XML 38 R27.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investment Securities (Tables)
9 Months Ended
Sep. 30, 2022
Schedule of Investments [Abstract]  
Summary of Fixed Maturity Securities Available for Sale

Fixed maturity securities available for sale at September 30, 2022 and December 31, 2021 consisted of the following:

September 30, 2022
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

45,444

 

 

$

 

 

$

(5,356

)

 

$

40,088

 

State and municipalities

 

 

9,015

 

 

 

 

 

 

(749

)

 

 

8,266

 

Total

 

$

54,459

 

 

$

 

 

$

(6,105

)

 

$

48,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

35,469

 

 

$

672

 

 

$

(403

)

 

$

35,738

 

State and municipalities

 

 

9,025

 

 

 

60

 

 

 

(51

)

 

 

9,034

 

Total

 

$

44,494

 

 

$

732

 

 

$

(454

)

 

$

44,772

 

Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity

The amortized cost and estimated market value of investment securities at September 30, 2022 by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30, 2022
(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

1,613

 

 

$

1,600

 

Due after one year through five years

 

 

7,692

 

 

 

7,389

 

Due after five years through ten years

 

 

9,426

 

 

 

8,172

 

Due after ten years

 

 

35,728

 

 

 

31,193

 

Total

 

$

54,459

 

 

$

48,354

 

Summary of Securities with Gross Unrealized Losses

The following tables show information pertaining to securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

September 30, 2022
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

(2,284

)

 

$

25,669

 

 

$

(3,072

)

 

$

12,423

 

State and municipalities

 

 

(249

)

 

 

5,536

 

 

 

(500

)

 

 

2,721

 

Total

 

$

(2,533

)

 

$

31,205

 

 

$

(3,572

)

 

$

15,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

December 31, 2021
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

(403

)

 

$

16,330

 

 

$

 

 

$

 

State and municipalities

 

 

(9

)

 

 

2,124

 

 

 

(42

)

 

 

(1,956

)

Total

 

$

(412

)

 

$

18,454

 

 

$

(42

)

 

$

(1,956

)