INVESTMENT SECURITIES (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of amortized cost and fair value of securities available-for-sale |
The amortized cost and fair value of available-for-sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands): | | | | | | | | | | | | | | | Amortized | | Gross Unrealized | | Fair | | | Cost | | Gains | | Losses | | Value | September 30, 2022 | | | | | | | | | | | | | Residential government-sponsored mortgage-backed securities | | $ | 124,407 | | $ | 1 | | $ | (18,129) | | $ | 106,279 | Obligations of states and political subdivisions | | | 34,179 | | | 1 | | | (5,425) | | | 28,755 | Corporate securities | | | 16,000 | | | — | | | (1,146) | | | 14,854 | Collateralized loan obligations | | | 5,023 | | | — | | | (220) | | | 4,803 | Residential government-sponsored collateralized mortgage obligations | | | 25,064 | | | — | | | (2,021) | | | 23,043 | Government-sponsored agency securities | | | 17,707 | | | — | | | (3,022) | | | 14,685 | Agency commercial mortgage-backed securities | | | 44,833 | | | — | | | (4,733) | | | 40,100 | SBA pool securities | | | 6,437 | | | 18 | | | (83) | | | 6,372 | Total | | $ | 273,650 | | $ | 20 | | $ | (34,779) | | $ | 238,891 |
| | | | | | | | | | | | | | | Amortized | | Gross Unrealized | | Fair | | | Cost | | Gains | | Losses | | Value | December 31, 2021 | | | | | | | | | | | | | Residential government-sponsored mortgage-backed securities | | $ | 122,506 | | $ | 740 | | $ | (636) | | $ | 122,610 | Obligations of states and political subdivisions | | | 30,728 | | | 755 | | | (252) | | | 31,231 | Corporate securities | | | 13,000 | | | 685 | | | — | | | 13,685 | Collateralized loan obligations | | | 5,026 | | | — | | | (16) | | | 5,010 | Residential government-sponsored collateralized mortgage obligations | | | 19,671 | | | 297 | | | (161) | | | 19,807 | Government-sponsored agency securities | | | 17,671 | | | 32 | | | (215) | | | 17,488 | Agency commercial mortgage-backed securities | | | 52,452 | | | 513 | | | (298) | | | 52,667 | SBA pool securities | | | 8,870 | | | 48 | | | (84) | | | 8,834 | Total | | $ | 269,924 | | $ | 3,070 | | $ | (1,662) | | $ | 271,332 |
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| Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities |
The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities held-to-maturity were as follows (in thousands): | | | | | | | | | | | | | | | | | | Amortized | | Gross Unrecognized | | Allowance for | | Fair | | | Cost | | Gains | | Losses | | Credit Losses | | Value | September 30, 2022 | | | | | | | | | | | | | | | | Residential government-sponsored mortgage-backed securities | | $ | 10,953 | | $ | — | | $ | (1,183) | | $ | — | | $ | 9,770 | Obligations of states and political subdivisions | | | 3,120 | | | — | | | (100) | | | — | | | 3,020 | Residential government-sponsored collateralized mortgage obligations | | | 318 | | | — | | | (23) | | | — | | | 295 | Total | | $ | 14,391 | | $ | — | | $ | (1,306) | | $ | — | | $ | 13,085 |
| | | | | | | | | | | | | | | | | | Amortized | | Gross Unrecognized | | Allowance for | | Fair | | | Cost | | Gains | | Losses | | Credit Losses | | Value | December 31, 2021 | | | | | | | | | | | | | | | | Residential government-sponsored mortgage-backed securities | | $ | 13,616 | | $ | 296 | | $ | (1) | | $ | — | | $ | 13,911 | Obligations of states and political subdivisions | | | 3,805 | | | 93 | | | — | | | — | | | 3,898 | Residential government-sponsored collateralized mortgage obligations | | | 519 | | | 13 | | | — | | | — | | | 532 | Government-sponsored agency securities | | | 5,000 | | | 23 | | | — | | | — | | | 5,023 | Total | | $ | 22,940 | | $ | 425 | | $ | (1) | | $ | — | | $ | 23,364 |
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| Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity |
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of September 30, 2022, by contractual maturity were as follows (in thousands). Investment securities not due at a single maturity date are shown separately. | | | | | | | | | | | | | | | Available-for-Sale | | Held-to-Maturity | | | Amortized | | | | | Amortized | | | | | | Cost | | Fair Value | | Cost | | Fair Value | Due within one year | | $ | 1,500 | | $ | 1,480 | | $ | 400 | | | 400 | Due in one to five years | | | 10,015 | | | 9,086 | | | 867 | | | 855 | Due in five to ten years | | | 29,222 | | | 25,912 | | | 1,519 | | | 1,429 | Due after ten years | | | 32,172 | | | 26,619 | | | 334 | | | 336 | Residential government-sponsored mortgage-backed securities | | | 124,407 | | | 106,279 | | | 10,953 | | | 9,770 | Residential government-sponsored collateralized mortgage obligations | | | 25,064 | | | 23,043 | | | 318 | | | 295 | Agency commercial mortgage-backed securities | | | 44,833 | | | 40,100 | | | — | | | — | SBA pool securities | | | 6,437 | | | 6,372 | | | — | | | — | Total | | $ | 273,650 | | $ | 238,891 | | $ | 14,391 | | $ | 13,085 |
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| Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position |
The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of September 30, 2022 and December 31, 2021 by duration of time in a loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 Months or More | | Total | September 30, 2022 | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | Available-for-Sale | | value | | Losses | | value | | Losses | | value | | Losses | Residential government-sponsored mortgage-backed securities | | $ | 64,600 | | $ | (9,940) | | $ | 41,366 | | $ | (8,189) | | $ | 105,966 | | $ | (18,129) | Obligations of states and political subdivisions | | | 18,212 | | | (2,865) | | | 9,542 | | | (2,560) | | | 27,754 | | | (5,425) | Corporate securities | | | 14,854 | | | (1,146) | | | — | | | — | | | 14,854 | | | (1,146) | Collateralized loan obligations | | | — | | | — | | | 4,803 | | | (220) | | | 4,803 | | | (220) | Residential government-sponsored collateralized mortgage obligations | | | 18,984 | | | (1,348) | | | 4,059 | | | (673) | | | 23,043 | | | (2,021) | Government-sponsored agency securities | | | 7,547 | | | (810) | | | 7,138 | | | (2,212) | | | 14,685 | | | (3,022) | Agency commercial mortgage-backed securities | | | 22,072 | | | (1,528) | | | 18,028 | | | (3,205) | | | 40,100 | | | (4,733) | SBA pool securities | | | 533 | | | (34) | | | 3,521 | | | (49) | | | 4,054 | | | (83) | Total | | $ | 146,802 | | $ | (17,671) | | $ | 88,457 | | $ | (17,108) | | $ | 235,259 | | $ | (34,779) |
| | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 Months or More | | Total | September 30, 2022 | | Fair | | Unrecognized | | Fair | | Unrecognized | | Fair | | Unrecognized | Held-to-Maturity | | value | | Losses | | value | | Losses | | value | | Losses | Residential government-sponsored mortgage-backed securities | | $ | 9,699 | | $ | (1,178) | | $ | 70 | | $ | (5) | | $ | 9,769 | | $ | (1,183) | Obligations of states and political subdivisions | | | 2,285 | | | (100) | | | — | | | — | | | 2,285 | | | (100) | Residential government-sponsored collateralized mortgage obligations | | | 295 | | | (23) | | | — | | | — | | | 295 | | | (23) | Total | | $ | 12,279 | | $ | (1,301) | | $ | 70 | | $ | (5) | | $ | 12,349 | | $ | (1,306) |
| | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 Months or More | | Total | December 31, 2021 | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | Available-for-Sale | | value | | Losses | | value | | Losses | | value | | Losses | Residential government-sponsored mortgage-backed securities | | $ | 84,123 | | $ | (636) | | $ | — | | $ | — | | $ | 84,123 | | $ | (636) | Obligations of states and political subdivisions | | | 14,472 | | | (252) | | | — | | | — | | | 14,472 | | | (252) | Collateralized loan obligations | | | 5,010 | | | (16) | | | — | | | — | | | 5,010 | | | (16) | Residential government-sponsored collateralized mortgage obligations | | | 5,589 | | | (161) | | | — | | | — | | | 5,589 | | | (161) | Government-sponsored agency securities | | | 15,956 | | | (215) | | | — | | | — | | | 15,956 | | | (215) | Agency commercial mortgage-backed securities | | | 20,786 | | | (194) | | | 2,027 | | | (104) | | | 22,813 | | | (298) | SBA pool securities | | | — | | | — | | | 4,544 | | | (84) | | | 4,544 | | | (84) | Total | | $ | 145,936 | | $ | (1,474) | | $ | 6,571 | | $ | (188) | | $ | 152,507 | | $ | (1,662) |
| | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 Months or More | | Total | December 31, 2021 | | Fair | | Unrecognized | | Fair | | Unrecognized | | Fair | | Unrecognized | Held-to-Maturity | | value | | Losses | | value | | Losses | | value | | Losses | Residential government-sponsored mortgage-backed securities | | $ | — | | $ | — | | $ | 324 | | $ | (1) | | $ | 324 | | $ | (1) | Total | | $ | — | | $ | — | | $ | 324 | | $ | (1) | | $ | 324 | | $ | (1) |
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| Schedule of changes in accumulated other comprehensive income by component |
Changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2022 and 2021 are shown in the tables below. All amounts are net of tax (in thousands). | | | | | | | | | | | | Unrealized Holding | | | | | | | | | Gains (Losses) on | | Held-to-Maturity | | | | For the three months ended September 30, 2022 | | Available-for-Sale | | Securities | | Total | Beginning balance | | $ | (17,926) | | $ | — | | $ | (17,926) | Current period other comprehensive income (loss) | | | (9,534) | | | — | | | (9,534) | Ending balance | | $ | (27,460) | | $ | — | | $ | (27,460) |
| | | | | | | | | | | | Unrealized Holding | | | | | | | | | Gains on | | Held-to-Maturity | | | | For the three months ended September 30, 2021 | | Available-for-Sale | | Securities | | Total | Beginning balance | | $ | 3,243 | | | (2) | | $ | 3,241 | Current period other comprehensive income (loss) | | | (82) | | | — | | | (82) | Ending balance | | $ | 3,161 | | $ | (2) | | $ | 3,159 |
| | | | | | | | | | | | Unrealized Holding | | | | | | | | | Gains (Losses) on | | Held-to-Maturity | | | | For the nine months ended September 30, 2022 | | Available-for-Sale | | Securities | | Total | Beginning balance | | $ | 1,112 | | $ | — | | $ | 1,112 | Current period other comprehensive income (loss) | | | (28,572) | | | — | | | (28,572) | Ending balance | | $ | (27,460) | | $ | — | | $ | (27,460) |
| | | | | | | | | | | | Unrealized Holding | | | | | | | | | Gains (Losses) on | | Held-to-Maturity | | | | For the nine months ended September 30, 2021 | | Available-for-Sale | | Securities | | Total | Beginning balance | | $ | 3,636 | | $ | (151) | | $ | 3,485 | Current period other comprehensive income (loss) | | | (475) | | | 149 | | | (326) | Ending balance | | $ | 3,161 | | $ | (2) | | $ | 3,159 |
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