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SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (In thousands)
June 30, 2023 |  |  |  |  |  |  |  |
U.S. Treasury Note |  | $ | 46,936 |  |  | $ | — |  |  | $ | (2,826) |  |  | $ | 44,110 |
Corporate Bonds |  | 81,609 |  |  | 37 |  |  | (6,646) |  |  | 75,000 |
U.S. Government agency obligations |  | 15,561 |  |  | — |  |  | (864) |  |  | 14,697 |
Obligations issued by U.S. states and their political subdivisions |  | 16,466 |  |  | 26 |  |  | (358) |  |  | 16,134 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential one-to-four family |  | 157,461 |  |  | — |  |  | (23,869) |  |  | 133,592 |
Multifamily |  | 14,309 |  |  | — |  |  | (1,138) |  |  | 13,171 |
Asset-backed securities |  | 4,524 |  |  | — |  |  | (305) |  |  | 4,219 |
Total |  | $ | 336,866 |  |  | $ | 63 |  |  | $ | (36,006) |  |  | $ | 300,923 |
December 31, 2022 |  |  |  |  |  |  |  |
U.S. Treasury Note |  | $ | 46,937 |  |  | $ | — |  |  | $ | (3,178) |  |  | $ | 43,759 |
Corporate Bonds |  | 81,725 |  |  | 4 |  |  | (5,431) |  |  | 76,298 |
U.S. Government agency obligations |  | 16,367 |  |  | — |  |  | (944) |  |  | 15,423 |
Obligations issued by U.S. states and their political subdivisions |  | 16,559 |  |  | 49 |  |  | (340) |  |  | 16,268 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential one-to-four family |  | 164,843 |  |  | — |  |  | (24,657) |  |  | 140,186 |
Multifamily |  | 19,475 |  |  | — |  |  | (1,317) |  |  | 18,158 |
Asset-backed securities |  | 4,525 |  |  | — |  |  | (369) |  |  | 4,156 |
Total |  | $ | 350,431 |  |  | $ | 53 |  |  | $ | (36,236) |  |  | $ | 314,248 |
Summary of amortized cost of securities held-to-maturity and their estimated fair value | The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at June 30, 2023 and December 31, 2022, are as follows:
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  |  |  | Estimated Fair Value
|  | (In thousands)
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 18,600 |  |  | $ | — |  |  | $ | (3,567) |  |  |  |  | $ | 15,033 |
Asset-backed securities |  | 15,015 |  |  | — |  |  | (2,062) |  |  |  |  | 12,953 |
Total |  | $ | 33,615 |  |  | $ | — |  |  | $ | (5,629) |  |  |  |  | $ | 27,986 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 18,600 |  |  | $ | — |  |  | $ | (2,281) |  |  |  |  | $ | 16,319 |
Asset-backed securities |  | 15,105 |  |  | — |  |  | (2,309) |  |  |  |  | 12,796 |
Total |  | $ | 33,705 |  |  | $ | — |  |  | $ | (4,590) |  |  |  |  | $ | 29,115 |
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 as of June 30, 2023. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they 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.
| Amortized Cost (1) |  | Estimated Fair Value
| (In thousands)
Available-for-sale |  |  |
Due in one year or less | $ | 38,147 |  |  | $ | 37,447 |
Due from one year to five years | 96,863 |  |  | 90,914 |
Due from five to ten years | 21,864 |  |  | 18,102 |
Due after ten years | 3,698 |  |  | 3,478 |
Mortgage-backed and asset-backed securities | 176,294 |  |  | 150,982 |
Total | $ | 336,866 |  |  | $ | 300,923 |
Held-to-maturity |  |  |
Due from one year to five years | $ | 16,600 |  |  | $ | 13,400 |
Due from five to ten years | 2,000 |  |  | 1,633 |
Mortgage-backed and asset-backed securities | $ | 15,015 |  |  | $ | 12,953 |
Total | $ | 33,615 |  |  | $ | 27,986 |
(1) Excludes the allowance for credit losses on held-to-maturity securities at June 30, 2023.
Summary of credit profile of debt securities held-to-maturity | The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at June 30, 2023.
|  | AAA |  | A1 |  | BBB+ |  | BBB |  | BBB- |  |  |  | Total
|  | (In thousands)
Corporate bonds |  | $ | — |  |  | $ | — |  |  | $ | 1,600 |  |  | $ | 11,000 |  |  | $ | 6,000 |  |  |  |  | $ | 18,600 |
Asset-backed securities |  | 9,022 |  |  | 5,993 |  |  | — |  |  | — |  |  | — |  |  |  |  | 15,015 |
Total held-to-maturity |  | $ | 9,022 |  |  | $ | 5,993 |  |  | $ | 1,600 |  |  | $ | 11,000 |  |  | $ | 6,000 |  |  |  |  | $ | 33,615 |
Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at June 30, 2023 and December 31, 2022, 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 |  | Number of Securities |  | Unrealized Losses |  | Estimated Fair Value
|  | (In thousands)
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Note |  | $ | — |  |  | $ | — |  |  | $ | (2,826) |  |  | $ | 44,110 |  |  | 5 |  | $ | (2,826) |  |  | $ | 44,110 |
Corporate Bonds |  | (844) |  |  | 7,156 |  |  | (5,802) |  |  | 53,144 |  |  | 27 |  | (6,646) |  |  | 60,300 |
U.S. Government agency obligations |  | (5) |  |  | 634 |  |  | (859) |  |  | 14,063 |  |  | 4 |  | (864) |  |  | 14,697 |
Obligations issued by U.S. states and their political subdivisions |  | (18) |  |  | 6,074 |  |  | (340) |  |  | 6,116 |  |  | 13 |  | (358) |  |  | 12,190 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | (1) |  |  | 51 |  |  | (23,868) |  |  | 133,535 |  |  | 48 |  | (23,869) |  |  | 133,586 |
Multifamily |  | — |  |  | — |  |  | (1,138) |  |  | 13,171 |  |  | 6 |  | (1,138) |  |  | 13,171 |
Asset-backed securities |  | — |  |  | — |  |  | (305) |  |  | 4,219 |  |  | 2 |  | (305) |  |  | 4,219 |
Total |  | $ | (868) |  |  | $ | 13,915 |  |  | $ | (35,138) |  |  | $ | 268,358 |  |  | 105 |  | $ | (36,006) |  |  | $ | 282,273 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Note |  | $ | (1,342) |  |  | $ | 28,670 |  |  | $ | (1,836) |  |  | $ | 15,089 |  |  | 5 |  | $ | (3,178) |  |  | $ | 43,759 |
Corporate Bonds |  | (3,608) |  |  | 58,509 |  |  | (1,823) |  |  | 15,522 |  |  | 31 |  | (5,431) |  |  | 74,031 |
U.S. Government agency obligations |  | (5) |  |  | 696 |  |  | (939) |  |  | 14,727 |  |  | 5 |  | (944) |  |  | 15,423 |
Obligations issued by U.S. states and their political subdivisions |  | (65) |  |  | 5,641 |  |  | (275) |  |  | 1,568 |  |  | 8 |  | (340) |  |  | 7,209 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential one-to-four family |  | (8,273) |  |  | 60,986 |  |  | (16,384) |  |  | 79,189 |  |  | 49 |  | (24,657) |  |  | 140,175 |
Multifamily |  | (1,166) |  |  | 17,689 |  |  | (151) |  |  | 469 |  |  | 5 |  | (1,317) |  |  | 18,158 |
Asset-backed securities |  | — |  |  | — |  |  | (369) |  |  | 4,156 |  |  | 2 |  | (369) |  |  | 4,156 |
Total |  | $ | (14,459) |  |  | $ | 172,191 |  |  | $ | (21,777) |  |  | $ | 130,720 |  |  | 105 |  | $ | (36,236) |  |  | $ | 302,911 |
Summary of held-for-maturity with unrealized losses | The following tables summarizes held-to-maturity securities with unrealized losses at June 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Unrecognized Losses |  | Estimated Fair Value |  | Unrecognized Losses |  | Estimated Fair Value |  | Number of Securities |  | Unrecognized Losses |  | Estimated Fair Value
|  | (In thousands)
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds |  | (500) |  |  | 3,500 |  |  | (3,067) |  |  | 11,533 |  |  | 9 |  | (3,567) |  |  | 15,033 |
Asset-backed securities |  | — |  |  | — |  |  | (2,062) |  |  | 12,953 |  |  | 2 |  | (2,062) |  |  | 12,953 |
Total |  | $ | (500) |  |  | $ | 3,500 |  |  | $ | (5,129) |  |  | $ | 24,486 |  |  | 11 |  | $ | (5,629) |  |  | $ | 27,986 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds |  | (1,177) |  |  | 10,423 |  |  | (1,104) |  |  | 5,896 |  |  | 9 |  | (2,281) |  |  | 16,319 |
Asset-backed securities |  | — |  |  | — |  |  | (2,310) |  |  | 12,796 |  |  | 2 |  | (2,310) |  |  | 12,796 |
Total |  | $ | (1,177) |  |  | $ | 10,423 |  |  | $ | (3,414) |  |  | $ | 18,692 |  |  | 11 |  | $ | (4,591) |  |  | $ | 29,115 |

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