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Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2024

 

 

 

Amortized Cost

 

 

Gross
Unrealized Gains

 

 

Gross
Unrealized Losses

 

 

Fair Value

 

 

 

(In Thousands)

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

4,987

 

 

$

—

 

 

$

(252

)

 

 

4,735

 

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

 

 

8,500

 

 

 

—

 

 

 

(310

)

 

 

8,190

 

Municipal securities

 

 

40,099

 

 

 

—

 

 

 

(4,038

)

 

 

36,061

 

Residential mortgage-backed securities - government issued

 

 

107,364

 

 

 

1,385

 

 

 

(1,985

)

 

 

106,764

 

Residential mortgage-backed securities - government-sponsored
   enterprises

 

 

133,898

 

 

 

710

 

 

 

(8,255

)

 

 

126,353

 

Commercial mortgage-backed securities - government issued

 

 

2,718

 

 

 

—

 

 

 

(372

)

 

 

2,346

 

Commercial mortgage-backed securities - government-sponsored
   enterprises

 

 

32,212

 

 

 

72

 

 

 

(3,397

)

 

 

28,887

 

 

 

$

329,778

 

 

$

2,167

 

 

$

(18,609

)

 

$

313,336

 

 

 

 

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 September 30, 2024

 

 

 

Amortized Cost

 

 

Gross
Unrecognized Gains

 

 

Gross
Unrecognized Losses

 

 

Fair Value

 

 

 

(In Thousands)

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

3,140

 

 

$

4

 

 

$

(14

)

 

$

3,130

 

Residential mortgage-backed securities - government issued

 

 

931

 

 

 

—

 

 

 

(46

)

 

 

885

 

Residential mortgage-backed securities - government-sponsored
   enterprises

 

 

833

 

 

 

—

 

 

 

(31

)

 

 

802

 

Commercial mortgage-backed securities - government-sponsored
   enterprises

 

 

2,003

 

 

 

—

 

 

 

(45

)

 

 

1,958

 

 

 

$

6,907

 

 

$

4

 

 

$

(136

)

 

$

6,775

 

 

 

 

 

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 September 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

 

$

3,501

 

 

$

3,463

 

 

$

738

 

 

$

735

 

Due in one year through five years

 

 

20,270

 

 

 

19,305

 

 

 

2,402

 

 

 

2,395

 

Due in five through ten years

 

 

8,855

 

 

 

8,220

 

 

 

—

 

 

 

—

 

Due in over ten years

 

 

20,960

 

 

 

17,998

 

 

 

—

 

 

 

—

 

 

 

 

53,586

 

 

 

48,986

 

 

 

3,140

 

 

 

3,130

 

Residential mortgage-backed securities

 

 

241,262

 

 

 

233,117

 

 

 

1,764

 

 

 

1,687

 

Commercial mortgage-backed securities

 

 

34,930

 

 

 

31,233

 

 

 

2,003

 

 

 

1,958

 

 

 

$

329,778

 

 

$

313,336

 

 

$

6,907

 

 

$

6,775

 

 
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 September 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

 

$

—

 

 

$

—

 

 

$

4,735

 

 

$

252

 

 

$

4,735

 

 

$

252

 

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

 

 

3,000

 

 

 

1

 

 

 

3,190

 

 

 

309

 

 

 

6,190

 

 

 

310

 

Municipal securities

 

 

—

 

 

 

—

 

 

 

36,061

 

 

 

4,038

 

 

 

36,061

 

 

 

4,038

 

Residential mortgage-backed securities -
   government issued

 

 

3,209

 

 

 

20

 

 

 

20,108

 

 

 

1,965

 

 

 

23,317

 

 

 

1,985

 

Residential mortgage-backed securities -
   government-sponsored enterprises

 

 

3,710

 

 

 

55

 

 

 

75,879

 

 

 

8,200

 

 

 

79,589

 

 

 

8,255

 

Commercial mortgage-backed securities -
   government issued

 

 

—

 

 

 

—

 

 

 

2,346

 

 

 

372

 

 

 

2,346

 

 

 

372

 

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

 

—

 

 

 

—

 

 

 

27,861

 

 

 

3,397

 

 

 

27,861

 

 

 

3,397

 

 

 

$

9,919

 

 

$

76

 

 

$

170,180

 

 

$

18,533

 

 

$

180,099

 

 

$

18,609

 

 

 

 

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 September 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

 

$—

 

$—

 

$2,159

 

$14

 

$2,159

 

$14

Residential mortgage-backed securities -
   government issued

 

—

 

—

 

885

 

46

 

885

 

46

Residential mortgage-backed securities -
   government-sponsored enterprises

 

—

 

—

 

802

 

31

 

802

 

31

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

—

 

—

 

1,958

 

45

 

1,958

 

45

 

 

$—

 

$—

 

$5,804

 

$136

 

$5,804

 

$136

 

 

 

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