XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Securities | 9 Months Ended
--- | ---
Sep. 30, 2022
Securities [Abstract] |
Securities | NOTE (4) – Securities The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the dates indicated and the corresponding amounts of unrealized gains and losses which were recognized in accumulated other comprehensive income (loss):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
September 30, 2022: |  |  |
Federal agency mortgage-backed securities |  | $ | 90,333 |  |  | $ | 7 |  |  | $ | (11,749 | ) |  | $ | 78,591 |
Federal agency collateralized mortgage obligations (“CMO”) |  |  | 26,435 |  |  |  | 4 |  |  |  | (1,587 | ) |  |  | 24,852 |
Federal agency debt |  |  | 56,641 |  |  |  | 38 |  |  |  | (4,475 | ) |  |  | 52,204 |
Municipal bonds |  |  | 4,874 |  |  |  | – |  |  |  | (747 | ) |  |  | 4,127 |
U.S. Treasuries |  |  | 165,735 |  |  |  | – |  |  |  | (5,550 | ) |  |  | 160,185 |
SBA pools |  |  | 14,540 |  |  |  | 13 |  |  |  | (1,767 | ) |  |  | 12,786 |
Total available-for-sale securities |  | $ | 358,558 |  |  | $ | 62 |  |  | $ | (25,875 | ) |  | $ | 332,745 |
December 31, 2021: |  |  |
Federal agency mortgage-backed securities |  | $ | 70,078 |  |  | $ | 196 |  |  | $ | (244 | ) |  | $ | 70,030 |
Federal agency CMOs |  |  | 9,391 |  |  |  | 11 |  |  |  | (115 | ) |  |  | 9,287 |
Federal agency debt |  |  | 38,152 |  |  |  | 106 |  |  |  | (270 | ) |  |  | 37,988 |
Municipal bonds |  |  | 4,898 |  |  |  | 40 |  |  |  | (23 | ) |  |  | 4,915 |
U.S. Treasuries |  |  | 18,169 |  |  |  | – |  |  |  | (218 | ) |  |  | 17,951 |
SBA pools |  |  | 16,241 |  |  |  | 122 |  |  |  | (138 | ) |  |  | 16,225 |
Total available-for-sale securities |  | $ | 156,929 |  |  | $ | 475 |  |  | $ | (1,008 | ) |  | $ | 156,396 |
As of September 30, 2022, investment securities with a market value of $70.0 million were pledged as collateral for securities sold under agreements to repurchase and included $34.2 million of U.S. Government Agency securities, $29.4 million of mortgage-backed securities, $5.6 million of SBA pool securities and $829 thousand of federal agency CMO. As of December 31, 2021, investment securities with a market value of $53.2 million were pledged as collateral for securities sold under agreements to repurchase and included $25.9 million of federal agency mortgage-backed securities, $13.3 million of federal agency debt, $9.8 million of SBA pool securities, and $4.2 million of federal agency CMO. (See Note 7 – Borrowings). There were no securities pledged to secure public deposits at September 30, 2022 or December 31, 2021. At September 30, 2022, and December 31, 2021, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The amortized cost and estimated fair value of all investment securities available-for-sale at September 30, 2022, by contractual maturities are shown below. Contractual maturities may differ from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 1,000 |  |  | $ | – |  |  | $ | – |  |  | $ | 1,000 |
Due after one year through five years |  |  | 221,154 |  |  |  | 6 |  |  |  | (9,476 | ) |  |  | 211,684 |
Due after five years through ten years |  |  | 64,541 |  |  |  | 44 |  |  |  | (5,934 | ) |  |  | 58,651 |
Due after ten years (1) |  |  | 71,863 |  |  |  | 12 |  |  |  | (10,465 | ) |  |  | 61,410 |
|  | $ | 358,558 |  |  | $ | 62 |  |  | $ | (25,875 | ) |  | $ | 332,745 |
(1) | Mortgage-backed securities, collateralized mortgage obligations and SBA pools do not have a single stated maturity date and therefore have been included in the “Due after ten years” category.
The table below indicates the length of time individual securities had been in a continuous unrealized loss position:
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in thousands) |
September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 63,620 |  |  | $ | (9,388 | ) |  | $ | 14,666 |  |  | $ | (2,361 | ) |  | $ | 78,286 |  |  | $ | (11,749 | )
Federal agency CMOs |  |  | 20,313 |  |  |  | (855 | ) |  |  | 3,709 |  |  |  | (732 | ) |  |  | 24,022 |  |  |  | (1,587 | )
Federal agency debt |  |  | 37,646 |  |  |  | (3,496 | ) |  |  | 8,916 |  |  |  | (979 | ) |  |  | 46,562 |  |  |  | (4,475 | )
Municipal bonds |  |  | 3,193 |  |  |  | (581 | ) |  |  | 934 |  |  |  | (166 | ) |  |  | 4,127 |  |  |  | (747 | )
U. S. Treasuries |  |  | 143,707 |  |  |  | (3,893 | ) |  |  | 16,478 |  |  |  | (1,657 | ) |  |  | 160,185 |  |  |  | (5,550 | )
SBA pools |  |  | 3,889 |  |  |  | (393 | ) |  |  | 6,846 |  |  |  | (1,374 | ) |  |  | 10,735 |  |  |  | (1,767 | )
Total unrealized loss position investment securities |  | $ | 272,368 |  |  | $ | (18,606 | ) |  | $ | 51,549 |  |  | $ | (7,269 | ) |  | $ | 323,917 |  |  | $ | (25,875 | )
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 65,456 |  |  | $ | (498 | ) |  | $ | – |  |  | $ | – |  |  | $ | 65,456 |  |  | $ | (498 | )
Federal agency debt |  |  | 25,413 |  |  |  | (269 | ) |  |  | – |  |  |  | – |  |  |  | 25,413 |  |  |  | (269 | )
Municipal bonds |  |  | 2,349 |  |  |  | (23 | ) |  |  | – |  |  |  | – |  |  |  | 2,349 |  |  |  | (23 | )
U. S. Treasuries |  |  | 17,950 |  |  |  | (218 | ) |  |  | – |  |  |  | – |  |  |  | 17,950 |  |  |  | (218 | )
Total unrealized loss position investment securities |  | $ | 111,168 |  |  | $ | (1,008 | ) |  | $ | – |  |  | $ | – |  |  | $ | 111,168 |  |  | $ | (1,008 | )

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration