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SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Summary of amortized cost of securities available for sale and their estimated fair value | The amortized cost of securities available for sale and their estimated fair values at December 31, 2021 and 2020 are as follows:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |
U.S. Treasury Notes | $ | 36,933 |  |  | $ | 4 |  |  | $ | (105) |  |  | $ | 36,832 |
Corporate Bonds | 86,118 |  |  | 1,791 |  |  | (290) |  |  | 87,619 |
U.S. Government agency obligations | 23,462 |  |  | 46 |  |  | (179) |  |  | 23,329 |
Obligations issued by U.S. states and their political subdivisions | 19,172 |  |  | 1,152 |  |  | — |  |  | 20,324 |
Mortgage-backed securities: Residential one-to-four family | 116,166 |  |  | 140 |  |  | (1,905) |  |  | 114,401 |
Multifamily | 35,412 |  |  | 598 |  |  | (94) |  |  | 35,916 |
Asset-backed securities | 6,538 |  |  | 3 |  |  | (70) |  |  | 6,471 |
Total available-for-sale | $ | 323,801 |  |  | $ | 3,734 |  |  | $ | (2,643) |  |  | $ | 324,892 |
December 31, 2020 |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |
U.S. Treasury Notes | $ | 9,989 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 10,000 |
Corporate Bonds | 57,478 |  |  | 1,863 |  |  | — |  |  | 59,341 |
U.S. Government agency obligations | 19,787 |  |  | 89 |  |  | (201) |  |  | 19,675 |
Obligations issued by U.S. states and their political subdivisions | 23,280 |  |  | 1,515 |  |  | — |  |  | 24,795 |
Mortgage-backed securities: Residential one-to-four family | 71,773 |  |  | 951 |  |  | (8) |  |  | 72,716 |
Multifamily | 56,563 |  |  | 1,499 |  |  | (2) |  |  | 58,060 |
Total available-for-sale | $ | 238,870 |  |  | $ | 5,928 |  |  | $ | (211) |  |  | $ | 244,587 |
Summary of amortized cost of securities held to maturity and their estimated fair value | The amortized cost of securities held-to-maturity and their estimated fair values at December 31, 2021 and 2020, are as follows:
| Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |
Asset-backed securities | $ | 15,281 |  |  | $ | — |  |  | $ | (373) |  |  | $ | 14,908 |
Corporate bonds | 8,000 |  |  | — |  |  | (59) |  |  | 7,941 |
Total held-to-maturity | $ | 23,281 |  |  | $ | — |  |  | $ | (432) |  |  | $ | 22,849 |
December 31, 2020 |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |
Collateralized loan obligation | $ | 7,005 |  |  | $ | — |  |  | $ | (26) |  |  | $ | 6,979 |
Total Held-to-maturity | $ | 7,005 |  |  | $ | — |  |  | $ | (26) |  |  | $ | 6,979 |
Summary of amortized cost and fair value of debt securities shown by contractual maturity | The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately:
| December 31, 2021
| Amortized Cost |  | Estimated Fair Value
| (In thousands)
Available-for-sale |  |  |
Due in one year or less | $ | 6,421 |  |  | $ | 6,479 |
Due from one year to five years | 87,166 |  |  | 87,673 |
Due from five to ten years | 55,412 |  |  | 56,684 |
Due after ten years | 16,686 |  |  | 17,268 |
Mortgage-backed and asset-backed securities | 158,116 |  |  | 156,788 |
Total | $ | 323,801 |  |  | $ | 324,892 |
Held-to-maturity |  |  |
Due from one year to five years | 6,071 |  |  | 5,947 |
Due from five to ten years | 16,210 |  |  | 15,902 |
Due after ten years | 1,000 |  |  | 1,000 |
Total | $ | 23,281 |  |  | $ | 22,849 |
Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at December 31, 2021 and 2020, aggregated by major security type and length of time in a continuous loss position.
| Less than 12 Months |  | 12 Months or More |  | Total
| Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value
| (In thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Note | $ | (105) |  |  | $ | 16,814 |  |  | $ | — |  |  | $ | — |  |  | $ | (105) |  |  | $ | 16,814 |
Corporate Bonds | (290) |  |  | 17,183 |  |  | — |  |  | — |  |  | (290) |  |  | 17,183 |
U.S. Government agency obligations | (49) |  |  | 9,951 |  |  | (130) |  |  | 7,980 |  |  | (179) |  |  | 17,931 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | (1,761) |  |  | 104,805 |  |  | (144) |  |  | 3,009 |  |  | (1,905) |  |  | 107,814 |
Multifamily | — |  |  | — |  |  | (94) |  |  | 910 |  |  | (94) |  |  | 910 |
Asset-backed securities | (70) |  |  | 4,458 |  |  | — |  |  | — |  |  | (70) |  |  | 4,458 |
Total available-for-sale | $ | (2,275) |  |  | $ | 153,211 |  |  | $ | (368) |  |  | $ | 11,899 |  |  | $ | (2,643) |  |  | $ | 165,110 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations | $ | (54) |  |  | $ | 3,559 |  |  | $ | (147) |  |  | $ | 10,014 |  |  | $ | (201) |  |  | $ | 13,573 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family | (7) |  |  | 3,228 |  |  | (1) |  |  | 115 |  |  | (8) |  |  | 3,343 |
Multifamily | (2) |  |  | 738 |  |  | — |  |  | 313 |  |  | (2) |  |  | 1,051 |
Total available-for-sale | $ | (63) |  |  | $ | 7,525 |  |  | $ | (148) |  |  | $ | 10,442 |  |  | $ | (211) |  |  | $ | 17,967 |

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