Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The amortized cost and estimated fair value of investment securities at June 30, 2022 and December 31, 2021 are summarized as follows:


Investment Securities Available for Sale
(in thousands)
June 30, 2022	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Available for sale
U.S. Treasuries	$	181,808	$	—	$	(13,159)	$	168,649

Municipal	10,820		—		(2,378)		8,442
Corporate	5,000		—		(241)		4,759
Asset-backed securities	9,606		—		(191)		9,415
Mortgage-backed securities	37,121		2		(1,879)		35,244
Total	$	244,355	$	2	$	(17,848)	$	226,509

December 31, 2021
Available for sale
U.S. Treasuries	$	132,452	$	45	$	(1,496)	$	131,001

Municipal	10,825		43		(394)		10,474
Corporate	5,000		—		(66)		4,934
Asset-backed securities	10,093		59		(12)		10,140
Mortgage-backed securities	27,589		514		(197)		27,906
Total	$	185,959	$	661	$	(2,165)	$	184,455

Schedule of Investment Portfolio in Continuous Unrealized Loss Position, Fair Value

Information related to unrealized losses in the investment portfolio as of June 30, 2022 and December 31, 2021 is summarized as follows:


Investment Securities Unrealized Losses
(in thousands)	Less than 12 months				12 months or longer				Total
June 30, 2022	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. Treasuries	$	168,649	$	(13,159)	$	—	$	—	$	168,649	$	(13,159)

Municipal	6,012		(1,644)		2,430		(734)		8,442		(2,378)
Corporate	4,286		(214)		473		(27)		4,759		(241)
Asset-backed securities	7,539		(154)		1,876		(37)		9,415		(191)
Mortgage-backed securities	16,836		(1,417)		8,344		(462)		25,180		(1,879)
Total	$	203,322	$	(16,588)	$	13,123	$	(1,260)	$	216,445	$	(17,848)

December 31, 2021
U.S. Treasuries	$	110,191	$	(1,496)	$	—	$	—	$	110,191	$	(1,496)

Municipal	5,750		(248)		3,019		(146)		8,769		(394)
Corporate	4,448		(52)		486		(14)		4,934		(66)
Asset-backed securities	—		—		2,115		(12)		2,115		(12)
Mortgage-backed securities	14,114		(189)		2,124		(8)		16,238		(197)
Total	$	134,503	$	(1,985)	$	7,744	$	(180)	$	142,247	$	(2,165)

Investments Classified by Contractual Maturity Date

Contractual maturities of investment securities at June 30, 2022 and December 31, 2021 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call premiums or prepayment penalties.


Contractual Maturities
	June 30, 2022				December 31, 2021
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	9,981	$	9,896	$	—	$	—
Over one to five years	98,110		93,339		58,602		57,650
Over five to ten years	78,717		70,173		78,850		78,285
Over ten years	10,820		8,442		10,825		10,474
Asset-backed securities(1)	9,606		9,415		10,093		10,140
Mortgage-backed securities(1)	37,121		35,244		27,589		27,906
Total	$	244,355	$	226,509	$	185,959	$	184,455

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(1) Asset-backed and Mortgage-backed securities are due in monthly installments.