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Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	14,075					$	—					$	(534)					13,541
U.S. government agency securities - government-sponsored enterprises						28,568						40						(669)						27,939
Municipal securities						40,510						—						(7,470)						33,040
Residential mortgage-backed securities - government issued						59,274						—						(3,514)						55,760
Residential mortgage-backed securities - government-sponsored enterprises						128,609						—						(15,626)						112,983
Commercial mortgage-backed securities - government issued						3,272						—						(595)						2,677
Commercial mortgage-backed securities - government-sponsored enterprises						31,983						—						(5,760)						26,223
						$	306,291					$	40					$	(34,168)					$	272,163

						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 September 30, 2023
						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	4,213					$	—					$	(140)					$	4,073
Residential mortgage-backed securities - government issued						1,312						—						(99)						1,213
Residential mortgage-backed securities - government-sponsored enterprises						1,159						—						(82)						1,077
Commercial mortgage-backed securities - government-sponsored enterprises						2,005						—						(155)						1,850
						$	8,689					$	—					$	(476)					$	8,213

						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 September 30, 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						$	20,496					$	20,439					$	1,060					$	1,048
Due in one year through five years						17,471						16,103						3,153						3,025
Due in five through ten years						15,325						13,381						—						—
Due in over ten years						29,861						24,597						—						—
						83,153						74,520						4,213						4,073
Residential mortgage-backed securities						187,883						168,743						2,471						2,290
Commercial mortgage-backed securities						35,255						28,900						2,005						1,850
						$	306,291					$	272,163					$	8,689					$	8,213

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, 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						$	9,079					$	14					$	4,462					$	520					$	13,541					$	534
U.S. government agency securities - government-sponsored enterprises						16,295						107						2,938						562						19,233						669
Municipal securities						—						—						33,040						7,470						33,040						7,470
Residential mortgage-backed securities - government issued						29,423						907						13,828						2,607						43,251						3,514
Residential mortgage-backed securities - government-sponsored enterprises						36,314						1,308						76,669						14,318						112,983						15,626
Commercial mortgage-backed securities - government issued						—						—						2,677						595						2,677						595
Commercial mortgage-backed securities - government-sponsored enterprises						874						42						25,349						5,718						26,223						5,760
						$	91,985					$	2,378					$	158,963					$	31,790					$	250,948					$	34,168

						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 September 30, 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						$	1,896					$	46					$	2,177					$	94					$	4,073					$	140
Residential mortgage-backed securities - government issued						—						—						1,213						99						1,213						99
Residential mortgage-backed securities - government-sponsored enterprises						—						—						1,077						82						1,077						82
Commercial mortgage-backed securities - government-sponsored enterprises						—						—						1,850						155						1,850						155
						$	1,896					$	46					$	6,317					$	430					$	8,213					$	476

						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

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