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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-For-Sale
The following table presents the amortized cost and fair value of the securities available-for-sale as of the dates indicated:
($ in thousands)
Amortized Cost
Gross Unrealized GainGross Unrealized Loss
Fair Value
September 30, 2022
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$101,233 $1 $(12,932)$88,302 
Residential collateralized mortgage obligations
24,486 8 (1,793)22,701 
SBA loan pool securities
10,244 14 (442)9,816 
Municipal bonds
4,264 1 (245)4,020 
Corporate bonds5,000 — (438)4,562 
Total securities available-for-sale
$145,227 $24 $(15,850)$129,401 
December 31, 2021
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$85,346 $625 $(1,258)$84,713 
Residential collateralized mortgage obligations
18,990 113 (47)19,056 
SBA loan pool securities
8,520 156 (4)8,672 
Municipal bonds
5,329 357 — 5,686 
Corporate bonds5,000 71 — 5,071 
Total securities available-for-sale
$123,185 $1,322 $(1,309)$123,198 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and fair value of the securities available-for-sale by contractual maturity as of the date indicated. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
September 30, 2022
($ in thousands)
Amortized Cost
Fair Value
Within one year
$963 $952 
One to five years
871 865 
Five to ten years
5,081 4,637 
Greater than ten years
2,349 2,128 
Residential mortgage-backed securities, residential collateralized mortgage obligations and SBA loan pool securities
135,963 120,819 
Total
$145,227 $129,401 
Realized Gain (Loss) on Investments
The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2022202120222021
Gross realized gains on sales and calls of securities available-for-sale$— $— $— $— 
Gross realized losses on sales and calls of securities available-for-sale— — — — 
Net realized gains (losses) on sales and calls of securities available-for-sale$— $— $— $— 
Proceeds from sales and calls of securities available-for-sale$1,040 $— $1,040 $— 
Tax expense on sales and calls of securities available-for-sale$— $— $— $— 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:
Length of Time that Individual Securities Have Been In a Continuous Unrealized Loss Position
Less Than 12 Months12 Months or LongerTotal
($ in thousands)
Fair Value
Gross Unrealized Losses
Number of Securities
Fair Value
Gross Unrealized Losses
Number of Securities
Fair Value
Gross Unrealized Losses
Number of Securities
September 30, 2022
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$45,595 $(4,591)82 $42,667 $(8,341)32 $88,262 $(12,932)114 
Residential collateralized mortgage obligations
14,956 (1,348)35 1,701 (445)2 16,657 (1,793)37 
SBA loan pool securities
6,233 (441)11 83 (1)1 6,316 (442)12 
Municipal bonds
3,520 (245)12 — — — 3,520 (245)12 
Corporate bonds4,562 (438)1 — — — 4,562 (438)1 
Total securities available-for-sale
$74,866 $(7,063)141 $44,451 $(8,787)35 $119,317 $(15,850)176 
December 31, 2021
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$46,945 $(931)32 $8,885 $(327)5 $55,830 $(1,258)37 
Residential collateralized mortgage obligations
2,897 (47)4 — — — 2,897 (47)4 
SBA loan pool securities
— — — 156 (4)1 156 (4)1 
Total securities available-for-sale
$49,842 $(978)36 $9,041 $(331)6 $58,883 $(1,309)42