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v3.22.2.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized as follows:
|  | June 30, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale Portfolio |  |  |  |  |  |  |  |  |  |  |  |
Debt investment securities: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSEs |  | $ | 36,827 |  |  | $ | 40 |  |  | $ | (2,618 | ) |  | $ | 34,249 |
State and political subdivisions |  |  | 47,559 |  |  |  | 77 |  |  |  | (3,315 | ) |  |  | 44,321 |
Corporate |  |  | 14,604 |  |  |  | 752 |  |  |  | (447 | ) |  |  | 14,909 |
Asset backed securities |  |  | 17,172 |  |  |  | - |  |  |  | (645 | ) |  |  | 16,527 |
Residential mortgage-backed - US agency |  |  | 21,667 |  |  |  | 19 |  |  |  | (1,278 | ) |  |  | 20,408 |
Collateralized mortgage obligations - US agency |  |  | 10,314 |  |  |  | - |  |  |  | (914 | ) |  |  | 9,400 |
Collateralized mortgage obligations - Private label |  |  | 66,219 |  |  |  | - |  |  |  | (3,072 | ) |  |  | 63,147 |
Total |  |  | 214,362 |  |  |  | 888 |  |  |  | (12,289 | ) |  |  | 202,961 |
Equity investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Common stock - financial services industry |  |  | 206 |  |  |  | - |  |  |  | - |  |  |  | 206 |
Total |  |  | 206 |  |  |  | - |  |  |  | - |  |  |  | 206 |
Total available-for-sale |  | $ | 214,568 |  |  | $ | 888 |  |  | $ | (12,289 | ) |  | $ | 203,167 |
Held-to-Maturity Portfolio |  |  |  |  |  |  |  |  |  |  |  |
Debt investment securities: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSEs |  | $ | 3,872 |  |  | $ | - |  |  | $ | (87 | ) |  | $ | 3,785 |
State and political subdivisions |  |  | 15,240 |  |  |  | 1 |  |  |  | (1,720 | ) |  |  | 13,521 |
Corporate |  |  | 48,048 |  |  |  | 38 |  |  |  | (1,159 | ) |  |  | 46,927 |
Asset backed securities |  |  | 15,257 |  |  |  | 21 |  |  |  | (620 | ) |  |  | 14,658 |
Residential mortgage-backed - US agency |  |  | 7,764 |  |  |  | 17 |  |  |  | (417 | ) |  |  | 7,364 |
Collateralized mortgage obligations - US agency |  |  | 15,775 |  |  |  | 5 |  |  |  | (648 | ) |  |  | 15,132 |
Collateralized mortgage obligations - Private label |  |  | 75,576 |  |  |  | 7 |  |  |  | (2,412 | ) |  |  | 73,171 |
Total held-to-maturity |  | $ | 181,532 |  |  | $ | 89 |  |  | $ | (7,063 | ) |  | $ | 174,558 |
|  | December 31, 2021 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale Portfolio |  |  |  |  |  |  |  |  |  |  |  |
Debt investment securities: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSEs |  | $ | 32,669 |  |  | $ | 17 |  |  | $ | (413 | ) |  | $ | 32,273 |
State and political subdivisions |  |  | 37,860 |  |  |  | 1,383 |  |  |  | (44 | ) |  |  | 39,199 |
Corporate |  |  | 13,603 |  |  |  | 562 |  |  |  | (38 | ) |  |  | 14,127 |
Asset backed securities |  |  | 13,693 |  |  |  | 9 |  |  |  | (89 | ) |  |  | 13,613 |
Residential mortgage-backed - US agency |  |  | 22,482 |  |  |  | 148 |  |  |  | (466 | ) |  |  | 22,164 |
Collateralized mortgage obligations - US agency |  |  | 12,658 |  |  |  | 30 |  |  |  | (403 | ) |  |  | 12,285 |
Collateralized mortgage obligations - Private label |  |  | 56,848 |  |  |  | 285 |  |  |  | (402 | ) |  |  | 56,731 |
Total |  |  | 189,813 |  |  |  | 2,434 |  |  |  | (1,855 | ) |  |  | 190,392 |
Equity investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Common stock - financial services industry |  |  | 206 |  |  |  | - |  |  |  | - |  |  |  | 206 |
Total |  |  | 206 |  |  |  | - |  |  |  | - |  |  |  | 206 |
Total available-for-sale |  | $ | 190,019 |  |  | $ | 2,434 |  |  | $ | (1,855 | ) |  | $ | 190,598 |
Held-to-Maturity Portfolio |  |  |  |  |  |  |  |  |  |  |  |
Debt investment securities: |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSEs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
State and political subdivisions |  |  | 14,790 |  |  |  | 416 |  |  |  | (140 | ) |  |  | 15,066 |
Corporate |  |  | 46,290 |  |  |  | 1,252 |  |  |  | (102 | ) |  |  | 47,440 |
Asset backed securities |  |  | 14,636 |  |  |  | 67 |  |  |  | (188 | ) |  |  | 14,515 |
Residential mortgage-backed - US agency |  |  | 9,740 |  |  |  | 277 |  |  |  | (18 | ) |  |  | 9,999 |
Collateralized mortgage obligations - US agency |  |  | 11,362 |  |  |  | 367 |  |  |  | (9 | ) |  |  | 11,720 |
Collateralized mortgage obligations - Private label |  |  | 64,105 |  |  |  | 222 |  |  |  | (262 | ) |  |  | 64,065 |
Total held-to-maturity |  | $ | 160,923 |  |  | $ | 2,601 |  |  | $ | (719 | ) |  | $ | 162,805 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at June 30, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.
|  | Available-for-Sale |  |  | Held-to-Maturity |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Due in one year or less |  | $ | 4,576 |  |  | $ | 5,309 |  |  | $ | 2,825 |  |  | $ | 2,826 |
Due after one year through five years |  |  | 9,068 |  |  |  | 8,811 |  |  |  | 11,012 |  |  |  | 10,842 |
Due after five years through ten years |  |  | 37,654 |  |  |  | 34,856 |  |  |  | 43,401 |  |  |  | 42,090 |
Due after ten years |  |  | 64,864 |  |  |  | 61,030 |  |  |  | 25,179 |  |  |  | 23,133 |
Sub-total |  |  | 116,162 |  |  |  | 110,006 |  |  |  | 82,417 |  |  |  | 78,891 |
Residential mortgage-backed - US agency |  |  | 21,667 |  |  |  | 20,408 |  |  |  | 7,764 |  |  |  | 7,364 |
Collateralized mortgage obligations - US agency |  |  | 10,314 |  |  |  | 9,400 |  |  |  | 15,775 |  |  |  | 15,132 |
Collateralized mortgage obligations - Private label |  |  | 66,219 |  |  |  | 63,147 |  |  |  | 75,576 |  |  |  | 73,171 |
Totals |  | $ | 214,362 |  |  | $ | 202,961 |  |  | $ | 181,532 |  |  | $ | 174,558 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:
|  | June 30, 2022 |
|  | Less than Twelve Months |  |  | Twelve Months or More |  |  | Total |
|  | Number of |  |  |  |  |  |  |  |  | Number of |  |  |  |  |  |  |  |  | Number of |  |  |  |  |  |  |
|  | Individual |  |  | Unrealized |  |  | Fair |  |  | Individual |  |  | Unrealized |  |  | Fair |  |  | Individual |  |  | Unrealized |  |  | Fair |
(Dollars in thousands) |  | Securities |  |  | Losses |  |  | Value |  |  | Securities |  |  | Losses |  |  | Value |  |  | Securities |  |  | Losses |  |  | Value |
Available-for-Sale Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSE's |  |  | 1 |  |  | $ | (36 | ) |  | $ | 2,959 |  |  |  | 3 |  |  | $ | (2,582 | ) |  | $ | 27,626 |  |  |  | 4 |  |  | $ | (2,618 | ) |  | $ | 30,585 |
State and political subdivisions |  |  | 30 |  |  |  | (3,126 | ) |  |  | 39,848 |  |  |  | 1 |  |  |  | (189 | ) |  |  | 2,021 |  |  |  | 31 |  |  |  | (3,315 | ) |  |  | 41,869 |
Corporate |  |  | 9 |  |  |  | (308 | ) |  |  | 8,169 |  |  |  | 1 |  |  |  | (139 | ) |  |  | 616 |  |  |  | 10 |  |  |  | (447 | ) |  |  | 8,785 |
Asset backed securities |  |  | 10 |  |  |  | (499 | ) |  |  | 13,671 |  |  |  | 1 |  |  |  | (146 | ) |  |  | 2,857 |  |  |  | 11 |  |  |  | (645 | ) |  |  | 16,528 |
Residential mortgage-backed - US agency |  |  | 14 |  |  |  | (767 | ) |  |  | 10,846 |  |  |  | 2 |  |  |  | (511 | ) |  |  | 8,363 |  |  |  | 16 |  |  |  | (1,278 | ) |  |  | 19,209 |
Collateralized mortgage obligations - US agency |  |  | 10 |  |  |  | (325 | ) |  |  | 5,106 |  |  |  | 3 |  |  |  | (589 | ) |  |  | 4,294 |  |  |  | 13 |  |  |  | (914 | ) |  |  | 9,400 |
Collateralized mortgage obligations - Private label |  |  | 33 |  |  |  | (2,895 | ) |  |  | 57,719 |  |  |  | 3 |  |  |  | (177 | ) |  |  | 3,779 |  |  |  | 36 |  |  |  | (3,072 | ) |  |  | 61,498 |
Totals |  |  | 107 |  |  | $ | (7,956 | ) |  | $ | 138,318 |  |  |  | 14 |  |  | $ | (4,333 | ) |  | $ | 49,556 |  |  |  | 121 |  |  | $ | (12,289 | ) |  | $ | 187,874 |
Held-to-Maturity Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSE's |  |  | 2 |  |  | $ | (87 | ) |  | $ | 3,784 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 2 |  |  | $ | (87 | ) |  | $ | 3,784 |
State and political subdivisions |  |  | 11 |  |  |  | (650 | ) |  |  | 8,803 |  |  |  | 3 |  |  |  | (1,070 | ) |  |  | 4,198 |  |  |  | 14 |  |  |  | (1,720 | ) |  |  | 13,001 |
Corporate |  |  | 32 |  |  |  | (1,133 | ) |  |  | 30,843 |  |  |  | 1 |  |  |  | (26 | ) |  |  | 724 |  |  |  | 33 |  |  |  | (1,159 | ) |  |  | 31,567 |
Asset backed securities |  |  | 5 |  |  |  | (502 | ) |  |  | 7,727 |  |  |  | 1 |  |  |  | (118 | ) |  |  | 921 |  |  |  | 6 |  |  |  | (620 | ) |  |  | 8,648 |
Residential mortgage-backed - US agency |  |  | 9 |  |  |  | (417 | ) |  |  | 5,658 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | (417 | ) |  |  | 5,658 |
Collateralized mortgage obligations - US agency |  |  | 9 |  |  |  | (632 | ) |  |  | 12,794 |  |  |  | 1 |  |  |  | (16 | ) |  |  | 963 |  |  |  | 10 |  |  |  | (648 | ) |  |  | 13,757 |
Collateralized mortgage obligations - Private label |  |  | 30 |  |  |  | (2,078 | ) |  |  | 46,003 |  |  |  | 2 |  |  |  | (334 | ) |  |  | 3,285 |  |  |  | 32 |  |  |  | (2,412 | ) |  |  | 49,288 |
Totals |  |  | 98 |  |  | $ | (5,499 | ) |  | $ | 115,612 |  |  |  | 8 |  |  | $ | (1,564 | ) |  | $ | 10,091 |  |  |  | 106 |  |  | $ | (7,063 | ) |  | $ | 125,703 |
|  | December 31, 2021 |
|  | Less than Twelve Months |  |  | Twelve Months or More |  |  | Total |
|  | Number of |  |  |  |  |  |  |  |  | Number of |  |  |  |  |  |  |  |  | Number of |  |  |  |  |  |  |
|  | Individual |  |  | Unrealized |  |  | Fair |  |  | Individual |  |  | Unrealized |  |  | Fair |  |  | Individual |  |  | Unrealized |  |  | Fair |
(Dollars in thousands) |  | Securities |  |  | Losses |  |  | Value |  |  | Securities |  |  | Losses |  |  | Value |  |  | Securities |  |  | Losses |  |  | Value |
Available-for-Sale Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury, agencies and GSE's |  |  | 3 |  |  | $ | (413 | ) |  | $ | 31,195 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 3 |  |  | $ | (413 | ) |  | $ | 31,195 |
State and political subdivisions |  |  | 3 |  |  |  | (44 | ) |  |  | 4,847 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | (44 | ) |  |  | 4,847 |
Corporate |  |  | 2 |  |  |  | (5 | ) |  |  | 1,162 |  |  |  | 1 |  |  |  | (33 | ) |  |  | 722 |  |  |  | 3 |  |  |  | (38 | ) |  |  | 1,884 |
Asset backed securities |  |  | 5 |  |  |  | (89 | ) |  |  | 11,206 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | (89 | ) |  |  | 11,206 |
Residential mortgage-backed - US agency |  |  | 3 |  |  |  | (466 | ) |  |  | 13,090 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | (466 | ) |  |  | 13,090 |
Collateralized mortgage obligations - US agency |  |  | 3 |  |  |  | (126 | ) |  |  | 6,504 |  |  |  | 2 |  |  |  | (277 | ) |  |  | 2,204 |  |  |  | 5 |  |  |  | (403 | ) |  |  | 8,708 |
Collateralized mortgage obligations - Private label |  |  | 18 |  |  |  | (388 | ) |  |  | 38,816 |  |  |  | 2 |  |  |  | (14 | ) |  |  | 1,539 |  |  |  | 20 |  |  |  | (402 | ) |  |  | 40,355 |
Totals |  |  | 37 |  |  | $ | (1,531 | ) |  | $ | 106,820 |  |  |  | 5 |  |  | $ | (324 | ) |  | $ | 4,465 |  |  |  | 42 |  |  | $ | (1,855 | ) |  | $ | 111,285 |
Held-to-Maturity Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  |  | 4 |  |  | $ | (28 | ) |  | $ | 2,013 |  |  |  | 2 |  |  | $ | (112 | ) |  | $ | 3,988 |  |  |  | 6 |  |  | $ | (140 | ) |  | $ | 6,001 |
Corporate |  |  | 9 |  |  |  | (102 | ) |  |  | 7,636 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | (102 | ) |  |  | 7,636 |
Asset backed securities |  |  | 2 |  |  |  | (130 | ) |  |  | 2,974 |  |  |  | 2 |  |  |  | (58 | ) |  |  | 1,610 |  |  |  | 4 |  |  |  | (188 | ) |  |  | 4,584 |
Residential mortgage-backed - US agency |  |  | 1 |  |  |  | (18 | ) |  |  | 1,941 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | (18 | ) |  |  | 1,941 |
Collateralized mortgage obligations - US agency |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | (9 | ) |  |  | 1,109 |  |  |  | 1 |  |  |  | (9 | ) |  |  | 1,109 |
Collateralized mortgage obligations - Private label |  |  | 6 |  |  |  | (163 | ) |  |  | 13,070 |  |  |  | 3 |  |  |  | (99 | ) |  |  | 3,820 |  |  |  | 9 |  |  |  | (262 | ) |  |  | 16,890 |
Totals |  |  | 22 |  |  | $ | (441 | ) |  | $ | 27,634 |  |  |  | 8 |  |  | $ | (278 | ) |  | $ | 10,527 |  |  |  | 30 |  |  | $ | (719 | ) |  | $ | 38,161 |
Gross Realized Gains (Losses) on Sale and Redemptions of Securities | Gross realized gains (losses) on sales and redemptions of securities for the indicated periods are detailed below:
|  | For the three months | For the six months |
|  | ended June 30, | ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  |  | 2022 |  |  | 2021 |
Realized gains on investments |  | $ | 36 |  |  | $ | 51 |  |  |  | $ | 36 |  |  | $ | 58 |
Realized losses on investments |  |  | - |  |  |  | - |  |  |  |  | (6 | ) |  |  | (7 | )
|  | $ | 36 |  |  | $ | 51 |  |  |  | $ | 30 |  |  | $ | 51 |

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