XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

SECURITIES | 12 Months Ended
--- | ---
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Debt Securities 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 |
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 |
During the year ended December 31, 2021, proceeds from calls of securities available for sale totaled $14.2 million, resulting in no gross realized gains and gross realized losses of $1 thousand. There were no securities sold during the year ended December 31, 2021. During the year ended December 31, 2020, proceeds from sales and calls of securities available for sale totaled $13.2 million, resulting in gross realized gains of $70 thousand and gross realized losses of $1 thousand. There were no OTTI charges for the year ended December 31, 2021 and 2020. 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 |
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 |
At December 31, 2021, four U.S. Government agency obligations, two U.S Treasury note, and twenty-nine mortgage-backed securities held by the Company were in an unrealized loss position in the available-for-sale portfolio. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. There were also seven investment grade corporate bonds and two asset-backed securities in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery (maturity). The Company did not have any held to maturity securities in an unrecognized loss position for more than twelve months at December 31, 2021 and 2020. At December 31, 2021, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $14.9 million in an aggregate unrecognized loss position of $373 thousand and two investment grade corporate bonds with total fair value of $6.9 million in an aggregate unrecognized loss position of $59 thousand. At December 31, 2020, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included one collateralized loan obligation security with a fair value of $3.0 million, in an unrecognized loss position of $26 thousand. Securities pledged at December 31, 2021 and December 31, 2020, had a carrying amount of $9.1 million and $12.7 million, respectively, and were pledged to secure public deposits, FHLB advances, and derivatives.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration