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Securities | 12 Months Ended
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Dec. 31, 2021
Securities [Abstract] |
Securities | Note 4- Securities Equity Securities Equity securities are reported at fair value on the Company’s Consolidated Statements of Financial Condition. The Company’s portfolio of equity securities had an estimated fair value of $25.2 million and $17.7 million as of December 31, 2021 and December 31, 2020, respectively. Included in this category are equity holdings of financial institutions. Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices. Equity securities are generally required to be measured at fair value with market value adjustments being reflected in net income. Note 4- Securities (continued) The following table presents the disaggregated net losses on equity securities reported in the Consolidated Statements of Operations (In Thousands): For the Twelve Months Ended December 31, 2021 For the Twelve Months Ended December 31, 2020Net gains recognized during the period on equity securities$ 147$ 1,790Less: Net gains (losses) recognized during the period on equity securities sold during the period - 40Unrealized gains recognized during the reporting period on equity securities still held at the reporting date$ 147$ 1,750 Debt Securities Available for Sale The following table sets forth information regarding the amortized cost, estimated fair values, and unrealized gains and losses for the Bank’s debt securities portfolio at December 31, 2021 by final contractual maturity. The following table does not take into consideration the effects of scheduled repayments or the effects of possible prepayments. Certain securities have interest rates that are adjustable and will reprice annually within the various maturity ranges. The effect of these repricings are not reflected in the table below. December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands)Residential Mortgage-backed securities: Due within one year$ 2,952 $ - $ 114 $ 2,838 More than one to five years 53 - - 53 More than five to ten years 6,317 165 27 6,455 More than ten years 21,555 298 287 21,566 Sub-total: 30,877 463 428 30,912 Corporate Debt Securities: More than five to ten years 47,765 2,465 159 50,071 Sub-total: 47,765 2,465 159 50,071 Municipal obligations: Due after ten years 4,104 99 - 4,203 Sub-total: 4,104 99 - 4,203 Total Debt Securities Available-for-Sale$ 82,746 $ 3,027 $ 587 $ 85,186 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-for-Sale$ 97,074 $ 2,822 $ 140 $ 99,756 Note 4- 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: Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands)December 31, 2021 Residential mortgage-backed securities$ 7,801 $ 159 $ 4,681 $ 269 $ 12,482 $ 428Corporate Debt Securities 12,324 159 - - 12,324 159 $ 20,125 $ 318 $ 4,681 $ 269 $ 24,806 $ 587 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 December 31, 2021 and 2020, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities, corporate debt securities, and municipal obligations 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 December 31, 2021 and 2020 to be temporary.

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- 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
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