XML 49 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
Securities (Tables)
 12 Months Ended
Dec. 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 December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

 

(In Thousands)

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

4,989

 

 

$

—

 

 

$

(271

)

 

 

4,718

 

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

 

 

3,500

 

 

 

—

 

 

 

(347

)

 

 

3,153

 

Municipal securities

 

 

39,997

 

 

 

—

 

 

 

(5,136

)

 

 

34,861

 

Residential mortgage-backed securities -
   government issued

 

 

125,571

 

 

 

470

 

 

 

(2,818

)

 

 

123,223

 

Residential mortgage-backed securities -
   government-sponsored enterprises

 

 

145,888

 

 

 

234

 

 

 

(11,357

)

 

 

134,765

 

Commercial mortgage-backed securities -
   government issued

 

 

2,665

 

 

 

—

 

 

 

(441

)

 

 

2,224

 

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

 

43,033

 

 

 

24

 

 

 

(4,609

)

 

 

38,448

 

 

 

$

365,643

 

 

$

728

 

 

$

(24,979

)

 

$

341,392

 

 

 

 

 

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 December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Fair Value

 

 

 

(In Thousands)

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

3,137

 

 

$

—

 

 

$

(38

)

 

$

3,099

 

Residential mortgage-backed securities -
   government issued

 

 

836

 

 

 

—

 

 

 

(48

)

 

 

788

 

Residential mortgage-backed securities -
   government-sponsored enterprises

 

 

766

 

 

 

—

 

 

 

(42

)

 

 

724

 

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

 

2,002

 

 

 

—

 

 

 

(78

)

 

 

1,924

 

 

 

$

6,741

 

 

$

—

 

 

$

(206

)

 

$

6,535

 

 

 

 

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

 
Schedule of 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,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In Thousands)

 

Gross gains

 

$

—

 

 

$

68

 

 

$

—

 

Gross losses

 

 

(8

)

 

 

(113

)

 

 

—

 

Net losses on sale of available-for-sale securities

 

$

(8

)

 

$

(45

)

 

$

—

 

Proceeds from sale of available-for-sale securities

 

$

7,533

 

 

$

5,085

 

 

$

—

 

 
Summary of Amortized Cost and Fair Value by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at December 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

 

$

1,501

 

 

$

1,473

 

 

$

987

 

 

$

983

 

Due in one year through five years

 

 

18,145

 

 

 

16,902

 

 

 

2,150

 

 

 

2,116

 

Due in five through ten years

 

 

8,430

 

 

 

7,570

 

 

 

—

 

 

 

—

 

Due in over ten years

 

 

20,410

 

 

 

16,787

 

 

 

—

 

 

 

—

 

 

 

 

48,486

 

 

 

42,732

 

 

 

3,137

 

 

 

3,099

 

Residential mortgage-backed securities

 

 

271,459

 

 

 

257,988

 

 

 

1,602

 

 

 

1,512

 

Commercial mortgage-backed securities

 

 

45,698

 

 

 

40,672

 

 

 

2,002

 

 

 

1,924

 

 

 

$

365,643

 

 

$

341,392

 

 

$

6,741

 

 

$

6,535

 

 
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 December 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

 

$

—

 

 

$

—

 

 

$

4,718

 

 

$

271

 

 

$

4,718

 

 

$

271

 

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

 

 

—

 

 

 

—

 

 

 

3,153

 

 

 

347

 

 

 

3,153

 

 

 

347

 

Municipal securities

 

 

—

 

 

 

—

 

 

 

34,861

 

 

 

5,136

 

 

 

34,861

 

 

 

5,136

 

Residential mortgage-backed securities -
   government issued

 

 

40,320

 

 

 

374

 

 

 

18,999

 

 

 

2,444

 

 

 

59,319

 

 

 

2,818

 

Residential mortgage-backed securities -
   government-sponsored enterprises

 

 

43,907

 

 

 

995

 

 

 

71,103

 

 

 

10,362

 

 

 

115,010

 

 

 

11,357

 

Commercial mortgage-backed securities -
   government issued

 

 

—

 

 

 

—

 

 

 

2,224

 

 

 

441

 

 

 

2,224

 

 

 

441

 

Commercial mortgage-backed securities -
   government-sponsored enterprises

 

 

10,717

 

 

 

425

 

 

 

26,751

 

 

 

4,184

 

 

 

37,468

 

 

 

4,609

 

 

 

$

94,944

 

 

$

1,794

 

 

$

161,809

 

 

$

23,185

 

 

$

256,753

 

 

$

24,979

 

 

 

 

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 December 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

 

$

454

 

 

$

5

 

 

$

2,139

 

 

$

33

 

 

$

2,593

 

 

$

38

 

Residential mortgage-backed
   securities - government issued

 

 

—

 

 

 

—

 

 

 

788

 

 

 

48

 

 

 

788

 

 

 

48

 

Residential mortgage-backed
   securities - government-
   sponsored enterprises

 

 

—

 

 

 

—

 

 

 

724

 

 

 

42

 

 

 

724

 

 

 

42

 

Commercial mortgage-backed
   securities - government-
   sponsored enterprises

 

 

—

 

 

 

—

 

 

 

1,924

 

 

 

78

 

 

 

1,924

 

 

 

78

 

 

 

$

454

 

 

$

5

 

 

$

5,575

 

 

$

201

 

 

$

6,029

 

 

$

206

 

 

 

 

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