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Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	4,975					$	—					$	(575)					4,400
U.S. government agency securities - government-sponsored enterprises						15,711						104						(563)						15,252
Municipal securities						44,379						—						(7,580)						36,799
Residential mortgage-backed securities - government issued						18,373						—						(2,314)						16,059
Residential mortgage-backed securities - government-sponsored enterprises						106,445						—						(13,071)						93,374
Commercial mortgage-backed securities - government issued						3,585						—						(505)						3,080
Commercial mortgage-backed securities - government-sponsored enterprises						32,934						—						(5,332)						27,602
						$	226,402					$	104					$	(29,940)					$	196,566

						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 September 30, 2022
						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	8,134					$	—					$	(147)					$	7,987
Residential mortgage-backed securities - government issued						1,744						—						(94)						1,650
Residential mortgage-backed securities - government-sponsored enterprises						1,646						—						(101)						1,545
Commercial mortgage-backed securities - government-sponsored enterprises						2,007						—						(111)						1,896
						$	13,531					$	—					$	(453)					$	13,078

						As of December 31, 2021
						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized 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 September 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						$	1,947					$	1,928					$	2,557					$	2,539
Due in one year through five years						13,389						12,025						4,660						4,544
Due in five through ten years						57,109						49,658						5,419						5,167
Due in over ten years						153,957						132,955						895						828
						$	226,402					$	196,566					$	13,531					$	13,078

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, 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						$	—					$	—					$	4,400					$	575					$	4,400					$	575
U.S. government agency securities - government-sponsored enterprises						—						—						2,937						563						2,937						563
Municipal securities						27,780						4,733						9,019						2,847						36,799						7,580
Residential mortgage-backed securities - government issued						9,936						1,060						6,123						1,254						16,059						2,314
Residential mortgage-backed securities - government-sponsored enterprises						59,449						6,384						33,925						6,687						93,374						13,071
Commercial mortgage-backed securities - government issued						1,348						95						1,732						410						3,080						505
Commercial mortgage-backed securities - government-sponsored enterprises						11,668						1,669						15,934						3,663						27,602						5,332
						$	110,181					$	13,941					$	74,070					$	15,999					$	184,251					$	29,940

						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 September 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						$	7,501					$	122					$	261					$	25					$	7,762					$	147
Residential mortgage-backed securities - government issued						1,650						94						—						—						1,650						94
Residential mortgage-backed securities - government-sponsored enterprises						1,545						101						—						—						1,545						101
Commercial mortgage-backed securities - government-sponsored enterprises						1,896						111						—						—						1,896						111
						$	12,592					$	428					$	261					$	25					$	12,853					$	453

						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 https://asc.fasb.org/extlink&oid=126970911&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 https://asc.fasb.org/extlink&oid=126970911&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 https://asc.fasb.org/extlink&oid=126970911&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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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