Municipal		34,206		6		(3,818)		30,394
Corporate bonds and other securities		6,507		—		(196)		6,311
Total	$	62,567	$	17	$	(6,796)	$	55,788

Investment securities available for sale (AFS):

	December 31, 2021
			GROSS		GROSS
			UNREALIZED		UNREALIZED		FAIR
	COST BASIS		GAINS		LOSSES		VALUE
	(IN THOUSANDS)
U.S. Agency	$	7,371	$	86	$	(70)	$	7,387
U.S. Agency mortgage-backed securities		80,136		1,202		(1,171)		80,167
Municipal		20,066		851		(25)		20,892
Corporate bonds		53,843		1,028		(146)		54,725
Total	$	161,416	$	3,167	$	(1,412)	$	163,171

Investment securities held to maturity (HTM):

	December 31, 2021
			GROSS		GROSS
			UNREALIZED		UNREALIZED		FAIR
	COST BASIS		GAINS		LOSSES		VALUE
	(IN THOUSANDS)
U.S. Agency	$	2,500	$	—	$	(11)	$	2,489
U.S. Agency mortgage-backed securities		10,556		203		(115)		10,644
Municipal		33,188		1,734		(103)		34,819
Corporate bonds and other securities		7,507		64		(7)		7,564
Total	$	53,751	$	2,001	$	(236)	$	55,516

Schedule of investments with unrealized losses

The following tables present information concerning investments with unrealized losses as of September 30, 2022 and December 31, 2021 (in thousands):

Total investment securities:

	September 30, 2022
	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
	FAIR		UNREALIZED		FAIR		UNREALIZED		FAIR		UNREALIZED
	VALUE		LOSSES		VALUE		LOSSES		VALUE		LOSSES
U.S. Agency	$	5,917	$	(432)	$	6,181	$	(1,319)	$	12,098	$	(1,751)
U.S. Agency mortgage-backed securities		65,965		(6,084)		37,261		(9,636)		103,226		(15,720)
Municipal		43,069		(4,327)		5,796		(1,290)		48,865		(5,617)
Corporate bonds and other securities		46,988		(2,416)		5,898		(502)		52,886		(2,918)
Total	$	161,939	$	(13,259)	$	55,136	$	(12,747)	$	217,075	$	(26,006)

Total investment securities:

	December 31, 2021
	LESS THAN 12 MONTHS				12 MONTHS OR LONGER				TOTAL
	FAIR		UNREALIZED		FAIR		UNREALIZED		FAIR		UNREALIZED
	VALUE		LOSSES		VALUE		LOSSES		VALUE		LOSSES
U.S. Agency	$	7,419	$	(81)	$	—	$	—	$	7,419	$	(81)
U.S. Agency mortgage-backed securities		45,422		(972)		6,691		(314)		52,113		(1,286)
Municipal		7,832		(128)		—		—		7,832		(128)
Corporate bonds and other securities		14,558		(92)		2,439		(61)		16,997		(153)
Total	$	75,231	$	(1,273)	$	9,130	$	(375)	$	84,361	$	(1,648)

Schedule of investment securities

	September 30, 2022
	Available for sale				Held to maturity
	Cost Basis		Fair Value		Cost Basis		Fair Value
Within 1 year	$	7,265	$	7,234	$	2,200	$	2,132
After 1 year but within 5 years		40,696		39,101		12,136		11,620
After 5 years but within 10 years		49,071		44,735		24,434		21,526
Over 10 years		96,428		83,230		23,797		20,510
Total	$	193,460	$	174,300	$	62,567	$	55,788