XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Securities | 9 Months Ended
--- | ---
Sep. 30, 2022
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, 2022 and 2021:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
(In Thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net (losses) gains recognized during the period on equity securities held at the reporting date |  | $ | (559) |  | $ | (307) |  | $ | (5,487) |  | $ | (4)
Net losses recognized during the period on equity securities sold during the period |  |  | - |  |  | - |  |  | (59) |  |  | -
Realized and unrealized losses on equity investments during the reporting period |  | $ | (559) |  | $ | (307) |  | $ | (5,546) |  | $ | (4)
‎ 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, 2022 and December 31, 2021:
| September 30, 2022
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Less than one year | $ | - |  | $ | - |  | $ | - |  | $ | -
More than one to five years |  | - |  |  | - |  |  | - |  |  | -
More than five to ten years |  | 5,754 |  |  | - |  |  | 401 |  |  | 5,353
More than ten years |  | 23,708 |  |  | - |  |  | 3,620 |  |  | 20,088
Sub-total: |  | 29,462 |  |  | - |  |  | 4,021 |  |  | 25,441
Corporate Debt securities: |  |  |  |  |  |  |  |  |  |  |
More than five to ten years |  | 66,499 |  |  | - |  |  | 3,199 |  |  | 63,300
Sub-total: |  | 66,499 |  |  | - |  |  | 3,199 |  |  | 63,300
Municipal obligations: |  |  |  |  |  |  |  |  |  |  |
More than ten years |  | 4,025 |  |  | - |  |  | 15 |  |  | 4,010
Sub-total: |  | 4,025 |  |  | - |  |  | 15 |  |  | 4,010
Total securities | $ | 99,986 |  | $ | - |  | $ | 7,235 |  | $ | 92,751
| 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 | $ | 82,746 |  | $ | 3,027 |  | $ | 587 |  | $ | 85,186
‎ 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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 19,430 |  | $ | 2,441 |  | $ | 6,012 |  | $ | 1,580 |  | $ | 25,442 |  | $ | 4,021
Corporate Debt securities |  | 56,521 |  |  | 3,079 |  |  | 5,978 |  |  | 120 |  |  | 62,499 |  |  | 3,199
Municipal bond |  | 4,010 |  |  | 15 |  |  |  |  |  |  |  |  | 4,010 |  |  | 15
| $ | 79,961 |  | $ | 5,535 |  | $ | 11,990 |  | $ | 1,700 |  | $ | 91,951 |  | $ | 7,235
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 7,801 |  | $ | 159 |  | $ | 4,681 |  | $ | 269 |  | $ | 12,482 |  | $ | 428
Corporate Debt Securities |  | 12,324 |  |  | 159 |  |  | - |  |  | - |  |  | 12,324 |  |  | 159
| $ | 20,125 |  | $ | 318 |  | $ | 4,681 |  | $ | 269 |  | $ | 24,806 |  | $ | 587
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, 2022 and December 31, 2021, 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 depends 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, 2022 and December 31, 2021, to be temporary.

X
- References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesAbstract
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 https://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 https://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 https://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 https://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