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Available-for-Sale Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments [Abstract] |
Schedule of Available-for-sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at June 30, 2024 and December 31, 2023 are as follows:
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
June 30, 2024: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 79,854 |  |  | $ | — |  |  | $ | (15,567) |  |  | $ | 64,287 |
Corporate bonds | 17,996 |  |  | — |  |  | (4,113) |  |  | 13,883 |
Subordinated notes | 5,000 |  |  | — |  |  | (673) |  |  | 4,327 |
SBA loan pools | 4,733 |  |  | — |  |  | (1,030) |  |  | 3,703 |
Municipal bonds | 558 |  |  | — |  |  | (91) |  |  | 467 |
Total available-for-sale securities | $ | 108,141 |  |  | $ | — |  |  | $ | (21,474) |  |  | $ | 86,667 |
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 |
Schedule of 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 June 30, 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)
June 30, 2024: |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | 4,236 |  |  | $ | (132) |  |  | $ | 60,051 |  |  | $ | (15,435) |  |  | $ | 64,287 |  |  | $ | (15,567) |
Corporate bonds | — |  |  | — |  |  | 13,883 |  |  | (4,113) |  |  | 13,883 |  |  | (4,113) |
Subordinated notes | — |  |  | — |  |  | 4,327 |  |  | (673) |  |  | 4,327 |  |  | (673) |
SBA loan pools | — |  |  | — |  |  | 3,703 |  |  | (1,030) |  |  | 3,703 |  |  | (1,030) |
Municipal bonds | — |  |  | — |  |  | 467 |  |  | (91) |  |  | 467 |  |  | (91) |
Total available-for-sale securities | $ | 4,236 |  |  | $ | (132) |  |  | $ | 82,431 |  |  | $ | (21,342) |  |  | $ | 86,667 |  |  | $ | (21,474) |
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) |
Schedule of 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, 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
June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,000 |  |  | $ | 15,996 |  |  | $ | — |  |  | $ | 17,996 |  |  | $ | 1,957 |  |  | $ | 11,926 |  |  | $ | — |  |  | $ | 13,883 |
Subordinated notes | 3,000 |  |  | 2,000 |  |  | — |  |  | 5,000 |  |  | 2,550 |  |  | 1,777 |  |  | — |  |  | 4,327 |
SBA loan pools | — |  |  | — |  |  | 4,733 |  |  | 4,733 |  |  | — |  |  | — |  |  | 3,703 |  |  | 3,703 |
Municipal bonds | 153 |  |  | 405 |  |  | — |  |  | 558 |  |  | 136 |  |  | 331 |  |  | — |  |  | 467 |
Available-for-sale securities with stated maturity dates | 5,153 |  |  | 18,401 |  |  | 4,733 |  |  | 28,287 |  |  | 4,643 |  |  | 14,034 |  |  | 3,703 |  |  | 22,380 |
U. S. Government agency and mortgage-backed securities | — |  |  | 5,184 |  |  | 74,670 |  |  | 79,854 |  |  | — |  |  | 4,109 |  |  | 60,178 |  |  | 64,287 |
Total available-for-sale securities | $ | 5,153 |  |  | $ | 23,585 |  |  | $ | 79,403 |  |  | $ | 108,141 |  |  | $ | 4,643 |  |  | $ | 18,143 |  |  | $ | 63,881 |  |  | $ | 86,667 |
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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