XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Securities (Tables) | 12 Months Ended
--- | ---
Dec. 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 December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  | (In Thousands)
Available-for-sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 14,158 |  |  | $ | 7 |  |  | $ | (389) |  |  | $ | 13,776 |
U.S. government agency securities - government-sponsored enterprises |  | 27,986 |  |  | 35 |  |  | (455) |  |  | 27,566 |
Municipal securities |  | 40,407 |  |  | — |  |  | (4,526) |  |  | 35,881 |
Residential mortgage-backed securities - government issued |  | 69,441 |  |  | 1,000 |  |  | (2,385) |  |  | 68,056 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 131,321 |  |  | 281 |  |  | (10,769) |  |  | 120,833 |
Commercial mortgage-backed securities - government issued |  | 2,995 |  |  | — |  |  | (470) |  |  | 2,525 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 32,774 |  |  | 65 |  |  | (4,470) |  |  | 28,369 |
|  | $ | 319,082 |  |  | $ | 1,388 |  |  | $ | (23,464) |  |  | $ | 297,006 |
|  | 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 December 31, 2023
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value
|  | (In Thousands)
Held-to-maturity: |  |  |  |  |  |  |  |
Municipal securities |  | $ | 4,210 |  |  | $ | 4 |  |  | $ | (41) |  |  | $ | 4,173 |
Residential mortgage-backed securities - government issued |  | 1,211 |  |  | — |  |  | (76) |  |  | 1,135 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 1,078 |  |  | — |  |  | (53) |  |  | 1,025 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 2,004 |  |  | — |  |  | (82) |  |  | 1,922 |
|  | $ | 8,503 |  |  | $ | 4 |  |  | $ | (252) |  |  | $ | 8,255 |
|  | 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 |
Realized gains and losses on sale of securities | Total proceeds and gross realized gains and losses from sales of securities available-for-sale were as follows:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In Thousands)
Gross gains |  | $ | 68 |  |  | $ | — |  |  | $ | 92 |
Gross losses |  | (113) |  |  | — |  |  | (63) |
Net (losses) gains on sale of available-for-sale securities |  | $ | (45) |  |  | $ | — |  |  | $ | 29 |
Proceeds from sale of available-for-sale securities |  | $ | 5,085 |  |  | $ | — |  |  | $ | 14,955 |
Investments Classified by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity at December 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 |  | $ | 22,576 |  |  | $ | 22,569 |  |  | $ | 1,060 |  |  | $ | 1,057 |
Due in one year through five years |  | 18,970 |  |  | 17,646 |  |  | 3,150 |  |  | 3,116 |
Due in five through ten years |  | 12,653 |  |  | 11,915 |  |  | — |  |  | — |
Due in over ten years |  | 28,352 |  |  | 25,093 |  |  | — |  |  | — |
|  | 82,551 |  |  | 77,223 |  |  | 4,210 |  |  | 4,173 |
Residential mortgage-backed securities |  | 200,762 |  |  | 188,889 |  |  | 2,289 |  |  | 2,160 |
Commercial mortgage-backed securities |  | 35,769 |  |  | 30,894 |  |  | 2,004 |  |  | 1,922 |
|  | $ | 319,082 |  |  | $ | 297,006 |  |  | $ | 8,503 |  |  | $ | 8,255 |
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:
|  | December 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 |  | $ | — |  |  | $ | — |  |  | $ | 4,595 |  |  | $ | 389 |  |  | $ | 4,595 |  |  | $ | 389 |
U.S. government agency securities - government-sponsored enterprises |  | 13,370 |  |  | 30 |  |  | 3,076 |  |  | 425 |  |  | 16,446 |  |  | 455 |
Municipal securities |  | — |  |  | — |  |  | 35,881 |  |  | 4,526 |  |  | 35,881 |  |  | 4,526 |
Residential mortgage-backed securities - government issued |  | 13,178 |  |  | 160 |  |  | 13,819 |  |  | 2,225 |  |  | 26,997 |  |  | 2,385 |
Residential mortgage-backed securities - government-sponsored enterprises |  | 19,925 |  |  | 285 |  |  | 78,086 |  |  | 10,484 |  |  | 98,011 |  |  | 10,769 |
Commercial mortgage-backed securities - government issued |  | — |  |  | — |  |  | 2,525 |  |  | 470 |  |  | 2,525 |  |  | 470 |
Commercial mortgage-backed securities - government-sponsored enterprises |  | 893 |  |  | 20 |  |  | 26,465 |  |  | 4,450 |  |  | 27,358 |  |  | 4,470 |
|  | $ | 47,366 |  |  | $ | 495 |  |  | $ | 164,447 |  |  | $ | 22,969 |  |  | $ | 211,813 |  |  | $ | 23,464 |
|  | 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 obligations - 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:
|  | December 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)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 1,424 |  |  | $ | 4 |  |  | $ | 2,234 |  |  | $ | 37 |  |  | $ | 3,658 |  |  | $ | 41 |
Residential mortgage-backed securities - government issued |  | — |  |  | — |  |  | 1,135 |  |  | 76 |  |  | 1,135 |  |  | 76 |
Residential mortgage-backed securities - government-sponsored enterprises |  | — |  |  | — |  |  | 1,025 |  |  | 53 |  |  | 1,025 |  |  | 53 |
Commercial mortgage backed securities - government-sponsored enterprises |  | — |  |  | — |  |  | 1,922 |  |  | 82 |  |  | 1,922 |  |  | 82 |
|  | $ | 1,424 |  |  | $ | 4 |  |  | $ | 6,316 |  |  | $ | 248 |  |  | $ | 7,740 |  |  | $ | 252 |
|  | 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)
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 realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration