XML 19 R10.htm IDEA: XBRL DOCUMENT
v3.23.2

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 2. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:
|  | June 30, 2023 |  |  |  |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US government agency securities |  | $ | 2,000 |  |  | $ | — |  |  | $ | (19 | ) |  | $ | 1,981 |  |  |  |
Small Business Administration loan pools |  |  | 726 |  |  |  | — |  |  |  | (15 | ) |  |  | 711 |  |  |  |
Obligations of state and political subdivisions |  |  | 45,651 |  |  |  | 7 |  |  |  | (3,728 | ) |  |  | 41,930 |  |  |  |
Mortgage-backed securities in government-sponsored entities |  |  | 42,946 |  |  |  | — |  |  |  | (3,948 | ) |  |  | 38,998 |  |  |  |
|  | $ | 91,323 |  |  | $ | 7 |  |  | $ | (7,710 | ) |  | $ | 83,620 |  |  |  |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 15,000 |  |  | $ | — |  |  | $ | (1,782 | ) |  | $ | 13,218 |  |  | $ | 586 |
Structured mortgage-backed securities |  |  | 23,806 |  |  |  | — |  |  |  | (966 | ) |  |  | 22,840 |  |  |  | — |
|  | $ | 38,806 |  |  | $ | — |  |  | $ | (2,748 | ) |  | $ | 36,058 |  |  | $ | 586 |
|  | December 31, 2022 |  |  |  |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | 858 |  |  | $ | — |  |  | $ | (15 | ) |  | $ | 843 |  |  |  |
Obligations of state and political subdivisions |  |  | 44,189 |  |  |  | 14 |  |  |  | (4,034 | ) |  |  | 40,169 |  |  |  |
Mortgage-backed securities in government-sponsored entities |  |  | 41,873 |  |  |  | — |  |  |  | (4,072 | ) |  |  | 37,801 |  |  |  |
|  | $ | 86,920 |  |  | $ | 14 |  |  | $ | (8,121 | ) |  | $ | 78,813 |  |  |  |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 14,993 |  |  | $ | — |  |  | $ | (994 | ) |  | $ | 13,999 |  |  |  |
Structured mortgage-backed securities |  |  | 16,829 |  |  |  | — |  |  |  | (748 | ) |  |  | 16,081 |  |  |  |
|  | $ | 31,822 |  |  | $ | — |  |  | $ | (1,742 | ) |  | $ | 30,080 |  |  |  |
The following tables summarize the Company's debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.
|  | June 30, 2023 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities |  | $ | 1,981 |  |  | $ | (19 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,981 |  |  | $ | (19 | )
Small Business Administration loan pools |  |  | — |  |  |  | — |  |  |  | 711 |  |  |  | (15 | ) |  |  | 711 |  |  |  | (15 | )
Obligations of state and political subdivisions |  |  | 4,008 |  |  |  | (139 | ) |  |  | 27,946 |  |  |  | (3,589 | ) |  |  | 31,954 |  |  |  | (3,728 | )
Mortgage-backed securities in government-sponsored entities |  |  | 47 |  |  |  | (1 | ) |  |  | 38,951 |  |  |  | (3,947 | ) |  |  | 38,998 |  |  |  | (3,948 | )
|  | $ | 6,036 |  |  | $ | (159 | ) |  | $ | 67,608 |  |  | $ | (7,551 | ) |  | $ | 73,644 |  |  | $ | (7,710 | )
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 7,234 |  |  | $ | (765 | ) |  | $ | 5,983 |  |  | $ | (1,017 | ) |  | $ | 13,217 |  |  | $ | (1,782 | )
Structured mortgage-backed securities |  |  | 5,708 |  |  |  | (52 | ) |  |  | 17,132 |  |  |  | (914 | ) |  |  | 22,840 |  |  |  | (966 | )
|  | $ | 12,942 |  |  | $ | (817 | ) |  | $ | 23,115 |  |  | $ | (1,931 | ) |  | $ | 36,057 |  |  | $ | (2,748 | )
|  | December 31, 2022 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | 334 |  |  | $ | (1 | ) |  | $ | 509 |  |  | $ | (14 | ) |  | $ | 843 |  |  | $ | (15 | )
Obligations of state and political subdivisions |  |  | 34,836 |  |  |  | (3,372 | ) |  |  | 2,559 |  |  |  | (662 | ) |  |  | 37,395 |  |  |  | (4,034 | )
Mortgage-backed securities in government-sponsored entities |  |  | 18,052 |  |  |  | (1,538 | ) |  |  | 19,749 |  |  |  | (2,534 | ) |  |  | 37,801 |  |  |  | (4,072 | )
|  | $ | 53,222 |  |  | $ | (4,911 | ) |  | $ | 22,817 |  |  | $ | (3,210 | ) |  | $ | 76,039 |  |  | $ | (8,121 | )
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 13,999 |  |  | $ | (994 | ) |  | $ | — |  |  | $ | — |  |  | $ | 13,999 |  |  | $ | (994 | )
Structured mortgage-backed securities |  |  | 16,081 |  |  |  | (748 | ) |  |  | — |  |  |  | — |  |  |  | 16,081 |  |  |  | (748 | )
|  | $ | 30,080 |  |  | $ | (1,742 | ) |  | $ | — |  |  | $ | — |  |  | $ | 30,080 |  |  | $ | (1,742 | )
No allowance for credit losses on available for sale debt securities was needed at June 30, 2023. The Company reviews its position quarterly and believes that as of June 30, 2023 and December 31, 2022, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were 181 and 175 available for sale debt securities with unrealized losses at June 30, 2023 and December 31, 2022, respectively. The Company has concluded that the unrealized losses disclosed above are the result of interest rate changes and market conditions that are not expected to result in the noncollection of principal and interest during the year. There were 13 and ten held to maturity debt securities with unrealized losses at June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.
|  | Available for Sale Securities |  |  | Held to Maturity Securities |
(In Thousands) |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 300 |  |  | $ | 296 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 7,684 |  |  |  | 7,506 |  |  |  | 6,000 |  |  |  | 5,696 |
Due after five years through ten years |  |  | 14,908 |  |  |  | 14,027 |  |  |  | 9,000 |  |  |  | 7,522 |
Due after ten years |  |  | 25,485 |  |  |  | 22,793 |  |  |  | — |  |  |  | — |
Mortgage-backed securities and Collateralized mortgage obligations |  |  | 42,946 |  |  |  | 38,998 |  |  |  | 23,806 |  |  |  | 22,840 |
|  | $ | 91,323 |  |  | $ | 83,620 |  |  | $ | 38,806 |  |  | $ | 36,058 |
The following table summarizes sales of debt securities for the six months ended June 30, 2023 and 2022. There were no sales of debt securities for the three months ended June 30, 2023 and 2022.
(In Thousands) |  | For the Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Proceeds |  | $ |  | 1,847 |  |  | $ |  | 513 |
Gross gains |  |  |  | — |  |  |  |  | 13 |
Gross losses |  |  |  | 2,370 |  |  |  |  | — |
Net (loss) gain |  | $ |  | (2,370 | ) |  | $ |  | 13 |
The tax benefit (provision) related to these realized gains and losses wa s $498 and $(3) as of June 30, 2023 and 2022, respectively. At December 31, 2022, the Company's corporate debenture portfolio contained $3,000 of an investment in subordinated notes issued by Signature Bank. As a result of and subsequent to the failure of Signature Bank during the first quarter of 2023, the Company sold its investment in the Signature Bank subordinated notes and incurred a pre-tax gross loss of approximately $2,445. The Company had pledged debt securities with a carrying value of $45,561 and $47,418 to secure public monies as of June 30, 2023 and December 31, 2022, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration