| Schedule of cost basis and fair values of investment securities |
The cost basis and fair values of investment securities are summarized as follows: Investment securities available for sale (AFS): | | | | | | | | | | | | | | | March 31, 2022 | | | | | | GROSS | | GROSS | | | | | | | | | UNREALIZED | | UNREALIZED | | FAIR | | | COST BASIS | | GAINS | | LOSSES | | VALUE | | | | (IN THOUSANDS) | U.S. Agency | | $ | 9,674 | | $ | — | | $ | (459) | | $ | 9,215 | U.S. Agency mortgage-backed securities | | | 85,978 | | | 227 | | | (4,820) | | | 81,385 | Municipal | | | 21,543 | | | 153 | | | (488) | | | 21,208 | Corporate bonds | | | 53,335 | | | 410 | | | (686) | | | 53,059 | Total | | $ | 170,530 | | $ | 790 | | $ | (6,453) | | $ | 164,867 |
Investment securities held to maturity (HTM): | | | | | | | | | | | | | | | March 31, 2022 | | | | | | GROSS | | GROSS | | | | | | | | | UNREALIZED | | UNREALIZED | | FAIR | | | COST BASIS | | GAINS | | LOSSES | | VALUE | | | | (IN THOUSANDS) | U.S. Agency | | $ | 2,500 | | $ | — | | $ | (165) | | $ | 2,335 | U.S. Agency mortgage-backed securities | | | 14,117 | | | 43 | | | (707) | | | 13,453 | Municipal | | | 34,295 | | | 438 | | | (877) | | | 33,856 | Corporate bonds and other securities | | | 7,507 | | | 10 | | | (40) | | | 7,477 | Total | | $ | 58,419 | | $ | 491 | | $ | (1,789) | | $ | 57,121 |
Investment securities available for sale (AFS): | | | | | | | | | | | | | | | December 31, 2021 | | | | | | GROSS | | GROSS | | | | | | | | | UNREALIZED | | UNREALIZED | | FAIR | | | COST BASIS | | GAINS | | LOSSES | | VALUE | | | | (IN THOUSANDS) | U.S. Agency | | $ | 7,371 | | $ | 86 | | $ | (70) | | $ | 7,387 | U.S. Agency mortgage-backed securities | | | 80,136 | | | 1,202 | | | (1,171) | | | 80,167 | Municipal | | | 20,066 | | | 851 | | | (25) | | | 20,892 | Corporate bonds | | | 53,843 | | | 1,028 | | | (146) | | | 54,725 | Total | | $ | 161,416 | | $ | 3,167 | | $ | (1,412) | | $ | 163,171 |
Investment securities held to maturity (HTM): | | | | | | | | | | | | | | | December 31, 2021 | | | | | | GROSS | | GROSS | | | | | | | | | UNREALIZED | | UNREALIZED | | FAIR | | | COST BASIS | | GAINS | | LOSSES | | VALUE | | | | (IN THOUSANDS) | U.S. Agency | | $ | 2,500 | | $ | — | | $ | (11) | | $ | 2,489 | U.S. Agency mortgage-backed securities | | | 10,556 | | | 203 | | | (115) | | | 10,644 | Municipal | | | 33,188 | | | 1,734 | | | (103) | | | 34,819 | Corporate bonds and other securities | | | 7,507 | | | 64 | | | (7) | | | 7,564 | Total | | $ | 53,751 | | $ | 2,001 | | $ | (236) | | $ | 55,516 |
|
| Schedule of investments with unrealized losses |
The following tables present information concerning investments with unrealized losses as of March 31, 2022 and December 31, 2021 (in thousands): Total investment securities: | | | | | | | | | | | | | | | | | | | | | March 31, 2022 | | | LESS THAN 12 MONTHS | | 12 MONTHS OR LONGER | | TOTAL | | | FAIR | | UNREALIZED | | FAIR | | UNREALIZED | | FAIR | | UNREALIZED | | | VALUE | | LOSSES | | VALUE | | LOSSES | | VALUE | | LOSSES | U.S. Agency | | $ | 10,550 | | $ | (624) | | $ | — | | $ | — | | $ | 10,550 | | $ | (624) | U.S. Agency mortgage-backed securities | | | 56,533 | | | (3,356) | | | 17,323 | | | (2,171) | | | 73,856 | | | (5,527) | Municipal | | | 26,893 | | | (1,271) | | | 951 | | | (94) | | | 27,844 | | | (1,365) | Corporate bonds and other securities | | | 27,430 | | | (665) | | | 2,439 | | | (61) | | | 29,869 | | | (726) | Total | | $ | 121,406 | | $ | (5,916) | | $ | 20,713 | | $ | (2,326) | | $ | 142,119 | | $ | (8,242) |
Total investment securities: | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | LESS THAN 12 MONTHS | | 12 MONTHS OR LONGER | | TOTAL | | | FAIR | | UNREALIZED | | FAIR | | UNREALIZED | | FAIR | | UNREALIZED | | | VALUE | | LOSSES | | VALUE | | LOSSES | | VALUE | | LOSSES | U.S. Agency | | $ | 7,419 | | $ | (81) | | $ | — | | $ | — | | $ | 7,419 | | $ | (81) | U.S. Agency mortgage-backed securities | | | 45,422 | | | (972) | | | 6,691 | | | (314) | | | 52,113 | | | (1,286) | Municipal | | | 7,832 | | | (128) | | | — | | | — | | | 7,832 | | | (128) | Corporate bonds and other securities | | | 14,558 | | | (92) | | | 2,439 | | | (61) | | | 16,997 | | | (153) | Total | | $ | 75,231 | | $ | (1,273) | | $ | 9,130 | | $ | (375) | | $ | 84,361 | | $ | (1,648) |
|
| Schedule of investment securities |
| | | | | | | | | | | | | | | March 31, 2022 | | | Available for sale | | Held to maturity | | | Cost Basis | | Fair Value | | Cost Basis | | Fair Value | Within 1 year | | $ | 2,726 | | $ | 2,730 | | $ | 200 | | $ | 203 | After 1 year but within 5 years | | | 37,080 | | | 36,965 | | | 12,178 | | | 12,205 | After 5 years but within 10 years | | | 50,104 | | | 49,206 | | | 25,358 | | | 25,146 | Over 10 years | | | 80,620 | | | 75,966 | | | 20,683 | | | 19,567 | Total | | $ | 170,530 | | $ | 164,867 | | $ | 58,419 | | $ | 57,121 |
|