XML 37 R31.htm IDEA: XBRL DOCUMENT v3.24.2
Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024

 

 

 

Amortized Cost

 

 

Gross
Unrealized Gains

 

 

Gross
Unrealized Losses

 

 

Fair Value

 

 

 

(In Thousands)

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

9,971

 

 

$

—

 

 

$

(388

)

 

 

9,583

 

U.S. government agency securities - government-sponsored
   enterprises

 

 

8,500

 

 

 

—

 

 

 

(432

)

 

 

8,068

 

Municipal securities

 

 

40,202

 

 

 

—

 

 

 

(5,340

)

 

 

34,862

 

Residential mortgage-backed securities - government issued

 

 

104,595

 

 

 

213

 

 

 

(3,065

)

 

 

101,743

 

Residential mortgage-backed securities - government-sponsored
   enterprises

 

 

135,939

 

 

 

193

 

 

 

(11,836

)

 

 

124,296

 

Commercial mortgage-backed securities - government issued

 

 

2,770

 

 

 

—

 

 

 

(469

)

 

 

2,301

 

Commercial mortgage-backed securities - government-sponsored
   enterprises

 

 

32,447

 

 

 

37

 

 

 

(4,485

)

 

 

27,999

 

 

 

$

334,424

 

 

$

443

 

 

$

(26,015

)

 

$

308,852

 

 

 

 

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 June 30, 2024

 

 

 

Amortized Cost

 

 

Gross
Unrecognized Gains

 

 

Gross
Unrecognized Losses

 

 

Fair Value

 

 

 

(In Thousands)

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

3,143

 

 

$

—

 

 

$

(71

)

 

$

3,072

 

Residential mortgage-backed securities - government issued

 

 

1,024

 

 

 

—

 

 

 

(68

)

 

 

956

 

Residential mortgage-backed securities - government-sponsored
   enterprises

 

 

911

 

 

 

—

 

 

 

(53

)

 

 

858

 

Commercial mortgage-backed securities - government-sponsored
   enterprises

 

 

2,004

 

 

 

—

 

 

 

(104

)

 

 

1,900

 

 

 

$

7,082

 

 

$

—

 

 

$

(296

)

 

$

6,786

 

 

 

 

 

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

 
Summary of Amortized Cost and Fair Value by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at June 30, 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

 

$

7,486

 

 

$

7,466

 

 

$

739

 

 

$

732

 

Due in one year through five years

 

 

20,859

 

 

 

19,404

 

 

 

2,404

 

 

 

2,340

 

Due in five through ten years

 

 

8,812

 

 

 

7,912

 

 

 

—

 

 

 

—

 

Due in over ten years

 

 

21,516

 

 

 

17,731

 

 

 

—

 

 

 

—

 

 

 

 

58,673

 

 

 

52,513

 

 

 

3,143

 

 

 

3,072

 

Residential mortgage-backed securities

 

 

240,534

 

 

 

226,039

 

 

 

1,935

 

 

 

1,814

 

Commercial mortgage-backed securities

 

 

35,217

 

 

 

30,300

 

 

 

2,004

 

 

 

1,900

 

 

 

$

334,424

 

 

$

308,852

 

 

$

7,082

 

 

$

6,786

 

 
Summary of Unrealized Loss for Securities Available-For-Sale

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 June 30, 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

 

$

4,981

 

 

$

4

 

 

$

4,602

 

 

$

384

 

 

$

9,583

 

 

$

388

 

U.S. government agency securities - government-
   sponsored enterprises

 

 

—

 

 

 

—

 

 

 

8,068

 

 

 

432

 

 

 

8,068

 

 

 

432

 

Municipal securities

 

 

—

 

 

 

—

 

 

 

34,862

 

 

 

5,340

 

 

 

34,862

 

 

 

5,340

 

Residential mortgage-backed securities -
   government issued

 

 

44,033

 

 

 

305

 

 

 

24,824

 

 

 

2,760

 

 

 

68,857

 

 

 

3,065

 

Residential mortgage-backed securities -
   government-sponsored enterprises

 

 

14,151

 

 

 

163

 

 

 

91,211

 

 

 

11,673

 

 

 

105,362

 

 

 

11,836

 

Commercial mortgage-backed securities -
   government issued

 

 

—

 

 

 

—

 

 

 

2,301

 

 

 

469

 

 

 

2,301

 

 

 

469

 

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

 

—

 

 

 

—

 

 

 

27,011

 

 

 

4,485

 

 

 

27,011

 

 

 

4,485

 

 

 

$

63,165

 

 

$

472

 

 

$

192,879

 

 

$

25,543

 

 

$

256,044

 

 

$

26,015

 

 

 

 

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

 

 
Summary of Unrecognized Loss for Securities Held-To-Maturity

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 June 30, 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

 

$505

 

$3

 

$2,567

 

$68

 

$3,072

 

$71

Residential mortgage-backed securities -
   government issued

 

—

 

—

 

956

 

68

 

956

 

68

Residential mortgage-backed securities -
   government-sponsored enterprises

 

—

 

—

 

858

 

53

 

858

 

53

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

—

 

—

 

1,900

 

104

 

1,900

 

104

 

 

$505

 

$3

 

$6,281

 

$293

 

$6,786

 

$296

 

 

 

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