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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale | 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 |  |  |  |
Summary of Debt Securities in Unrealized Loss position for Which Allowance for Credit Losses Not Recorded | 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.
Summary of Amortized Cost and Fair Value by Contractual Maturity | 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 |
Schedule of Realized Gain (Loss) | 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 |

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