UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
For the quarterly period ended
Commission File Number:
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.) |
organization) | |
(Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to section 12(b) of the Act:
Title of each class |
| Trading symbol |
| Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ◻ | Non-accelerated filer ◻ | Smaller reporting company Emerging growth company |
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The number of shares of the registrant’s common stock outstanding at April 30, 2022 was
Alerus Financial Corporation and Subsidiaries
Table of Contents
PART 1. FINANCIAL INFORMATION
Item 1 - Consolidated Financial Statements
Alerus Financial Corporation and Subsidiaries
Consolidated Balance Sheets
| March 31, |
| December 31, | |||
(dollars in thousands, except share and per share data) |
| 2022 |
| 2021 | ||
Assets |
| (Unaudited) |
| (Audited) | ||
Cash and cash equivalents | $ | | $ | | ||
Investment securities |
|
|
|
| ||
Available-for-sale, at fair value |
| |
| | ||
Held-to-maturity, at carrying value |
| |
| | ||
Loans held for sale |
| |
| | ||
Loans |
| |
| | ||
Allowance for loan losses |
| ( |
| ( | ||
Net loans |
| |
| | ||
Land, premises and equipment, net |
| |
| | ||
Operating lease right-of-use assets |
| |
| | ||
Accrued interest receivable |
| |
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Bank-owned life insurance |
| |
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Goodwill |
| |
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Other intangible assets |
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Servicing rights |
| |
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Deferred income taxes, net |
| |
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Other assets |
| |
| | ||
Total assets | $ | | $ | | ||
Liabilities and Stockholders’ Equity |
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|
| ||
Deposits |
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|
| ||
Noninterest-bearing | $ | | $ | | ||
Interest-bearing |
| |
| | ||
Total deposits |
| |
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Long-term debt |
| |
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Operating lease liabilities |
| |
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Accrued expenses and other liabilities |
| |
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Total liabilities |
| |
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Stockholders’ equity |
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| ||
Preferred stock, $ | ||||||
Common stock, $ |
| |
| | ||
Additional paid-in capital |
| |
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Retained earnings |
| |
| | ||
Accumulated other comprehensive income (loss) |
| ( |
| ( | ||
Total stockholders’ equity |
| |
| | ||
Total liabilities and stockholders’ equity | $ | | $ | |
See accompanying notes to consolidated financial statements (unaudited)
1
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
Three months ended | ||||||
March 31, | ||||||
(dollars and shares in thousands, except per share data) |
| 2022 |
| 2021 | ||
Interest Income | ||||||
Loans, including fees | $ | | $ | | ||
Investment securities |
|
|
|
| ||
Taxable |
| |
| | ||
Exempt from federal income taxes |
| |
| | ||
Other |
| |
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Total interest income | |
| | |||
Interest Expense |
|
|
|
| ||
Deposits |
| |
| | ||
Long-term debt |
| |
| | ||
Total interest expense |
| |
| | ||
Net interest income |
| |
| | ||
Provision for loan losses |
| — |
| — | ||
Net interest income after provision for loan losses |
| |
| | ||
Noninterest Income |
|
|
|
| ||
Retirement and benefit services |
| |
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Wealth management |
| |
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Mortgage banking |
| |
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Service charges on deposit accounts |
| |
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Net gains (losses) on investment securities |
| — |
| | ||
Other |
| |
| | ||
Total noninterest income |
| |
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Noninterest Expense |
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|
| ||
Compensation |
| |
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Employee taxes and benefits |
| |
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Occupancy and equipment expense |
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Business services, software and technology expense |
| |
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Intangible amortization expense |
| |
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Professional fees and assessments |
| |
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Marketing and business development |
| |
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Supplies and postage |
| |
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Travel |
| |
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Mortgage and lending expenses |
| |
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Other |
| |
| | ||
Total noninterest expense |
| |
| | ||
Income before income taxes |
| |
| | ||
Income tax expense |
| |
| | ||
Net income | $ | | $ | | ||
Per Common Share Data | ||||||
Basic earnings per common share | $ | | $ | | ||
Diluted earnings per common share | $ | | $ | | ||
Dividends declared per common share | $ | | $ | | ||
Average common shares outstanding |
| |
| | ||
Diluted average common shares outstanding |
| |
| |
See accompanying notes to consolidated financial statements (unaudited)
2
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
Three months ended | ||||||
March 31, | ||||||
(dollars in thousands) |
| 2022 |
| 2021 | ||
Net Income | $ | | $ | | ||
Other Comprehensive Income (Loss), Net of Tax |
|
|
|
| ||
Unrealized gains (losses) on available-for-sale securities |
| ( |
| ( | ||
Accretion of (gains) losses on debt securities reclassified to held-to-maturity | ( | — | ||||
Reclassification adjustment for losses (gains) realized in income |
| — |
| ( | ||
Total other comprehensive income (loss), before tax |
| ( |
| ( | ||
Income tax expense (benefit) related to items of other comprehensive income |
| ( |
| ( | ||
Other comprehensive income (loss), net of tax |
| ( |
| ( | ||
Total comprehensive income (loss) | $ | ( | $ | |
See accompanying notes to consolidated financial statements (unaudited)
3
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three months ended March 31, 2022 | |||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | ||||||||||||||
Common | Paid-in | Retained | Comprehensive | ||||||||||||
(dollars in thousands) |
| Stock |
| Capital |
| Earnings |
| Income (Loss) |
| Total | |||||
Balance as of December 31, 2021 | $ | | $ | | $ | | $ | ( | $ | | |||||
Net income |
| — |
| — |
| |
| — |
| | |||||
Other comprehensive income (loss) |
| — |
| — |
| — |
| ( |
| ( | |||||
Common stock repurchased |
| ( |
| ( |
| — |
| — |
| ( | |||||
Common stock dividends |
| — |
| — |
| ( |
| — |
| ( | |||||
Share‑based compensation expense |
| — |
| |
| — |
| — |
| | |||||
Vesting of restricted stock |
| |
| ( |
| — |
| — |
| — | |||||
Balance as of March 31, 2022 | $ | | $ | | $ | | $ | ( | $ | |
Three months ended March 31, 2021 | |||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | ||||||||||||||
Common | Paid-in | Retained | Comprehensive | ||||||||||||
(dollars in thousands) |
| Stock |
| Capital |
| Earnings |
| Income (Loss) |
| Total | |||||
Balance as of December 31, 2020 | $ | | $ | | $ | | $ | | $ | | |||||
Net income |
| — |
| — |
| |
| — |
| | |||||
Other comprehensive income (loss) |
| — |
| — |
| — |
| ( |
| ( | |||||
Common stock repurchased |
| ( |
| ( |
| ( |
| — |
| ( | |||||
Common stock dividends |
| — |
| — |
| ( |
| — |
| ( | |||||
Share‑based compensation expense |
| — |
| |
| — |
| — |
| | |||||
Vesting of restricted stock |
| |
| ( |
| — |
| — |
| — | |||||
Balance as of March 31, 2021 | $ | | $ | | $ | | $ | ( | $ | |
See accompanying notes to consolidated financial statements (unaudited)
4
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Three months ended | ||||||
March 31, | ||||||
(dollars in thousands) |
| 2022 |
| 2021 | ||
Operating Activities |
|
|
|
| ||
Net income | $ | | $ | | ||
Adjustments to reconcile net income to net cash provided (used) by operating activities |
|
|
|
| ||
Deferred income taxes |
| |
| | ||
Depreciation and amortization |
| |
| | ||
Amortization and accretion of premiums/discounts on investment securities |
| |
| | ||
Amortization of operating lease right-of-use assets | ( | ( | ||||
Stock-based compensation |
| |
| | ||
Increase in value of bank-owned life insurance |
| ( |
| ( | ||
Realized loss (gain) on sale of fixed assets | — |
| ( | |||
Realized loss (gain) on derivative instruments |
| |
| ( | ||
Realized loss (gain) on loans sold |
| ( |
| ( | ||
Realized loss (gain) on sale of foreclosed assets |
| ( |
| ( | ||
Realized loss (gain) on sale of investment securities |
| — |
| ( | ||
Realized loss (gain) on servicing rights |
| ( |
| ( | ||
Net change in: |
|
| ||||
Loans held for sale |
| |
| | ||
Accrued interest receivable |
| |
| | ||
Other assets |
| ( |
| ( | ||
Accrued expenses and other liabilities |
| |
| ( | ||
Net cash provided (used) by operating activities |
| |
| | ||
Investing Activities |
|
|
|
| ||
Proceeds from sales or calls of investment securities available-for-sale |
| — |
| | ||
Proceeds from maturities of investment securities available-for-sale |
| |
| | ||
Purchases of investment securities available-for-sale |
| ( |
| ( | ||
Proceeds from sales or calls of investment securities held-to-maturity | | — | ||||
Proceeds from maturities of investment securities held-to-maturity | | — | ||||
Net (increase) decrease in loans |
| ( |
| | ||
Purchases of premises and equipment |
| ( |
| ( | ||
Proceeds from sales of foreclosed assets |
| |
| | ||
Net cash provided (used) by investing activities |
| ( |
| ( | ||
Financing Activities |
|
|
|
| ||
Net increase (decrease) in deposits |
| ( |
| | ||
Repayments of long-term debt |
| ( |
| ( | ||
Proceeds from the issuance of subordinated debt | — | | ||||
Cash dividends paid on common stock |
| ( |
| ( | ||
Repurchase of common stock |
| ( |
| ( | ||
Net cash provided (used) by financing activities |
| ( |
| | ||
Net change in cash and cash equivalents |
| ( |
| | ||
Cash and cash equivalents at beginning of period |
| |
| | ||
Cash and cash equivalents at end of period | $ | | $ | |
See accompanying notes to consolidated financial statements (unaudited)
5
Three months ended | ||||||
March 31, | ||||||
Supplemental Cash Flow Disclosures |
| 2022 |
| 2021 | ||
Cash paid for: |
|
|
|
| ||
Interest | $ | | $ | | ||
Income taxes |
| |
| | ||
Non-cash information |
|
|
|
| ||
Loan collateral transferred to foreclosed assets |
| |
| | ||
Unrealized gain (loss) on investment securities available-for-sale |
| ( |
| ( | ||
Accretion of unrealized (gain) loss on investment securities held-to-maturity | ( | — |
See accompanying notes to consolidated financial statements (unaudited)
6
Alerus Financial Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
NOTE 1 Significant Accounting Policies
Organization
Alerus Financial Corporation, or the Company, is a financial holding company organized under the laws of the state of Delaware. The Company and its subsidiaries operate as a diversified financial services company headquartered in Grand Forks, North Dakota. Through its subsidiary, Alerus Financial, National Association, or the Bank, the Company provides financial solutions to businesses and consumers through
Basis of Presentation
The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC, and conform to practices within the banking industry and include all of the information and disclosures required by generally accepted accounting principles in the United States of America, or GAAP, for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any other period. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2022.
Principles of Consolidation
The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company’s principal operating subsidiary is the Bank.
In the normal course of business, the Company may enter into a transaction with a variable interest entity, or VIE. VIE’s are legal entities whose investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity. The applicable accounting guidance requires the Company to perform ongoing quantitative and qualitative analysis to determine whether it must consolidate any VIE. The Company does not have any ownership interest in, or exert any control, over any VIE, and thus no VIE’s are included in the consolidated financial statements.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change in the near term include the valuation of investment securities, determination of the allowance for loan losses, valuation of reporting units for the purpose of testing goodwill and other intangible assets for impairment, valuation of deferred tax assets, and fair values of financial instruments.
7
Reclassifications
Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity.
Other Information
As of March 31, 2022, the Coronavirus Disease, or COVID-19, pandemic was ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans, and many of these effects are continuing. Beginning in 2021 and continuing into 2022, the U.S. economy, with certain setbacks, started reopening and wider distribution of vaccines encouraged greater economic activity. Nonetheless, the economic recovery could remain uneven, particularly given uncertainty with respect to the continued distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus. Management believes the Company is taking appropriate actions to mitigate, to the extent possible, the negative impact. However, the full impact of COVID-19 is currently unknown and cannot be reasonably estimated as the events are continuing to unfold.
Emerging Growth Company
The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, even if the Company complies with the greater obligations of public companies that are not emerging growth companies, the Company may avail itself of the reduced requirements applicable to emerging growth companies from time to time in the future, so long as the Company is an emerging growth company. The Company will continue to be an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities under the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on September 12, 2019; (2) the last day of the fiscal year in which the Company has $1.07 billion or more in annual revenues; (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, or the “Exchange Act”; or (4) the date on which the Company has, during the previous three-year period, issued publicly or privately, more than $1.0 billion in non-convertible debt securities.
Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the benefits of this extended transition period.
NOTE 2 Recent Accounting Pronouncements
The following FASB Accounting Standards Updates, or ASUs, are divided into pronouncements which have been adopted by the Company since January 1, 2022, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of March 31, 2022.
Adopted Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for the areas of Topic 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15,
8
2020, for public business entities. For private companies and smaller reporting companies, this guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2021. The Company adopted ASU 2019-12, as of January 2022. The new guidance did not have an impact on the Company’s consolidated financial statements.
Pronouncements Not Yet Effective
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires a new impairment model known as the current expected credit loss, or CECL, which significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. The main provisions of ASU 2016-13 include (1) replacing the “incurred cost” approach under GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for credit losses related to available-for-sale debt securities rather than a direct write-down of the carrying amount of the investments, as is required by the other-than-temporary impairment model under current GAAP, and (3) a simplified accounting model for purchase credit-impaired debt securities and loans. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326). This update amends the effective date of ASU No. 2016-13 for certain entities, including private companies and smaller reporting companies, until fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods. Early adoption is permitted. As an emerging growth company, the Company can take advantage of this delay and plans to adopt the standard with the amended effective date. The Company does not plan to early adopt this standard but continues to work on its implementation. The Company continues collecting and retaining loan and credit data and evaluating various loss estimation models. While we currently cannot reasonably estimate the impact of adopting this standard, we expect the impact will be influenced by the composition, characteristics, and quality of our loan portfolio, as well as the general economic conditions and forecasts as of the adoption date.
In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. The Company will consider these clarifications and improvements in determining the appropriate adoption of ASU 2019-04.
In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief, to provide entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for eligible instruments. In November 2019, the FASB Issued ASU 2019-10, which amends the effective date of this ASU for certain entities, including private companies and smaller reporting companies, until after December 15, 2022, including interim periods within those fiscal years. As an emerging growth company, the Company can take advantage of this delay and plans to adopt the standard with the amended effective date. This update is not expected to have a significant impact on the Company’s consolidated financial statements
In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. This ASU represents changes to clarify or improve the Accounting Standards Codification, or ASC, related to seven topics. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Issues 1, 2, 3, 4, and 5 are conforming amendments and for public business entities effective upon the issuance of the standard. Issues 6 and 7 are amendments that affect the guidance in ASU 2016-13. The Company will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13.
NOTE 3 Investment Securities
The following tables present amortized cost, gross unrealized gain and losses, and fair value of the available-for-sale investment securities and the amortized cost, net unrealized gains, carrying value, gross unrealized gains and losses and fair value of for held-to-maturity as of March 31, 2022 and December 31, 2021:
9
March 31, 2022 | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
(dollars in thousands) |
| Cost | Gains | Losses |
| Value | ||||||
Available-for-sale | ||||||||||||
U.S. Treasury and agencies | $ | | $ | | $ | — | $ | | ||||
Mortgage backed securities |
|
|
|
|
| |||||||
Residential agency |
| |
| |
| ( |
| | ||||
Commercial |
| |
| |
| ( |
| | ||||
Asset backed securities |
| |
| |
| — |
| | ||||
Corporate bonds |
| |
| |
| ( |
| | ||||
Total available-for-sale investment securities | | | ( | | ||||||||
Held-to-maturity | ||||||||||||
Obligations of state and political agencies | |
| |
| ( |
| | |||||
Mortgage backed securities | ||||||||||||
Residential agency | |
| — |
| ( |
| | |||||
Total held-to-maturity investment securities | | | ( | | ||||||||
Total investment securities | $ | | $ | | $ | ( | $ | |
December 31, 2021 | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
(dollars in thousands) |
| Cost | Gains | Losses |
| Value | ||||||
Available-for-sale | ||||||||||||
U.S. Treasury and agencies | $ | | $ | | $ | — | $ | | ||||
Mortgage backed securities |
|
|
|
|
|
| ||||||
Residential agency |
| |
| |
| ( |
| | ||||
Commercial |
| |
| |
| ( |
| | ||||
Asset backed securities |
| | |
| — |
| | |||||
Corporate bonds |
| |
| |
| ( |
| | ||||
Total available-for-sale investment securities | | | ( | | ||||||||
Held-to-maturity | ||||||||||||
Obligations of state and political agencies | | | ( | | ||||||||
Mortgage backed securities | ||||||||||||
Residential agency | | — | ( | | ||||||||
Total held-to-maturity investment securities | | | ( | | ||||||||
Total investment securities | $ | | $ | | $ | ( | $ | |
10
Gross unrealized losses on investment securities and the fair value of the related securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and December 31, 2021, were as follows:
March 31, 2022 | ||||||||||||||||||
Less than 12 Months | Over 12 Months | Total | ||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||
(dollars in thousands) |
| Losses |
| Value |
| Losses |
| Value |
| Losses |
| Value | ||||||
Available-for-sale | ||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Mortgage backed securities |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Residential agency |
| ( |
| |
| ( |
| |
| ( |
| | ||||||
Commercial |
| ( |
| |
| — |
| — |
| ( |
| | ||||||
Asset backed securities |
| — |
| — |
| — |
| |
| — |
| | ||||||
Corporate bonds |
| ( |
| |
| — |
| — |
| ( |
| | ||||||
Total available-for-sale investment securities | ( | | ( | | ( | | ||||||||||||
Held-to-maturity | ||||||||||||||||||
Obligations of state and political agencies | ( | | — | — | ( | | ||||||||||||
Mortgage backed securities | ||||||||||||||||||
Residential agency | ( | | — | — | ( | | ||||||||||||
Total held-to-maturity investment securities | ( | | — | — | ( | | ||||||||||||
Total investment securities | $ | ( | $ | | $ | ( | $ | | $ | ( | $ | |
December 31, 2021 | ||||||||||||||||||
Less than 12 Months | Over 12 Months | Total | ||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||
(dollars in thousands) |
| Losses |
| Value |
| Losses |
| Value |
| Losses |
| Value | ||||||
Available-for-sale |