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Available-for-Sale Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments [Abstract] |
Available-for-sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at March 31, 2024 and December 31, 2023 are as follows:
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
March 31, 2024: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 80,753 |  |  | $ | — |  |  | $ | (15,273) |  |  | $ | 65,480 |
Corporate bonds | 17,995 |  |  | — |  |  | (4,306) |  |  | 13,689 |
Subordinated notes | 5,000 |  |  | — |  |  | (755) |  |  | 4,245 |
SBA loan pools | 4,733 |  |  | — |  |  | (1,030) |  |  | 3,703 |
Municipal bonds | 559 |  |  | — |  |  | (81) |  |  | 478 |
Total available-for-sale securities | $ | 109,040 |  |  | $ | — |  |  | $ | (21,445) |  |  | $ | 87,595 |
December 31, 2023: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 80,500 |  |  | $ | — |  |  | $ | (14,829) |  |  | $ | 65,671 |
Corporate bonds | 17,995 |  |  | — |  |  | (4,229) |  |  | 13,766 |
Subordinated notes | 5,000 |  |  | — |  |  | (773) |  |  | 4,227 |
SBA loan pools | 6,002 |  |  | — |  |  | (965) |  |  | 5,037 |
Municipal bonds | 559 |  |  | — |  |  | (73) |  |  | 486 |
Total available-for-sale securities | $ | 110,056 |  |  | $ | — |  |  | $ | (20,869) |  |  | $ | 89,187 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | 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 March 31, 2024 and December 31, 2023:
(In thousands) | Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized (Loss) |  | Fair Value |  | Unrealized (Loss) |  | Fair Value |  | Unrealized (Loss)
March 31, 2024: |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 7,584 |  |  | $ | (161) |  |  | $ | 57,896 |  |  | $ | (15,112) |  |  | $ | 65,480 |  |  | $ | (15,273) |
Corporate bonds | — |  |  | — |  |  | 13,689 |  |  | (4,306) |  |  | 13,689 |  |  | (4,306) |
Subordinated notes | — |  |  | — |  |  | 4,245 |  |  | (755) |  |  | 4,245 |  |  | (755) |
SBA loan pools | — |  |  | — |  |  | 3,703 |  |  | (1,030) |  |  | 3,703 |  |  | (1,030) |
Municipal bonds | — |  |  | — |  |  | 478 |  |  | (81) |  |  | 478 |  |  | (81) |
Total available-for-sale securities | $ | 7,584 |  |  | $ | (161) |  |  | $ | 80,011 |  |  | $ | (21,284) |  |  | $ | 87,595 |  |  | $ | (21,445) |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 9,984 |  |  | $ | (286) |  |  | $ | 55,687 |  |  | $ | (14,543) |  |  | $ | 65,671 |  |  | $ | (14,829) |
Corporate bonds | — |  |  | — |  |  | 13,766 |  |  | (4,229) |  |  | 13,766 |  |  | (4,229) |
Subordinated notes | — |  |  | — |  |  | 4,227 |  |  | (773) |  |  | 4,227 |  |  | (773) |
SBA loan pools | — |  |  | — |  |  | 5,037 |  |  | (965) |  |  | 5,037 |  |  | (965) |
Municipal bonds | — |  |  | — |  |  | 486 |  |  | (73) |  |  | 486 |  |  | (73) |
Total available-for-sale securities | $ | 9,984 |  |  | $ | (286) |  |  | $ | 79,203 |  |  | $ | (20,583) |  |  | $ | 89,187 |  |  | $ | (20,869) |
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 March 31, 2024 and December 31, 2023. 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
March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,000 |  |  | $ | 15,995 |  |  | $ | — |  |  | $ | 17,995 |  |  | $ | 1,937 |  |  | $ | 11,752 |  |  | $ | — |  |  | $ | 13,689 |
Subordinated notes | 3,000 |  |  | 2,000 |  |  | — |  |  | 5,000 |  |  | 2,535 |  |  | 1,710 |  |  | — |  |  | 4,245 |
SBA loan pools | — |  |  | — |  |  | 4,733 |  |  | 4,733 |  |  | — |  |  | — |  |  | 3,703 |  |  | 3,703 |
Municipal bonds | 153 |  |  | 406 |  |  | — |  |  | 559 |  |  | 137 |  |  | 341 |  |  | — |  |  | 478 |
Available-for-sale securities with stated maturity dates | 5,153 |  |  | 18,401 |  |  | 4,733 |  |  | 28,287 |  |  | 4,609 |  |  | 13,803 |  |  | 3,703 |  |  | 22,115 |
U. S. Government agency and mortgage-backed securities | — |  |  | 5,215 |  |  | 75,538 |  |  | 80,753 |  |  | — |  |  | 4,136 |  |  | 61,344 |  |  | 65,480 |
Total available-for-sale securities | $ | 5,153 |  |  | $ | 23,616 |  |  | $ | 80,271 |  |  | $ | 109,040 |  |  | $ | 4,609 |  |  | $ | 17,939 |  |  | $ | 65,047 |  |  | $ | 87,595 |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,000 |  |  | $ | 15,995 |  |  | $ | — |  |  | $ | 17,995 |  |  | $ | 1,947 |  |  | $ | 11,819 |  |  | $ | — |  |  | $ | 13,766 |
Subordinated notes | 3,000 |  |  | 2,000 |  |  | — |  |  | 5,000 |  |  | 2,527 |  |  | 1,700 |  |  | — |  |  | 4,227 |
SBA loan pools | — |  |  | 1,096 |  |  | 4,906 |  |  | 6,002 |  |  | — |  |  | 1,084 |  |  | 3,953 |  |  | 5,037 |
Municipal bonds | 153 |  |  | 406 |  |  | — |  |  | 559 |  |  | 140 |  |  | 346 |  |  | — |  |  | 486 |
Available-for-sale securities with stated maturity dates | 5,153 |  |  | 19,497 |  |  | 4,906 |  |  | 29,556 |  |  | 4,614 |  |  | 14,949 |  |  | 3,953 |  |  | 23,516 |
U. S. Government agency and mortgage-backed securities | — |  |  | 5,222 |  |  | 75,278 |  |  | 80,500 |  |  | — |  |  | 4,237 |  |  | 61,434 |  |  | 65,671 |
Total available-for-sale securities | $ | 5,153 |  |  | $ | 24,719 |  |  | $ | 80,184 |  |  | $ | 110,056 |  |  | $ | 4,614 |  |  | $ | 19,186 |  |  | $ | 65,387 |  |  | $ | 89,187 |

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