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INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
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, 2021Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Investment securities available-for-sale:
U.S. Treasury debt$250 $— $(3)$247 
U.S. Government Agency3,522 — — 3,522 
Corporate bonds8,113 227 (15)8,325 
GNMA mortgage-backed securities – residential26,611 185 (146)26,650 
FNMA mortgage-backed securities – residential14,400 43 — 14,443 
Government CMO and MBS - commercial878 — — 878 
Corporate CMO and MBS1,492 23 (18)1,497 
Total securities available-for-sale$55,266 $478 $(182)$55,562 
Summary of the amortized cost and estimated fair value of available for sale securities, excluding SBIC with contractual maturity dates As of December 31, 2022, the amortized cost and estimated fair value of held-to-maturity securities have contractual maturity dates shown in the table below (dollars in thousands). Expected maturities will differ from contractual
maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
December 31, 2022Amortized
Cost
Fair
Value
Due within one year$— $— 
Due between one year and five years2,234 2,048 
Due between five years and ten years21,54819,290
Due after ten years280262
Securities (CMO and MBS)56,99453,118
Total$81,056 $74,718 
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 Months12 Months or LongerTotal
December 31, 2021Fair
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 bonds485 (15)— — 485 (15)
GNMA mortgage-backed securities - residential17,205 (146)— — 17,205 $(146)
Corporate CMO and MBS— — 521 (18)521 (18)
Total$17,937 $(164)$521 $(18)$18,458 $(182)
Debt Securities, Held-to-Maturity, Unrealized Loss Position
The following presents securities with unrecognized losses aggregated by major security type and length of time in a continuous unrecognized loss position as of the date noted (dollars in thousands, before tax):
Less than 12 Months12 Months or LongerTotal
December 31, 2022Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Investment securities held-to-maturity:
U.S. Treasury debt$— $— $234 $(9)$234 $(9)
Corporate bonds20,911 (2,436)455 (17)21,366 (2,453)
GNMA mortgage-backed securities – residential22,371 (1,051)14,255 (1,749)36,626 (2,800)
FNMA mortgage-backed securities – residential6,202 (506)— — 6,202 (506)
Government CMO and MBS - commercial5,591 (403)— — 5,591 (403)
Corporate CMO and MBS3,499 (147)395 (33)3,894 (180)
Total$58,574 $(4,543)$15,339 $(1,808)$73,913 $(6,351)
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, 2022Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Investment securities held-to-maturity:
U.S. Treasury debt$243 $— $(9)$234 
Corporate bonds23,819 — (2,453)21,366 
GNMA mortgage-backed securities – residential39,426 — (2,800)36,626 
FNMA mortgage-backed securities – residential6,708 — (506)6,202 
Government CMO and MBS - commercial6,786 13 (403)6,396 
Corporate CMO and MBS4,074 — (180)3,894 
Total securities held-to-maturity$81,056 $13 $(6,351)$74,718