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SECURITIES (Tables)
 6 Months Ended
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 GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
June 30, 2023
U.S. Treasury Note$46,936 $— $(2,826)$44,110 
Corporate Bonds81,609 37 (6,646)75,000 
U.S. Government agency obligations15,561 — (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 securities4,524 — (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 Bonds81,725 4 (5,431)76,298 
U.S. Government agency obligations16,367 — (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 
Multifamily19,475 — (1,317)18,158 
Asset-backed securities4,525 — (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 CostGross Unrecognized GainsGross Unrecognized LossesEstimated
Fair
Value
(In thousands)
June 30, 2023
Corporate bonds$18,600 $— $(3,567)$15,033 
Asset-backed securities15,015 — (2,062)12,953 
Total$33,615 $— $(5,629)$27,986 
December 31, 2022
Corporate bonds$18,600 $— $(2,281)$16,319 
Asset-backed securities15,105 — (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 years96,863 90,914 
Due from five to ten years21,864 18,102 
Due after ten years3,698 3,478 
Mortgage-backed and asset-backed securities176,294 150,982 
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 $27,986 
(1) Excludes the allowance for credit losses on held-to-maturity securities at June 30, 2023.
Summary of credit profile of debt securities held-to-maturity
The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at June 30, 2023.
AAAA1BBB+BBBBBB-Total
(In thousands)
Corporate bonds$— $— $1,600 $11,000 $6,000 $18,600 
Asset-backed securities9,022 5,993 — — — 15,015 
Total held-to-maturity$9,022 $5,993 $1,600 $11,000 $6,000 $33,615 
Summary of available-for-sale securities with unrealized losses
The following tables summarize available-for-sale securities with unrealized losses at June 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrealized LossesEstimated
Fair Value		Unrealized LossesEstimated
Fair Value		Number of SecuritiesUnrealized LossesEstimated
Fair Value
(In thousands)
June 30, 2023
U.S. Treasury Note$— $— $(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)$302,911 
Summary of held-for-maturity with unrealized losses
The following tables summarizes held-to-maturity securities with unrealized losses at June 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrecognized LossesEstimated
Fair Value		Unrecognized LossesEstimated
Fair Value		Number of SecuritiesUnrecognized LossesEstimated
Fair Value
(In thousands)
June 30, 2023
Corporate Bonds(500)3,500 (3,067)11,533 9(3,567)15,033 
Asset-backed securities— — (2,062)12,953 2(2,062)12,953 
Total$(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