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Securities | 9 Months Ended
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Sep. 30, 2021
Securities [Abstract] |
Securities | Note 6 - Securities Equity Securities Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2021 and 2020:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
(In Thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net (losses) gains recognized during the period on equity securities |  | $ | (307) |  | $ | 778 |  | $ | (4) |  | $ | 780
Less: Net gains recognized during the period on equity securities sold during the period |  |  | - |  |  | - |  |  | - |  |  | 40
Realized and unrealized (losses) gains on equity investments still held at the reporting date |  | $ | (307) |  | $ | 778 |  | $ | (4) |  | $ | 820
Note 6 - Securities (continued) Debt Securities Available for Sale The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of September 30, 2021 and December 31, 2020:
| September 30, 2021
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Less than one year | $ | 2,974 |  | $ | - |  | $ | 103 |  | $ | 2,871
More than one to five years |  | 81 |  |  | - |  |  | - |  |  | 81
More than five to ten years |  | 5,045 |  |  | 153 |  |  | 19 |  |  | 5,179
More than ten years |  | 26,196 |  |  | 523 |  |  | 258 |  |  | 26,461
|  | 34,296 |  |  | 676 |  |  | 380 |  |  | 34,592
Corporate Debt securities: |  |  |  |  |  |  |  |  |  |  |
More than five to ten years |  | 41,506 |  |  | 2,525 |  |  | 271 |  |  | 43,760
Municipal obligations: |  |  |  |  |  |  |  |  |  |  |
More than ten years |  | 4,131 |  |  | 120 |  |  | - |  |  | 4,251
Total securities | $ | 79,933 |  | $ | 3,321 |  | $ | 651 |  | $ | 82,603
| December 31, 2020
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
More than one to five years | $ | 3,208 |  | $ | 10 |  | $ | 67 |  | $ | 3,151
More than five to ten years |  | 4,799 |  |  | 163 |  |  | - |  |  | 4,962
More than ten years |  | 40,531 |  |  | 741 |  |  | 60 |  |  | 41,212
Sub-total: |  | 48,538 |  |  | 914 |  |  | 127 |  |  | 49,325
Corporate Debt securities: |  |  |  |  |  |  |  |  |  |  |
More than five to ten years |  | 32,279 |  |  | 1,719 |  |  | 13 |  |  | 33,985
Sub-total: |  | 32,279 |  |  | 1,719 |  |  | 13 |  |  | 33,985
Municipal obligations: |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | 12,048 |  |  | - |  |  | - |  |  | 12,048
Due after ten years |  | 4,209 |  |  | 189 |  |  | - |  |  | 4,398
Sub-total: |  | 16,257 |  |  | 189 |  |  | - |  |  | 16,446
Total Debt Securities Available | $ | 97,074 |  | $ | 2,822 |  | $ | 140 |  | $ | 99,756
‎ Note 6 - Securities (continued) The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:
| 12 Months or Less |  | More than 12 Months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
| (In Thousands)
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 8,073 |  | $ | 196 |  | $ | 3,570 |  | $ | 184 |  | $ | 11,643 |  | $ | 380
Corporate Debt securities |  | 5,954 |  |  | 271 |  |  | - |  |  | - |  |  | 5,954 |  |  | 271
| $ | 14,027 |  | $ | 467 |  | $ | 3,570 |  | $ | 184 |  | $ | 17,597 |  | $ | 651
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 6,126 |  | $ | 60 |  | $ | 1,278 |  | $ | 67 |  | $ | 7,404 |  | $ | 127
Corporate Debt Securities |  | 5,487 |  |  | 13 |  |  | - |  |  | - |  |  | 5,487 |  |  | 13
| $ | 11,613 |  | $ | 73 |  | $ | 1,278 |  | $ | 67 |  | $ | 12,891 |  | $ | 140
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At September 30, 2021 and December 31, 2020, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities and corporate debt on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at September 30, 2021 and December 31, 2020, to be temporary.

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