Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Investments in Debt Securities

The amortized cost and fair values of investments in debt securities at the date indicated are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands; unaudited)
September 30, 2022
Available-for-sale
U.S. Treasury securities	$	99,960	$	—	$	(2,644)	$	97,316
U.S. Agency collateralized mortgage obligations	57		—		(3)		54
U.S. Agency residential mortgage-backed securities	1		—		—		1
Municipal bonds	250		—		—		250
Total available-for-sale securities	100,268		—		(2,647)		97,621
Held-to-maturity
U.S. Agency residential mortgage-backed securities	1,250		—		(118)		1,132
Total investment securities	$	101,518	$	—	$	(2,765)	$	98,753

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands; unaudited)
December 31, 2021
Available-for-sale
U.S. Treasury securities	$	34,999	$	—	$	(1)	$	34,998
U.S. Agency collateralized mortgage obligations	68		2		—		70
U.S. Agency residential mortgage-backed securities	3		—		—		3
Municipal bonds	252		4		—		256
Total available-for-sale securities	35,322		6		(1)		35,327
Held-to-maturity
U.S. Agency residential mortgage-backed securities	1,296		52		—		1,348
Total investment securities	$	36,618	$	58	$	(1)	$	36,675

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(dollars in thousands; unaudited)
September 30, 2022
Amounts maturing in
One year or less	$	—	$	—	$	—	$	—
After one year through five years	100,211		97,567		—		—
	100,211		97,567		—		—
U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations	57		54		1,250		1,132
	$	100,268	$	97,621	$	1,250	$	1,132

Summary of Investment Securities Continuous Unrealized Loss Position

The following table shows the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(dollars in thousands; unaudited)
September 30, 2022
Available-for-sale
U.S. Treasury securities	$	97,316	$	2,644	$	—	$	—	$	97,316	$	2,644
U.S. Agency collateralized mortgage obligations	1		—		—		—		1		—
Municipals	250		—		—		—		250		—
U.S. Agency residential mortgage-backed    securities	54		3		—		—		54		3
Total available-for-sale securities	97,621		2,647		—		—		97,621		2,647
Held-to-maturity
U.S. Agency residential mortgage-backed securities	1,132		118		—		—		1,132		118
Total investment securities	$	98,753	$	2,765	$	—	$	—	$	98,753	$	2,765