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Securities
 12 Months Ended
Dec. 31, 2023
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 $9.1 million and $17.7 million as of December 31, 2023 and December 31, 2022, 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 gains and losses on equity securities reported in the consolidated statements of operations (In Thousands):

For the Twelve Months Ended December 31, 2023

For the Twelve Months Ended December 31, 2022

For the Twelve Months Ended December 31, 2021

Net gains (losses) recognized during the period on equity securities

$

(3,361)

$

(6,269)

$

147

Less: Net gains (losses) recognized during the period on equity securities sold during the period

(24)

(59)

-

Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date

$

(3,337)

$

(6,210)

$

147

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 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, 2023

  

Gross

  

Gross

  

Amortized

Unrealized

Unrealized

Cost

Gains

Losses

Fair Value

(In Thousands)

Residential Mortgage-backed securities:

  

  

  

More than one to five years

$

605

$

-

$

24

$

581 

More than five to ten years

4,147 

-

230 

3,917 

More than ten years

32,833 

192 

2,910 

30,115 

Sub-total:

37,585 

192 

3,164 

34,613 

Corporate Debt Securities:

More than one to five years

8,981 

-

197 

8,784 

More than five to ten years

50,583 

-

6,211 

44,372 

Sub-total:

59,564 

-

6,408 

53,156 

Total Debt Securities Available-for-Sale

$

97,149 

$

192 

$

9,572 

$

87,769 

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-for-Sale

$

99,602 

$

-

$

7,887 

$

91,715 


‎

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, 2023

Residential mortgage-backed securities

$

5,316 

$

98 

$

22,153 

$

3,066 

$

27,469 

  

$

3,164 

Corporate Debt Securities

-

-

51,856 

6,408 

51,856 

6,408 

$

5,316 

$

98 

$

74,009 

$

9,474 

$

79,325 

  

$

9,572 

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 

Municipal obligations

3,991 

6 

3,991 

6 

$

72,960 

$

5,227 

$

17,456 

$

2,660 

$

90,416 

  

$

7,887