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Securities

9 Months Ended

Sep. 30, 2024

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, 2024, 2023 and 2022:

		For the three months ended September 30,									For the nine months ended September 30,
(In Thousands)		2024			2023			2022			2024			2023			2022
Net gains (losses) recognized during the period on equity securities held at the reporting date		$	1,132		$	(436)		$	(559)		$	1,040		$	(4,157)		$	(5,487)
Net losses recognized during the period on equity securities sold during the period			-			(58)			-			-			(233)			(59)
Realized and unrealized gains (losses) on equity investments during the reporting period		$	1,132		$	(494)		$	(559)		$	1,040		$	(4,390)		$	(5,546)

‎

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, 2024 and December 31, 2023:

	September 30, 2024
				Gross			Gross
	Amortized			Unrealized			Unrealized
	Cost			Gains			Losses			Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
More than one to five years	$	481		$	-		$	10		$	471
More than five to ten years		3,451			-			146			3,305
More than ten years		41,648			246			2,265			39,629
Sub-total:		45,580			246			2,421			43,405
Corporate Debt securities:
More than one to five years		8,984			-			388			8,596
More than five to ten years		50,581			40			4,453			46,168
Sub-total:		59,565			40			4,841			54,764
Total securities	$	105,145		$	286		$	7,262		$	98,169

	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 securities	$	97,149		$	192		$	9,572		$	87,769

‎

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 2024
Residential mortgage-backed securities	$	-		$	-		$	26,375		$	2,421		$	26,375		$	2,421
Corporate Debt securities		-			-			50,420			4,841			50,420			4,841
	$	-		$	-		$	76,795		$	7,262		$	76,795		$	7,262
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

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No definition available.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 320
-Name Accounting Standards Codification
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