INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

INVESTMENT SECURITIES

Schedule of summary of investment securities

	At September 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	18,295	$	16	$	(2,124)	$	16,187
Agency mortgage-backed securities		60,630		—		(7,404)		53,226
Municipal securities		43,121		5		(12,272)		30,854
Corporate Securities		1,559		—		(160)		1,399
U.S. Government agency securities		45,483		1		(8,949)		36,535
U.S. Treasury securities		6,992		—		(213)		6,779
Total securities available for sale	$	176,080	$	22	$	(31,122)	$	144,980

	At December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Collateralized mortgage obligations	$	21,730	$	169	$	(211)	$	21,688
Agency mortgage-backed securities		56,252		356		(419)		56,189
Municipal securities		44,594		811		(180)		45,225
Corporate Securities		1,500		—		(26)		1,474
U.S. Government agency securities		32,616		4		(1,269)		31,351
Total securities available for sale	$	156,692	$	1,340	$	(2,105)	$	155,927

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position

The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021 are as follows:

September 30, 2022	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Collateralized mortgage obligations	$	9,719	$	(658)	$	4,375	$	(1,466)	$	14,094	$	(2,124)
Agency mortgage-backed securities		46,341		(5,622)		6,761		(1,782)		53,102		(7,404)
Municipal securities		17,838		(6,226)		12,256		(6,046)		30,094		(12,272)
Corporate Securities		58		(1)		1,340		(159)		1,398		(160)
U.S. Government agency securities		16,502		(1,101)		19,734		(7,848)		36,236		(8,949)
U.S. Treasury securities		6,779		(213)		—		—		6,779		(213)
	$	97,237	$	(13,821)	$	44,466	$	(17,301)	$	141,703	$	(31,122)

December 31, 2021	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
	(dollars in thousands)
Collateralized mortgage obligations	$	7,917	$	(194)	$	876	$	(17)	$	8,793	$	(211)
Agency mortgage-backed securities		42,109		(414)		197		(5)		42,306		(419)
Municipal securities		18,603		(180)		—		—		18,603		(180)
Corporate Securities		1,474		(26)		—		—		1,474		(26)
U.S. Government agency securities		13,976		(420)		15,942		(849)		29,918		(1,269)
U.S. Treasury securities		—		—		—		—		—		—
	$	84,079	$	(1,234)	$	17,015	$	(871)	$	101,094	$	(2,105)

Schedule of contractual maturities of investment securities

Shown below are contractual maturities of debt securities at September 30, 2022. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

	At September 30, 2022
	Amortized		Fair		Yield
(dollars in thousands)	Cost		Value		(1), (2)
Available for sale securities maturing:
Within one year	$	—	$	—	—	%
Over one to five years		24,517		23,656	2.37	%
Over five to ten years		39,149		34,674	1.90	%
Over ten years		112,414		86,650	2.23	%
Total debt securities	$	176,080	$	144,980

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(1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively.

(2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.