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Securities
 3 Months Ended
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