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Securities (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	4,974					$	—					$	(401)					4,573
U.S. government agency securities - government-sponsored enterprises						17,059						248						(393)						16,914
Municipal securities						43,995						7						(5,228)						38,774
Residential mortgage-backed securities - government issued						17,148						2						(1,284)						15,866
Residential mortgage-backed securities - government-sponsored enterprises						104,040						3						(8,085)						95,958
Commercial mortgage-backed securities - government issued						3,834						—						(337)						3,497
Commercial mortgage-backed securities - government-sponsored enterprises						36,275						—						(4,195)						32,080
Other securities						980						1						—						981
						$	228,305					$	261					$	(19,923)					$	208,643

						As of December 31, 2021
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	4,971					$	—					$	(57)					$	4,914
U.S. government agency securities - government-sponsored enterprises						19,797						248						(110)						19,935
Municipal securities						30,828						473						(344)						30,957
Residential mortgage-backed securities - government issued						19,563						238						(140)						19,661
Residential mortgage-backed securities - government-sponsored enterprises						85,748						741						(784)						85,705
Commercial mortgage-backed securities - government issued						5,801						36						(66)						5,771
Commercial mortgage-backed securities - government-sponsored enterprises						36,786						313						(568)						36,531
Other securities						2,205						23						—						2,228
						$	205,699					$	2,072					$	(2,069)					$	205,702

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 June 30, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	8,291					$	23					$	(26)					$	8,288
Residential mortgage-backed securities - government issued						1,878						—						(57)						1,821
Residential mortgage-backed securities - government-sponsored enterprises						1,792						—						(48)						1,744
Commercial mortgage-backed securities - government-sponsored enterprises						2,007						—						(11)						1,996
						$	13,968					$	23					$	(142)					$	13,849

						As of December 31, 2021
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	13,009					$	222					$	(3)					$	13,228
Residential mortgage-backed securities - government issued						2,226						40						—						2,266
Residential mortgage-backed securities - government-sponsored enterprises						2,502						76						—						2,578
Commercial mortgage-backed securities - government-sponsored enterprises						2,009						195						—						2,204
						$	19,746					$	533					$	(3)					$	20,276

Investments Classified by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at June 30, 2022 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						$	2,757					$	2,755					$	3,962					$	3,973
Due in one year through five years						12,882						12,115						4,130						4,109
Due in five through ten years						58,532						53,524						4,940						4,862
Due in over ten years						154,134						140,249						936						905
						$	228,305					$	208,643					$	13,968					$	13,849

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 June 30, 2022
						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. treasuries						$	4,573					$	401					$	—					$	—					$	4,573					$	401
U.S. government agency securities - government-sponsored enterprises						926						73						2,181						320						3,107						393
Municipal securities						33,074						3,895						3,517						1,333						36,591						5,228
Residential mortgage-backed securities - government issued						14,826						1,284						—						—						14,826						1,284
Residential mortgage-backed securities - government-sponsored enterprises						83,381						6,556						11,394						1,529						94,775						8,085
Commercial mortgage-backed securities - government issued						3,497						337						—						—						3,497						337
Commercial mortgage-backed securities - government-sponsored enterprises						26,080						3,048						6,000						1,147						32,080						4,195
						$	166,357					$	15,594					$	23,092					$	4,329					$	189,449					$	19,923

						As of December 31, 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. treasuries						$	4,914					$	57					$	—					$	—					$	4,914					$	57
U.S. government agency securities - government-sponsored enterprises						978						22						2,412						88						3,390						110
Municipal securities						12,568						344						—						—						12,568						344
Residential mortgage-backed securities - government issued						12,745						140						—						—						12,745						140
Residential mortgage-backed securities - government-sponsored enterprises						41,276						629						4,250						155						45,526						784
Commercial mortgage-backed securities - government issued						2,193						66						—						—						2,193						66
Commercial mortgage-backed securities - government-sponsored enterprises						25,906						568						—						—						25,906						568
						$	100,580					$	1,826					$	6,662					$	243					$	107,242					$	2,069

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 June 30, 2022
						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						$	1,742					$	8					$	268					$	18					$	2,010					$	26
Residential mortgage-backed securities - government issued						1,821						57						—						—						1,821						57
Residential mortgage-backed securities - government-sponsored enterprises						3,364						48						—						—						3,364						48
Commercial mortgage-backed securities - government-sponsored enterprises						376						11						—						—						376						11
						$	7,303					$	124					$	268					$	18					$	7,571					$	142

						As of December 31, 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						$	—					$	—					$	284					$	3					$	284					$	3

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
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