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Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

The amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

						As of September 30, 2021
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	4,970					$	1					$	—					4,971
U.S. government agency securities - government-sponsored enterprises						20,376						264						(75)						20,565
Municipal securities						30,403						422						(328)						30,497
Residential mortgage-backed securities - government issued						15,164						307						(58)						15,413
Residential mortgage-backed securities - government-sponsored enterprises						87,940						1,188						(571)						88,557
Commercial mortgage-backed securities - government issued						6,038						88						(46)						6,080
Commercial mortgage-backed securities - government-sponsored enterprises						25,678						422						(369)						25,731
Other securities						2,205						37						—						2,242
						$	192,774					$	2,729					$	(1,447)					$	194,056

						As of December 31, 2020
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises						$	22,699					$	9					$	(79)					$	22,629
Municipal securities						24,067						716						(4)						24,779
Residential mortgage-backed securities - government issued						9,894						509						—						10,403
Residential mortgage-backed securities - government-sponsored enterprises						102,843						2,212						(49)						105,006
Commercial mortgage-backed securities - government issued						5,289						175						—						5,464
Commercial mortgage-backed securities - government-sponsored enterprises						12,584						781						—						13,365
Other securities						2,205						74						—						2,279
						$	179,581					$	4,476					$	(132)					$	183,925

Schedule of Held-to-maturity Securities

The amortized cost and fair value of securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses were as follows:

						As of September 30, 2021
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	14,000					$	261					$	(11)					$	14,250
Residential mortgage-backed securities - government issued						2,507						67						—						2,574
Residential mortgage-backed securities - government-sponsored enterprises						2,680						93						—						2,773
Commercial mortgage-backed securities - government-sponsored enterprises						2,009						219						—						2,228
						$	21,196					$	640					$	(11)					$	21,825

						As of December 31, 2020
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	17,106					$	417					$	(15)					$	17,508
Residential mortgage-backed securities - government issued						3,564						112						—						3,676
Residential mortgage-backed securities - government-sponsored enterprises						3,693						163						—						3,856
Commercial mortgage-backed securities - government-sponsored enterprises						2,011						282						—						2,293
						$	26,374					$	974					$	(15)					$	27,333

Investments Classified by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at September 30, 2021 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations with or without call or prepayment penalties.

						Available-for-Sale												Held-to-Maturity
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
						(In Thousands)
Due in one year or less						$	2,703					$	2,740					$	3,630					$	3,647
Due in one year through five years						6,654						6,793						7,973						8,083
Due in five through ten years						49,213						49,790						8,022						8,452
Due in over ten years						134,204						134,733						1,571						1,643
						$	192,774					$	194,056					$	21,196					$	21,825

Schedule of Unrealized Loss on Investments

A summary of unrealized loss information for securities available-for-sale, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:

						As of September 30, 2021
						Less than 12 Months												12 Months or Longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
						(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises						$	3,425					$	75					$	—					$	—					$	3,425					$	75
Municipal securities						13,384						328						—						—						13,384						328
Residential mortgage-backed securities - government issued						7,910						58						—						—						7,910						58
Residential mortgage-backed securities - government-sponsored enterprises						47,459						571						—						—						47,459						571
Commercial mortgage-backed securities - government issued						2,252						46						—						—						2,252						46
Commercial mortgage-backed securities - government-sponsored enterprises						14,932						369						—						—						14,932						369
						$	89,362					$	1,447					$	—					$	—					$	89,362					$	1,447

						As of December 31, 2020
						Less than 12 Months												12 Months or Longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
						(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises						$	11,602					$	45					$	4,031					$	34					$	15,633					$	79
Municipal securities						2,863						4						—						—						2,863						4
Residential mortgage-backed securities - government-sponsored enterprises						19,078						49						—						—						19,078						49
						$	33,543					$	98					$	4,031					$	34					$	37,574					$	132

A summary of unrealized loss information for securities held-to-maturity, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:

						As of September 30, 2021
						Less than 12 Months												12 Months or Longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
						(In Thousands)
Held-to-maturity:
Municipal securities						$	230					$	1					$	493					$	10					$	723					$	11

						As of December 31, 2020
						Less than 12 Months												12 Months or Longer												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
						(In Thousands)
Held-to-maturity:
Municipal securities						$	276					$	13					$	213					$	2					$	489					$	15

X

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

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