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Securities | 9 Months Ended
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Sep. 30, 2023
Securities [Abstract] |
Securities | Note 6 – Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of September 30, 2023 and December 31, 2022 (amounts in thousands):
| September 30, 2023
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,626 |  | $ | — |  | $ | (598) |  | $ | 3,028
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 4,967 |  | $ | — |  | $ | (83) |  | $ | 4,884
U.S. agency obligations |  | 69,591 |  |  | — |  |  | (10,063) |  |  | 59,528
Mortgage-backed securities |  | 78,702 |  |  | — |  |  | (13,417) |  |  | 65,285
Municipals |  | 50,884 |  |  | — |  |  | (13,104) |  |  | 37,780
Corporates |  | 15,527 |  |  | — |  |  | (1,027) |  |  | 14,500
| $ | 219,671 |  | $ | — |  | $ | (37,694) |  | $ | 181,977
| December 31, 2022
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,639 |  | $ | — |  | $ | (504) |  | $ | 3,135
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 4,912 |  | $ | — |  | $ | (171) |  | $ | 4,741
U.S. agency obligations |  | 68,833 |  |  | — |  |  | (9,560) |  |  | 59,273
Mortgage-backed securities |  | 78,955 |  |  | — |  |  | (11,113) |  |  | 67,842
Municipals |  | 49,951 |  |  | — |  |  | (12,096) |  |  | 37,855
Corporates |  | 17,037 |  |  | — |  |  | (961) |  |  | 16,076
| $ | 219,688 |  | $ | — |  | $ | (33,901) |  | $ | 185,787
‎ Note 6 – Securities (continued) The following tables summarize the fair value of securities available for sale as of September 30, 2023 and securities available for sale and held-to- maturity as of December 31, 2022 and the corresponding amounts of unrealized losses. Management uses the valuation as of month-end in determining when securities are in an unrealized loss position (amounts in thousands):
September 30, 2023 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | — |  | $ | — |  | $ | 4,884 |  | $ | 83 |  | $ | 4,884 |  | $ | 83
U.S. agency obligations |  | 996 |  |  | 1 |  |  | 58,532 |  |  | 10,062 |  |  | 59,528 |  |  | 10,063
Mortgage-backed securities |  | 5,154 |  |  | 120 |  |  | 60,131 |  |  | 13,297 |  |  | 65,285 |  |  | 13,417
Municipals |  | 1,638 |  |  | 183 |  |  | 36,142 |  |  | 12,921 |  |  | 37,780 |  |  | 13,104
Corporates |  | — |  |  | — |  |  | 6,500 |  |  | 1,027 |  |  | 6,500 |  |  | 1,027
Total | $ | 7,788 |  | $ | 304 |  | $ | 166,189 |  | $ | 37,390 |  | $ | 173,977 |  | $ | 37,694
December 31, 2022 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,135 |  | $ | 504 |  | $ | — |  | $ | — |  | $ | 3,135 |  | $ | 504
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | 4,741 |  |  | 171 |  |  | — |  |  | — |  |  | 4,741 |  |  | 171
U.S. agency obligations |  | 27,708 |  |  | 2,838 |  |  | 31,565 |  |  | 6,722 |  |  | 59,273 |  |  | 9,560
Mortgage-backed securities |  | 42,024 |  |  | 5,656 |  |  | 25,818 |  |  | 5,457 |  |  | 67,842 |  |  | 11,113
Municipals |  | 10,847 |  |  | 2,245 |  |  | 27,008 |  |  | 9,851 |  |  | 37,855 |  |  | 12,096
Corporates |  | 6,568 |  |  | 469 |  |  | 1,508 |  |  | 492 |  |  | 8,076 |  |  | 961
Total temporarily impaired securities | $ | 95,023 |  | $ | 11,883 |  | $ | 85,899 |  | $ | 22,522 |  | $ | 180,922 |  | $ | 34,405
As of September 30, 2023, the Bank owned 121 securities in an unrealized loss position. Of the securities, 51 were S&P rated AAA, 63 were rated AA, five were rated A, one was rated BBB, and one was non-rated. As of September 30, 2023, 53 of these securities were municipal issues, 60 were backed by the U.S. government, and eight were issues of publicly traded domestic corporations. The Company monitors its municipal and corporate securities by periodically reviewing the issuer’s cash-flow and revenue streams, as well as other economic factors that could affect the issuer’s ability to service and/or repay the debt. The Company has evaluated available for sale securities in an unrealized loss position for credit related impairment at September 30, 2023 and concluded no impairment existed based on a combination of factors, which included: (1) the securities are of high credit quality (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuers to settle the securities at a price less than the par value of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments before recovery of its amortized cost basis, nor is it likely that management will be required to sell the securities. As such, there was no t an allowance for credit losses on available-for-sale securities at September 30, 2023. The Company’s held-to-maturity portfolio is covered by the explicit or implied guarantee of the United States government or one of its agencies and rated investment grade or higher. As a result, the Company did not have an allowance for credit losses on held-to-maturity securities as of September 30, 2023 or upon adoption of ASC 326. All held-to-maturity and available for sale securities were current with no securities past due or on nonaccrual as of September 30, 2023. ‎ Note 6 – Securities (continued) There were no sales of available-for-sale securities during the three and nine months ended September 30, 2023 and 2022. The amortized costs and fair values of securities at September 30, 2023, 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 call or prepayment penalties.
| September 30, 2023
| Amortized |  |
| Costs |  | Fair Value
Held-to-maturity: |  |  |
Due in one year or less | $ - |  | $ -
Due after one year through five years | - |  | -
Due after five years through ten years | 2,422 |  | 2,079
Due after ten years | 1,204 |  | 949
Total securities Held-to-maturity | $ 3,626 |  | $ 3,028
| Amortized |  |
| Costs |  | Fair Value
Available-for-sale: |  |  |
Due in one year or less | $ 5,963 |  | $ 5,879
Due after one year through five years | 43,680 |  | 39,461
Due after five years through ten years | 66,288 |  | 56,046
Due after ten years | 103,740 |  | 80,591
Total securities Available-for-sale | $ 219,671 |  | $ 181,977

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