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v3.23.3

Available-for-Sale Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments [Abstract] |
Available-for-sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at June 30, 2023 and December 31, 2022 are as follows:
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
June 30, 2023: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 82,192 |  |  | $ | 63 |  |  | $ | (15,007) |  |  | $ | 67,248 |
Corporate bonds | 18,002 |  |  | — |  |  | (4,747) |  |  | 13,255 |
Subordinated notes | 5,000 |  |  | — |  |  | (764) |  |  | 4,236 |
SBA loan pools | 6,409 |  |  | — |  |  | (1,083) |  |  | 5,326 |
Municipal bonds | 560 |  |  | — |  |  | (78) |  |  | 482 |
Total available-for-sale securities | $ | 112,163 |  |  | $ | 63 |  |  | $ | (21,679) |  |  | $ | 90,547 |
December 31, 2022: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 73,480 |  |  | $ | — |  |  | $ | (14,434) |  |  | $ | 59,046 |
Corporate bonds | 19,773 |  |  | 7 |  |  | (5,125) |  |  | 14,655 |
Subordinated notes | 5,000 |  |  | — |  |  | (398) |  |  | 4,602 |
SBA loan pools | 6,791 |  |  | — |  |  | (1,073) |  |  | 5,718 |
Municipal bonds | 561 |  |  | — |  |  | (62) |  |  | 499 |
Total available-for-sale securities | $ | 105,605 |  |  | $ | 7 |  |  | $ | (21,092) |  |  | $ | 84,520 |
Schedule of Unrealized Loss on Investments | The following table presents the available-for-sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position as of June 30, 2023 and December 31, 2022:
(In thousands) | Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized (Loss) |  | Fair Value |  | Unrealized (Loss) |  | Fair Value |  | Unrealized (Loss)
June 30, 2023: |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 18,306 |  |  | $ | (1,077) |  |  | $ | 46,807 |  |  | $ | (13,930) |  |  | $ | 65,113 |  |  | $ | (15,007) |
Corporate bonds | — |  |  | — |  |  | 13,255 |  |  | (4,747) |  |  | 13,255 |  |  | (4,747) |
Subordinated notes | 2,543 |  |  | (457) |  |  | 1,693 |  |  | (307) |  |  | 4,236 |  |  | (764) |
SBA loan pools | 1,276 |  |  | (13) |  |  | 4,050 |  |  | (1,070) |  |  | 5,326 |  |  | (1,083) |
Municipal bonds | — |  |  | — |  |  | 482 |  |  | (78) |  |  | 482 |  |  | (78) |
Total available-for-sale securities | $ | 22,125 |  |  | $ | (1,547) |  |  | $ | 66,287 |  |  | $ | (20,132) |  |  | $ | 88,412 |  |  | $ | (21,679) |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 11,126 |  |  | $ | (633) |  |  | $ | 47,920 |  |  | $ | (13,801) |  |  | $ | 59,046 |  |  | $ | (14,434) |
Corporate bonds | 1,959 |  |  | (64) |  |  | 10,934 |  |  | (5,061) |  |  | 12,893 |  |  | (5,125) |
Subordinated notes | 4,602 |  |  | (398) |  |  | — |  |  | — |  |  | 4,602 |  |  | (398) |
SBA loan pools | 1,437 |  |  | (12) |  |  | 4,280 |  |  | (1,061) |  |  | 5,717 |  |  | (1,073) |
Municipal bonds | — |  |  | — |  |  | 498 |  |  | (62) |  |  | 498 |  |  | (62) |
Total available-for-sale securities | $ | 19,124 |  |  | $ | (1,107) |  |  | $ | 63,632 |  |  | $ | (19,985) |  |  | $ | 82,756 |  |  | $ | (21,092) |
Investments Classified by Contractual Maturity Date | The following summarizes, by class and contractual maturity, the amortized cost and estimated fair value of available-for-sale debt securities held as of June 30, 2023 and December 31, 2022. The mortgages underlying the mortgage-backed securities are not due at a single maturity date. Additionally, these mortgages often are and generally may be pre-paid without penalty, creating a degree of uncertainty that such investments can be held until maturity. For convenience, mortgage-backed securities have been included in the summary as a separate line item.
(In thousands) | Amortized Cost |  | Fair Value
| Due Within 5 years |  | Due After 5 years through 10 years |  | Due After 10 years |  | Total |  | Due Within 5 years |  | Due After 5 years through 10 years |  | Due After 10 years |  | Total
June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,007 |  |  | $ | 15,995 |  |  | $ | — |  |  | $ | 18,002 |  |  | $ | 1,855 |  |  | $ | 11,400 |  |  | $ | — |  |  | $ | 13,255 |
Subordinated notes | 3,000 |  |  | 2,000 |  |  | — |  |  | 5,000 |  |  | 2,543 |  |  | 1,693 |  |  | — |  |  | 4,236 |
SBA loan pools | — |  |  | 1,289 |  |  | 5,120 |  |  | 6,409 |  |  | — |  |  | 1,276 |  |  | 4,050 |  |  | 5,326 |
Municipal bonds | 154 |  |  | 406 |  |  | — |  |  | 560 |  |  | 139 |  |  | 343 |  |  | — |  |  | 482 |
Available-for-sale securities with stated maturity dates | 5,161 |  |  | 19,690 |  |  | 5,120 |  |  | 29,971 |  |  | 4,537 |  |  | 14,712 |  |  | 4,050 |  |  | 23,299 |
U. S. Government agency and mortgage-backed securities | — |  |  | 5,237 |  |  | 76,955 |  |  | 82,192 |  |  | — |  |  | 4,134 |  |  | 63,114 |  |  | 67,248 |
Total available-for-sale securities | $ | 5,161 |  |  | $ | 24,927 |  |  | $ | 82,075 |  |  | $ | 112,163 |  |  | $ | 4,537 |  |  | $ | 18,846 |  |  | $ | 67,164 |  |  | $ | 90,547 |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 3,778 |  |  | $ | 15,995 |  |  | $ | — |  |  | $ | 19,773 |  |  | $ | 3,721 |  |  | $ | 10,934 |  |  | $ | — |  |  | $ | 14,655 |
Subordinated notes | 3,000 |  |  | 2,000 |  |  | — |  |  | 5,000 |  |  | 2,830 |  |  | 1,772 |  |  | — |  |  | 4,602 |
SBA loan pools | — |  |  | 1,449 |  |  | 5,342 |  |  | 6,791 |  |  | — |  |  | 1,438 |  |  | 4,280 |  |  | 5,718 |
Municipal bonds | 154 |  |  | 407 |  |  | — |  |  | 561 |  |  | 139 |  |  | 360 |  |  | — |  |  | 499 |
Available-for-sale securities with stated maturity dates | 6,932 |  |  | 19,851 |  |  | 5,342 |  |  | 32,125 |  |  | 6,690 |  |  | 14,504 |  |  | 4,280 |  |  | 25,474 |
U. S. Government agency and mortgage-backed securities | — |  |  | 5,276 |  |  | 68,204 |  |  | 73,480 |  |  | — |  |  | 4,129 |  |  | 54,917 |  |  | 59,046 |
Total available-for-sale securities | $ | 6,932 |  |  | $ | 25,127 |  |  | $ | 73,546 |  |  | $ | 105,605 |  |  | $ | 6,690 |  |  | $ | 18,633 |  |  | $ | 59,197 |  |  | $ | 84,520 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
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