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Securities | 3 Months Ended
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Mar. 31, 2023
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 months ended March, 2023 and 2022:
|  | For the three months ended March 31, |
(In Thousands) |  | 2023 |  | 2022 |
Net losses recognized during the period on equity securities held at the reporting period |  | $ | (3,227) |  | $ | (2,626) |
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 |  | $ | (3,227) |  | $ | (2,685) |
‎ 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 March 31, 2023 and December 31, 2022:
| March 31, 2023
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
More than one to five years | $ | 446 |  | $ | - |  | $ | 12 |  | $ | 434
More than five to ten years |  | 5,280 |  |  | - |  |  | 315 |  |  | 4,965
More than ten years |  | 22,234 |  |  | - |  |  | 2,879 |  |  | 19,355
Sub-total: |  | 27,960 |  |  | - |  |  | 3,206 |  |  | 24,754
Corporate Debt securities: |  |  |  |  |  |  |  |  |  |  |
Less than one year |  | 7,306 |  |  | - |  |  | 110 |  |  | 7,196
More than five to ten years |  | 59,596 |  |  | - |  |  | 4,558 |  |  | 55,038
Sub-total: |  | 66,902 |  |  | - |  |  | 4,668 |  |  | 62,234
Total securities | $ | 94,862 |  | $ | - |  | $ | 7,874 |  | $ | 86,988
| December 31, 2022
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
More than five to ten years | $ | 5,445 |  | $ | - |  | $ | 350 |  | $ | 5,095
More than ten years |  | 23,210 |  |  | - |  |  | 3,435 |  |  | 19,775
Sub-total: |  | 28,655 |  |  | - |  |  | 3,785 |  |  | 24,870
Corporate Debt securities: |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | 7,321 |  |  |  |  |  | 91 |  |  | 7,230
More than five to ten years |  | 59,629 |  |  | - |  |  | 4,005 |  |  | 55,624
Sub-total: |  | 66,950 |  |  | - |  |  | 4,096 |  |  | 62,854
Municipal obligations: |  |  |  |  |  |  |  |  |  |  |
Due after ten years |  | 3,997 |  |  | - |  |  | 6 |  |  | 3,991
Sub-total: |  | 3,997 |  |  | - |  |  | 6 |  |  | 3,991
Total Debt Securities Available | $ | 99,602 |  | $ | - |  | $ | 7,887 |  | $ | 91,715
‎ 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)
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 3,575 |  | $ | 164 |  | $ | 21,179 |  | $ | 3,042 |  | $ | 24,754 |  | $ | 3,206
Corporate Debt securities |  | 44,440 |  |  | 2,851 |  |  | 16,494 |  |  | 1,817 |  |  | 60,934 |  |  | 4,668
| $ | 48,015 |  | $ | 3,015 |  | $ | 37,673 |  | $ | 4,859 |  | $ | 85,688 |  | $ | 7,874
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 17,362 |  | $ | 2,022 |  | $ | 7,508 |  | $ | 1,763 |  | $ | 24,870 |  | $ | 3,785
Corporate Debt Securities |  | 51,607 |  |  | 3,199 |  |  | 9,948 |  |  | 897 |  |  | 61,555 |  |  | 4,096
Muni Bond |  | 3,991 |  |  | 6 |  |  | - |  |  | - |  |  | 3,991 |  |  | 6
| $ | 72,960 |  | $ | 5,227 |  | $ | 17,456 |  | $ | 2,660 |  | $ | 90,416 |  | $ | 7,887

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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 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
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