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Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities at September 30, 2023 and December 31, 2022 are summarized as follows:

		September 30, 2023
						Gross				Gross
		Amortized				Unrealized				Unrealized
		Cost				Gains				Losses				Fair Value
		(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds		$	2,989			$	—			$	(276	)		$	2,713
Corporate Bonds			25,799				—				(2,609	)			23,190
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)			40,646				—				(7,657	)			32,989
FHLMC Certificates			10,441				—				(1,904	)			8,537
FNMA Certificates			62,771				—				(13,552	)			49,219
GNMA Certificates			108				—				(3	)			105
Total available-for-sale securities		$	142,754			$	—			$	(26,001	)		$	116,753
Held-to-Maturity Securities:
U.S. Agency Bonds		$	25,000			$	—			$	(504	)		$	24,496
Corporate Bonds			82,500				—				(5,117	)			77,383
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)			217,632				—				(12,198	)			205,434
FHLMC Certificates			3,923				—				(358	)			3,565
FNMA Certificates			121,940				—				(8,818	)			113,122
SBA Certificates			20,717				147				—				20,864
Allowance for Credit Losses			(647	)			—				—				—
Total held-to-maturity securities		$	471,065			$	147			$	(26,995	)		$	444,864

(1)Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

		December 31, 2022
						Gross				Gross
		Amortized				Unrealized				Unrealized
		Cost				Gains				Losses				Fair Value
		(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds		$	2,985			$	—			$	(296	)		$	2,689
Corporate Bonds			25,824				—				(2,465	)			23,359
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)			44,503				—				(6,726	)			37,777
FHLMC Certificates			11,310				—				(1,676	)			9,634
FNMA Certificates			67,199				—				(11,271	)			55,928
GNMA Certificates			122				—				(4	)			118
Total available-for-sale securities		$	151,943			$	—			$	(22,438	)		$	129,505
Held-to-Maturity Securities:
U.S. Agency Bonds		$	35,000			$	—			$	(380	)		$	34,620
Corporate Bonds			82,500				57				(3,819	)			78,738
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)			235,479				192				(5,558	)			230,113
FHLMC Certificates			4,120				—				(268	)			3,852
FNMA Certificates			131,918				—				(5,227	)			126,691
SBA Certificates			21,803				34				—				21,837
Total held-to-maturity securities		$	510,820			$	283			$	(15,252	)		$	495,851

(1)Comprised of FHLMC, FNMA and GNMA issued securities.

Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position

The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2023 and December 31, 2022:

		September 30, 2023
		Securities With Gross Unrealized Losses
		Less Than 12 Months								12 Months or More								Total				Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
		(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds		$	—			$	—			$	2,713			$	(276	)		$	2,713			$	(276	)
Corporate Bonds			—				—				23,190				(2,609	)			23,190				(2,609	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations			—				—				32,989				(7,657	)			32,989				(7,657	)
FHLMC Certificates			—				—				8,537				(1,904	)			8,537				(1,904	)
FNMA Certificates			—				—				49,219				(13,552	)			49,219				(13,552	)
GNMA Certificates			—				—				105				(3	)			105				(3	)
Total available-for-sale securities		$	—			$	—			$	116,753			$	(26,001	)		$	116,753			$	(26,001	)
Held-to-Maturity Securities:
U.S. Agency Bonds		$	—			$	—			$	24,496			$	(504	)		$	24,496			$	(504	)
Corporate Bonds			3,206				(294	)			74,177				(4,823	)			77,383				(5,117	)
Collateralized Mortgage Obligations			93,209				(4,667	)			112,225				(7,531	)			205,434				(12,198	)
FHLMC Certificates			—				—				3,565				(358	)			3,565				(358	)
FNMA Certificates			—				—				113,122				(8,818	)			113,122				(8,818	)
Total held-to-maturity securities		$	96,415			$	(4,961	)		$	327,585			$	(22,034	)		$	424,000			$	(26,995	)

		December 31, 2022
		Securities With Gross Unrealized Losses
		Less Than 12 Months								12 Months or More								Total				Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
		(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds		$	—			$	—			$	2,689			$	(296	)		$	2,689			$	(296	)
Corporate Bonds			13,138				(1,186	)			10,221				(1,279	)			23,359				(2,465	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations			4,537				(300	)			33,240				(6,426	)			37,777				(6,726	)
FHLMC Certificates			—				—				9,634				(1,676	)			9,634				(1,676	)
FNMA Certificates			12,111				(1,230	)			43,817				(10,041	)			55,928				(11,271	)
GNMA Certificates			118				(4	)			—				—				118				(4	)
Total available-for-sale securities		$	29,904			$	(2,720	)		$	99,601			$	(19,718	)		$	129,505			$	(22,438	)
Held-to-Maturity Securities:
U.S. Agency Bonds		$	24,620			$	(380	)		$	—			$	—			$	24,620			$	(380	)
Corporate Bonds			75,181				(3,819	)			—				—				75,181				(3,819	)
Collateralized Mortgage Obligations			215,300				(5,558	)			—				—				215,300				(5,558	)
FHLMC Certificates			3,177				(115	)			675				(153	)			3,852				(268	)
FNMA Certificates			126,691				(5,227	)			—				—				126,691				(5,227	)
Total held-to-maturity securities		$	444,969			$	(15,099	)		$	675			$	(153	)		$	445,644			$	(15,252	)

Summary of Maturities of Securities

The following is a summary of maturities of securities at September 30, 2023 and December 31, 2022. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.

		September 30, 2023
		Amortized				Fair
		Cost				Value
		(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			2,989				2,713
More than five years through ten years			—				—
			2,989				2,713
Corporate Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			4,000				3,802
More than one year through five years			1,000				729
More than five years through ten years			20,799				18,659
			25,799				23,190
Mortgage-Backed Securities			113,966				90,850
Total available-for-sale securities		$	142,754			$	116,753
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			25,000				24,496
More than five years through ten years			—				—
			25,000				24,496
Corporate Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			75,000				70,381
More than five years through ten years			7,500				7,002
			82,500				77,383
Mortgage-Backed Securities			364,212				342,985
Allowance for Credit Losses			(647	)			—
Total held-to-maturity securities		$	471,065			$	444,864

		December 31, 2022
		Amortized				Fair
		Cost				Value
		(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			2,985				2,689
More than five years through ten years			—				—
			2,985				2,689
Corporate Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			4,000				3,710
More than five years through ten years			21,824				19,649
			25,824				23,359
Mortgage-Backed Securities			123,134				103,457
Total available-for-sale securities		$	151,943			$	129,505
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			35,000				34,620
More than five years through ten years			—				—
			35,000				34,620
Corporate Bonds:
Amounts maturing:
Three months or less		$	—			$	—
More than three months through one year			—				—
More than one year through five years			75,000				71,328
More than five years through ten years			7,500				7,410
			82,500				78,738
Mortgage-Backed Securities			393,320				382,493
Total held-to-maturity securities		$	510,820			$	495,851

Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities

The following table presents the activity in the allowance for credit losses for held-to-maturity securities:

		September 30,				December 31,
		2023				2022
Beginning balance		$	—			$	—
Impact on CECL adoption			662				—
Benefit for credit losses			(15	)			—
Allowance for credit losses		$	647			$	—

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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

+ References

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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Section 50
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