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Securities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Available-for-sale:
U.S. treasuries						$	14,239					$	—					$	(410)					13,829
U.S. government agency securities - government-sponsored enterprises						15,901						—						(463)						15,438
Municipal securities						40,304						—						(5,007)						35,297
Residential mortgage-backed securities - government issued						105,331						409						(2,871)						102,869
Residential mortgage-backed securities - government-sponsored enterprises						127,841						145						(11,754)						116,232
Commercial mortgage-backed securities - government issued						2,823						—						(469)						2,354
Commercial mortgage-backed securities - government-sponsored enterprises						32,603						44						(4,552)						28,095
						$	339,042					$	598					$	(25,526)					$	314,114

						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

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, 2024
						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	4,017					$	—					$	(57)					$	3,960
Residential mortgage-backed securities - government issued						1,114						—						(73)						1,041
Residential mortgage-backed securities - government-sponsored enterprises						996						—						(57)						939
Commercial mortgage-backed securities - government-sponsored enterprises						2,004						—						(96)						1,908
						$	8,131					$	—					$	(283)					$	7,848

						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

Investments Classified by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at March 31, 2024 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						$	18,655					$	18,645					$	870					$	870
Due in one year through five years						19,674						18,259						3,147						3,090
Due in five through ten years						10,553						9,736						—						—
Due in over ten years						21,562						17,924						—						—
						70,444						64,564						4,017						3,960
Residential mortgage-backed securities						233,172						219,101						2,110						1,980
Commercial mortgage-backed securities						35,426						30,449						2,004						1,908
						$	339,042					$	314,114					$	8,131					$	7,848

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, 2024
						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						$	9,252					$	3					$	4,577					$	407					$	13,829					$	410
U.S. government agency securities - government-sponsored enterprises						10,381						20						5,057						443						15,438						463
Municipal securities						—						—						35,297						5,007						35,297						5,007
Residential mortgage-backed securities - government issued						37,001						409						17,270						2,462						54,271						2,871
Residential mortgage-backed securities - government-sponsored enterprises						20,280						331						86,461						11,423						106,741						11,754
Commercial mortgage-backed securities - government issued						—						—						2,354						469						2,354						469
Commercial mortgage-backed securities - government-sponsored enterprises						—						—						27,102						4,552						27,102						4,552
						$	76,914					$	763					$	178,118					$	24,763					$	255,032					$	25,526

						As of 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

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, 2024
						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						$	1,655					$	12					$	1,765					$	45					$	3,420					$	57
Residential mortgage-backed securities - government issued						—						—						1,041						73						1,041						73
Residential mortgage-backed securities - government-sponsored enterprises						—						—						939						57						939						57
Commercial mortgage-backed securities - government-sponsored enterprises						—						—						1,908						96						1,908						96
						$	1,655					$	12					$	5,653					$	271					$	7,308					$	283

						As of December 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						$	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

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