XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Available for Sale Securities | 12 Months Ended
--- | ---
Dec. 31, 2022
Available for Sale Securities |
Available for Sale Securities | 3. Available for Sale Securities The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​
​ |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury securities | ​ | $ | 40,172 | ​ | $ | — | ​ | $ | (2,315) | ​ | $ | 37,857
U.S. government agency mortgage-backed securities–residential | ​ | ​ | 173,926 | ​ | ​ | — | ​ | ​ | (29,392) | ​ | ​ | 144,534
U.S. government agency securities |  | ​ | 24,785 |  | ​ | — |  | ​ | (2,336) |  | ​ | 22,449
Municipal securities(1) |  | ​ | 5,117 |  | ​ | — |  | ​ | (331) |  | ​ | 4,786
Corporate bonds |  | ​ | 14,700 |  | ​ | — |  | ​ | (1,483) |  | ​ | 13,217
Other |  | ​ | 644 |  | ​ | 172 |  | ​ | — |  | ​ | 816
Total | ​ | $ | 259,344 | ​ | $ | 172 | ​ | $ | (35,857) | ​ | $ | 223,659
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​
​ |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury securities | ​ | $ | 60,273 | ​ | $ | 2 | ​ | $ | (450) | ​ | $ | 59,825
U.S. government agency mortgage-backed securities–residential | ​ | ​ | 179,493 | ​ | ​ | 344 | ​ | ​ | (3,346) | ​ | ​ | 176,491
U.S. government agency securities | ​ | ​ | 24,800 |  | ​ | 53 |  | ​ | (131) |  | ​ | 24,722
Municipal securities(1) |  | ​ | 6,858 |  | ​ | 33 |  | ​ | (40) |  | ​ | 6,851
Corporate bonds | ​ | ​ | 11,700 |  | ​ | 117 |  | ​ | (65) |  | ​ | 11,752
Other | ​ | ​ | 620 |  | ​ | 22 |  | ​ | — |  | ​ | 642
Total | ​ | $ | 283,744 | ​ | $ | 571 | ​ | $ | (4,032) | ​ | $ | 280,283
(1) The issuers of municipal securities are all within New York State. The following tables present the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Less Than 12 Months | ​ | 12 Months or Longer | ​ | Total
​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
U.S. Treasury securities | ​ | $ | — | ​ | $ | — | ​ | $ | 37,857 | ​ | $ | (2,315) | ​ | $ | 37,857 | ​ | $ | (2,315)
U.S. government agency mortgage-backed securities-residential | ​ | ​ | 23,384 | ​ | ​ | (2,711) | ​ | ​ | 121,151 | ​ | ​ | (26,681) | ​ | ​ | 144,535 | ​ | ​ | (29,392)
U.S. government agency securities | ​ | ​ | 9,160 | ​ | ​ | (869) | ​ | ​ | 13,289 | ​ | ​ | (1,467) | ​ | ​ | 22,449 | ​ | ​ | (2,336)
Municipal securities | ​ | ​ | 1,529 | ​ | ​ | (4) | ​ | ​ | 3,127 | ​ | ​ | (327) | ​ | ​ | 4,656 | ​ | ​ | (331)
Corporate bonds | ​ | ​ | 6,873 | ​ | ​ | (627) | ​ | ​ | 5,844 | ​ | ​ | (856) | ​ | ​ | 12,717 | ​ | ​ | (1,483)
Total | ​ | $ | 40,946 | ​ | $ | (4,211) | ​ | $ | 181,268 | ​ | $ | (31,646) | ​ | $ | 222,214 | ​ | $ | (35,857)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
​ | ​ | Less Than 12 Months | ​ | 12 Months or Longer | ​ | Total
​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
U.S. Treasury securities | ​ | $ | 49,007 | ​ | $ | (268) | ​ | $ | 5,797 | ​ | $ | (182) | ​ | $ | 54,804 | ​ | $ | (450)
U.S. government agency mortgage-backed securities-residential | ​ | ​ | 139,019 | ​ | ​ | (3,035) | ​ | ​ | 11,002 | ​ | ​ | (311) | ​ | ​ | 150,021 | ​ | ​ | (3,346)
U.S. government agency securities | ​ | ​ | 14,625 | ​ | ​ | (131) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,625 | ​ | ​ | (131)
Municipal securities | ​ | ​ | 2,469 | ​ | ​ | (40) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,469 | ​ | ​ | (40)
Corporate bonds | ​ | ​ | 5,885 | ​ | ​ | (65) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,885 | ​ | ​ | (65)
Total | ​ | $ | 211,005 | ​ | $ | (3,539) | ​ | $ | 16,799 | ​ | $ | (493) | ​ | $ | 227,804 | ​ | $ | (4,032)
​ At December 31, 2022 and 2021, the Company had 242 and 160 individual available-for-sale securities with unrealized losses totaling $35,857 and $4,032, respectively, with an aggregate depreciation of 13.89% and 1.77%, respectively, from the Company’s amortized cost. ​ Management believes that none of the unrealized losses on available for sale securities are other-than-temporary because substantially all of the unrealized losses in the Company’s investment portfolio relate to market interest rate changes on debt and mortgage-backed securities issued either directly by the government or from government sponsored enterprises. Management believes that the reasons for the decline in fair value are due to the rising interest rates at the reporting date. As of December 31, 2022, unrealized losses were primarily attributable to changes in interest rates as it relates to when the investment securities were purchased, and not due to the credit quality of the investment securities. Because the Company does not intend to sell the securities and it is not likely that the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired either at December 31, 2022 or 2021. The amortized cost and fair value of available for sale debt securities at December 31, 2022 and 2021, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Within 1 year | ​ | $ | 16,923 | ​ | $ | 16,512 | ​ | $ | 12,729 | ​ | $ | 12,726
After 1 but within 5 years |  | ​ | 46,162 |  | ​ | 42,225 |  | ​ | 67,912 |  | ​ | 67,463
After 5 but within 10 years |  | ​ | 21,689 |  | ​ | 19,572 |  | ​ | 22,595 |  | ​ | 22,567
After 10 years |  | ​ | — |  | ​ | — |  | ​ | 395 |  | ​ | 394
Total Maturities |  | ​ | 84,774 |  | ​ | 78,309 |  | ​ | 103,631 |  | ​ | 103,150
Mortgage-backed securities |  | ​ | 173,926 |  | ​ | 144,534 |  | ​ | 179,493 |  | ​ | 176,491
Other |  | ​ | 644 |  | ​ | 816 |  | ​ | 620 |  | ​ | 642
Total | ​ | $ | 259,344 | ​ | $ | 223,659 | ​ | $ | 283,744 | ​ | $ | 280,283
​ At December 31, 2022 and 2021, available for sale securities with a carrying value of $15,407 and $8,316, respectively, were pledged to secure Federal Home Loan Bank of New York borrowings. In addition, $958 and $1,054 of available for sale securities, respectively, were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRBNY”). Proceeds from the sale of available for sale securities aggregated $14,816 and $4,000 for the years ended December 31, 2022 and 2021, respectively. There were no gross gains during the periods ended December 31, 2022 and December 31, 2021. During the periods ended December 31, 2022 and 2021, there were gross losses of $170 and $4, respectively, realized on the sales and calls of securities.

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