INVESTMENT SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of the amortized cost and fair value of securities available for sale, with gross unrealized gains and losses recognized |
The following presents the amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss as of the date noted (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Investment securities available-for-sale: | | | | | | | | | U.S. Treasury debt | | $ | 250 | | | $ | — | | | $ | (3) | | | $ | 247 | | U.S. Government Agency | | 3,522 | | | — | | | — | | | 3,522 | | Corporate bonds | | 8,113 | | | 227 | | | (15) | | | 8,325 | | GNMA mortgage-backed securities – residential | | 26,611 | | | 185 | | | (146) | | | 26,650 | | FNMA mortgage-backed securities – residential | | 14,400 | | | 43 | | | — | | | 14,443 | | Government CMO and MBS - commercial | | 878 | | | — | | | — | | | 878 | | Corporate CMO and MBS | | 1,492 | | | 23 | | | (18) | | | 1,497 | | Total securities available-for-sale | | $ | 55,266 | | | $ | 478 | | | $ | (182) | | | $ | 55,562 | |
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Summary of the amortized cost and estimated fair value of available for sale securities, excluding SBIC with contractual maturity dates |
As of December 31, 2022, the amortized cost and estimated fair value of held-to-maturity securities have contractual maturity dates shown in the table below (dollars in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. | | | | | | | | | | | | | | | December 31, 2022 | | Amortized Cost | | Fair Value | Due within one year | | $ | — | | | $ | — | | Due between one year and five years | | 2,234 | | | 2,048 | | Due between five years and ten years | | 21,548 | | 19,290 | Due after ten years | | 280 | | 262 | Securities (CMO and MBS) | | 56,994 | | 53,118 | Total | | $ | 81,056 | | | $ | 74,718 | |
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Summary of securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position |
The following presents securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position as of the date noted (dollars in thousands, before tax): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2021 | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Investment securities available-for-sale: | | | | | | | | | | | | | U.S. Treasury Debt | | $ | 247 | | | $ | (3) | | | $ | — | | | $ | — | | | $ | 247 | | | $ | (3) | | Corporate bonds | | 485 | | | (15) | | | — | | | — | | | 485 | | | (15) | | GNMA mortgage-backed securities - residential | | 17,205 | | | (146) | | | — | | | — | | | 17,205 | | | $ | (146) | | Corporate CMO and MBS | | — | | | — | | | 521 | | | (18) | | | 521 | | | (18) | | Total | | $ | 17,937 | | | $ | (164) | | | $ | 521 | | | $ | (18) | | | $ | 18,458 | | | $ | (182) | |
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Debt Securities, Held-to-Maturity, Unrealized Loss Position |
The following presents securities with unrecognized losses aggregated by major security type and length of time in a continuous unrecognized loss position as of the date noted (dollars in thousands, before tax): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2022 | | Fair Value | | Unrecognized Losses | | Fair Value | | Unrecognized Losses | | Fair Value | | Unrecognized Losses | Investment securities held-to-maturity: | | | | | | | | | | | | | U.S. Treasury debt | | $ | — | | | $ | — | | | $ | 234 | | | $ | (9) | | | $ | 234 | | | $ | (9) | | | | | | | | | | | | | | | Corporate bonds | | 20,911 | | | (2,436) | | | 455 | | | (17) | | | 21,366 | | | (2,453) | | GNMA mortgage-backed securities – residential | | 22,371 | | | (1,051) | | | 14,255 | | | (1,749) | | | 36,626 | | | (2,800) | | FNMA mortgage-backed securities – residential | | 6,202 | | | (506) | | | — | | | — | | | 6,202 | | | (506) | | Government CMO and MBS - commercial | | 5,591 | | | (403) | | | — | | | — | | | 5,591 | | | (403) | | Corporate CMO and MBS | | 3,499 | | | (147) | | | 395 | | | (33) | | | 3,894 | | | (180) | | Total | | $ | 58,574 | | | $ | (4,543) | | | $ | 15,339 | | | $ | (1,808) | | | $ | 73,913 | | | $ | (6,351) | |
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Schedule of Held-To-Maturity Securities Reconciliation |
The following presents the amortized cost and fair value of securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses as of the date noted (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Amortized Cost | | Gross Unrecognized Gains | | Gross Unrecognized Losses | | Fair Value | Investment securities held-to-maturity: | | | | | | | | | U.S. Treasury debt | | $ | 243 | | | $ | — | | | $ | (9) | | | $ | 234 | | | | | | | | | | | Corporate bonds | | 23,819 | | | — | | | (2,453) | | | 21,366 | | GNMA mortgage-backed securities – residential | | 39,426 | | | — | | | (2,800) | | | 36,626 | | FNMA mortgage-backed securities – residential | | 6,708 | | | — | | | (506) | | | 6,202 | | Government CMO and MBS - commercial | | 6,786 | | | 13 | | | (403) | | | 6,396 | | Corporate CMO and MBS | | 4,074 | | | — | | | (180) | | | 3,894 | | | | | | | | | | | Total securities held-to-maturity | | $ | 81,056 | | | $ | 13 | | | $ | (6,351) | | | $ | 74,718 | |
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