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Securities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	4,979					$	—					$	(454)					4,525
U.S. government agency securities - government-sponsored enterprises						21,342						63						(478)						20,927
Municipal securities						44,985						167						(4,747)						40,405
Residential mortgage-backed securities - government issued						28,634						6						(2,136)						26,504
Residential mortgage-backed securities - government-sponsored enterprises						125,333						84						(11,346)						114,071
Commercial mortgage-backed securities - government issued						3,397						—						(486)						2,911
Commercial mortgage-backed securities - government-sponsored enterprises						32,284						—						(4,638)						27,646
						$	260,954					$	320					$	(24,285)					$	236,989

						As of December 31, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	4,977					$	—					$	(532)					$	4,445
U.S. government agency securities - government-sponsored enterprises						13,666						70						(531)						13,205
Municipal securities						45,088						90						(5,867)						39,311
Residential mortgage-backed securities - government issued						21,790						—						(2,359)						19,431
Residential mortgage-backed securities - government-sponsored enterprises						119,265						—						(12,942)						106,323
Commercial mortgage-backed securities - government issued						3,450						—						(518)						2,932
Commercial mortgage-backed securities - government-sponsored enterprises						31,515						—						(5,138)						26,377
						$	239,751					$	160					$	(27,887)					$	212,024

Schedule of Held-to-maturity Securities

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

						As of March 31, 2023
						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	6,597					$	14					$	(32)					$	6,579
Residential mortgage-backed securities - government issued						1,520						—						(88)						1,432
Residential mortgage-backed securities - government-sponsored enterprises						1,338						—						(68)						1,270
Commercial mortgage-backed securities - government-sponsored enterprises						2,006						—						(80)						1,926
						$	11,461					$	14					$	(268)					$	11,207

						As of December 31, 2022
						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	7,467					$	7					$	(70)					$	7,404
Residential mortgage-backed securities - government issued						1,625						—						(107)						1,518
Residential mortgage-backed securities - government-sponsored enterprises						1,537						—						(93)						1,444
Commercial mortgage-backed securities - government-sponsored enterprises						2,006						—						(102)						1,904
						$	12,635					$	7					$	(372)					$	12,270

Investments Classified by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at March 31, 2023 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						$	4,499					$	4,490					$	2,230					$	2,225
Due in one year through five years						16,383						15,386						3,451						3,425
Due in five through ten years						16,426						15,320						916						929
Due in over ten years						33,998						30,661						—						—
						71,306						65,857						6,597						6,579
Residential mortgage-backed securities						153,967						140,576						2,858						2,702
Commercial mortgage-backed securities						35,681						30,556						2,006						1,926
						$	260,954					$	236,989					$	11,461					$	11,207

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 March 31, 2023
						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						$	—					$	—					$	4,525					$	454					$	4,525					$	454
U.S. government agency securities - government-sponsored enterprises						5,989						11						3,033						467						9,022						478
Municipal securities						1,377						16						36,302						4,731						37,679						4,747
Residential mortgage-backed securities - government issued						7,951						330						11,746						1,806						19,697						2,136
Residential mortgage-backed securities - government-sponsored enterprises						24,051						681						76,466						10,664						100,517						11,345
Commercial mortgage-backed securities - government issued						—						—						2,910						486						2,910						486
Commercial mortgage-backed securities - government-sponsored enterprises						905						15						26,741						4,623						27,646						4,638
						$	40,273					$	1,053					$	161,723					$	23,231					$	201,996					$	24,284

						As of December 31, 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						$	—					$	—					$	4,446					$	532					$	4,446					$	532
U.S. government agency securities - government-sponsored enterprises						—						—						2,969						531						2,969						531
Municipal securities						26,759						3,132						10,133						2,735						36,892						5,867
Residential mortgage-backed securities - government issued						9,624						436						9,807						1,923						19,431						2,359
Residential mortgage-backed securities - government-sponsored enterprises						71,474						6,433						34,849						6,509						106,323						12,942
Commercial mortgage-backed securities - government issued						1,236						112						1,696						406						2,932						518
Commercial mortgage-backed securities - government-sponsored enterprises						7,758						984						18,619						4,154						26,377						5,138
						$	116,851					$	11,097					$	82,519					$	16,790					$	199,370					$	27,887

A summary of unrecognized 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 March 31, 2023
						Less than 12 Months												12 Months or Longer												Total
						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
						(In Thousands)
Held-to-maturity:
Municipal securities						$	3,701					$	17					$	335					$	15					$	4,036					$	32
Residential mortgage-backed securities - government issued						—						—						1,432						88						1,432						88
Residential mortgage-backed securities - government-sponsored enterprises						226						14						1,044						54						1,270						68
Commercial mortgage-backed securities - government-sponsored enterprises						1,926						80						—						—						1,926						80
						$	5,853					$	111					$	2,811					$	157					$	8,664					$	268

						As of December 31, 2022
						Less than 12 Months												12 Months or Longer												Total
						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
						(In Thousands)
Held-to-maturity:
Municipal securities						$	6,035					$	52					$	267					$	18					$	6,302					$	70
Residential mortgage-backed securities - government issued						1,518						107						—						—						1,518						107
Residential mortgage-backed securities - government-sponsored enterprises						1,444						93						—						—						1,444						93
Commercial mortgage-backed securities - government-sponsored enterprises						1,904						102						—						—						1,904						102
						$	10,901					$	354					$	267					$	18					$	11,168					$	372

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
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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