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Securities (Tables)

9 Months Ended

Sep. 30, 2024

Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities

September 30, 2024

Gross

Gross

Allowance

Amortized

unrealized

unrealized

for credit

Estimated

(In thousands)

cost

gains

losses

losses

fair value

Available for sale:

U.S. Government sponsored entities

$

15,000

$

—

$

(162)

$

—

$

14,838

State and political subdivisions

368

—

(23)

—

345

Residential mortgage-backed securities

14,067

30

(1,095)

—

13,002

Asset backed securities

41,750

63

(11)

—

41,802

Corporate and other securities

31,742

173

(2,322)

(1,929)

27,664

Total debt securities available for sale

$

102,927

$

266

$

(3,613)

$

(1,929)

$

97,651

Held to maturity:

U.S. Government sponsored entities

$

28,000

$

—

$

(3,652)

$

—

$

24,348

State and political subdivisions

1,218

99

—

—

1,317

Residential mortgage-backed securities

7,007

—

(2,126)

—

4,881

Total debt securities held to maturity

$

36,225

$

99

$

(5,778)

$

—

$

30,546


		December 31, 2023
					Gross			Gross				Allowance
		Amortized			unrealized			unrealized				for credit		Estimated
(In thousands)		cost			gains			losses				losses		fair value
Available for sale:
U.S. Government sponsored entities		$	16,490		$	—		$	(457)		$	—		$	16,033
State and political subdivisions			388			—			(28)			—			360
Residential mortgage-backed securities			15,473			30			(1,426)			—			14,077
Asset backed securities			35,750			—			(347)			—			35,403
Corporate and other securities			29,453			251			(2,529)			(1,283)			25,892
Total debt securities available for sale		$	97,554		$	281		$	(4,787)		$	(1,283)		$	91,765
Held to maturity:
U.S. Government sponsored entities		$	28,000		$	—		$	(4,419)		$	—		$	23,581
State and political subdivisions			1,272			90			—			—			1,362
Residential mortgage-backed securities			6,850			—			(2,137)			—			4,713
Total debt securities held to maturity		$	36,122		$	90		$	(6,556)		$	—		$	29,656

Schedule of Marketable Securities By Contractual Maturity



		Amortized			Fair
(In thousands)		Cost			Value
Available for sale:
Due in one year	$	3,285		$	3,239
Due after one year through five years		30,283			27,524
Due after five years through ten years		19,289			17,836
Due after ten years		36,003			36,050
Residential mortgage-backed securities		14,067			13,002
Total	$	102,927		$	97,651
Held to maturity:
Due in one year	$	—		$	—
Due after one year through five years		3,000			2,977
Due after five years through ten years		—			—
Due after ten years		26,218			22,688
Residential mortgage-backed securities		7,007			4,881
Total	$	36,225		$	30,546

Schedule of Marketable Securities In Unrealized Loss Position

The fair value of debt securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023 are as follows:

September 30, 2024

Less than 12 months

12 months and greater

Total

Estimated

Unrealized

Estimated

Unrealized

Estimated

Unrealized

(In thousands)

fair value

loss

fair value

loss

fair value

loss

Available for sale:

U.S. Government sponsored entities

$

—

$

—

$

14,838

$

(162)

$

14,838

$

(162)

State and political subdivisions

—

—

345

(23)

345

(23)

Residential mortgage-backed securities

—

—

12,852

(1,095)

12,852

(1,095)

Asset backed securities

13,290

(10)

5,998

(1)

19,288

(11)

Corporate and other securities

—

—

17,357

(2,322)

17,357

(2,322)

Total

$

13,290

$

(10)

$

51,390

$

(3,603)

$

64,680

$

(3,613)

Held to maturity:

U.S. Government sponsored entities

$

—

$

—

$

24,348

$

(3,652)

$

24,348

$

(3,652)

Residential mortgage-backed securities

—

$

—

4,881

(2,126)

4,881

(2,126)

Total

$

—

$

—

$

29,229

$

(5,778)

$

29,229

$

(5,778)


			December 31, 2023
			Less than 12 months						12 months and greater						Total

			Estimated			Unrealized			Estimated			Unrealized			Estimated			Unrealized
(In thousands)			fair value			loss			fair value			loss			fair value			loss
Available for sale:
U.S. Government sponsored entities			$	—		$	—		$	16,033		$	(457)		$	16,033		$	(457)
State and political subdivisions				—			—			360			(28)			360			(28)
Residential mortgage-backed securities				—			—			13,949			(1,426)			13,949			(1,426)
Asset backed securities				—			—			35,403			(347)			35,403			(347)
Corporate and other securities				—			—			24,424			(2,529)			24,424			(2,529)
Total temporarily impaired AFS securities			$	—		$	—		$	90,169		$	(4,787)		$	90,169		$	(4,787)
Held to maturity:
U.S. Government sponsored entities			$	—		$	—		$	23,581		$	(4,419)		$	23,581		$	(4,419)
Residential mortgage-backed securities				—			—			4,713			(2,137)			4,713			(2,137)
Total temporarily impaired HTM securities			$	—		$	—		$	28,294		$	(6,556)		$	28,294		$	(6,556)

Equity Securities, Gains and Losses

The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2024 and 2023:


		For the three months ended September 30,						For the nine months ended September 30,
(In thousands)		2024			2023			2024			2023
Net unrealized gains (losses) occurring during the period on equity securities		$	466		$	(144)		$	478		$	(853)
Net gains recognized during the period on equity securities sold during the period			33			21			95			243
Gains (losses) recognized during the reporting period on equity securities		$	499		$	(123)		$	573		$	(610)