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Securities | 12 Months Ended
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Dec. 31, 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 at December 31, 2022 and December 31, 2021 and the corresponding amounts of unrealized gains (losses) which are recognized in accumulated other comprehensive income:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 84,955 |  |  | $ | 2 |  |  | $ | (10,788 | ) |  | $ | 74,169 |
Federal agency CMOs |  |  | 27,776 |  |  |  | – |  |  |  | (1,676 | ) |  |  | 26,100 |
Federal agency debt |  |  | 55,687 |  |  |  | 26 |  |  |  | (4,288 | ) |  |  | 51,425 |
Municipal bonds |  |  | 4,866 |  |  |  | – |  |  |  | (669 | ) |  |  | 4,197 |
U. S. Treasuries |  |  | 165,997 |  |  |  | – |  |  |  | (5,408 | ) |  |  | 160,589 |
SBA pools |  |  | 14,048 |  |  |  | 9 |  |  |  | (1,788 | ) |  |  | 12,269 |
Total available-for-sale securities |  | $ | 353,329 |  |  | $ | 37 |  |  | $ | (24,617 | ) |  | $ | 328,749 |
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 |
There were no sales of securities during the years ended December 31, 2022 and 2021. The amortized cost and estimated fair value of all investment securities available-for-sale at December 31, 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 |  | $ | 4,997 |  |  | $ | – |  |  | $ | (107 | ) |  | $ | 4,890 |
Due after one year through five years |  |  | 214,003 |  |  |  | – |  |  |  | (8,871 | ) |  |  | 205,132 |
Due after five years through ten years |  |  | 36,862 |  |  |  | 27 |  |  |  | (3,228 | ) |  |  | 33,661 |
Due after ten years (1) |  |  | 97,467 |  |  |  | 10 |  |  |  | (12,411 | ) |  |  | 85,066 |
|  | $ | 353,329 |  |  | $ | 37 |  |  | $ | (24,617 | ) |  | $ | 328,749 |
(1) | Mortgage-backed securities, CMOs 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 |
December 31, 2022: |  | (In thousands) |
Federal agency mortgage-backed securities |  | $ | 38,380 |  |  | $ | (4,807 | ) |  | $ | 35,526 |  |  | $ | (5,981 | ) |  | $ | 73,906 |  |  | $ | (10,788 | )
Federal agency CMOs |  |  | 20,997 |  |  |  | (885 | ) |  |  | 5,103 |  |  |  | (791 | ) |  |  | 26,100 |  |  |  | (1,676 | )
Federal agency debt |  |  | 26,383 |  |  |  | (1,529 | ) |  |  | 21,956 |  |  |  | (2,759 | ) |  |  | 48,339 |  |  |  | (4,288 | )
Municipal bonds |  |  | 2,176 |  |  |  | (315 | ) |  |  | 2,021 |  |  |  | (354 | ) |  |  | 4,197 |  |  |  | (669 | )
U. S. Treasuries |  |  | 143,989 |  |  |  | (3,884 | ) |  |  | 16,600 |  |  |  | (1,524 | ) |  |  | 160,589 |  |  |  | (5,408 | )
SBA pools |  |  | 3,743 |  |  |  | (365 | ) |  |  | 6,763 |  |  |  | (1,423 | ) |  |  | 10,506 |  |  |  | (1,788 | )
Total unrealized loss position investment securities |  | $ | 235,668 |  |  | $ | (11,785 | ) |  |  | 87,969 |  |  | $ | (12,832 | ) |  | $ | 323,637 |  |  | $ | (24,617 | )
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 49,265 |  |  | $ | (245 | ) |  | $ | – |  |  | $ | – |  |  | $ | 49,265 |  |  | $ | (245 | )
Federal agency CMOs |  |  | 6,882 |  |  |  | (115 | ) |  |  | – |  |  |  | – |  |  |  | 6,882 |  |  |  | (115 | )
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 | )
SBA pools |  |  | 9,309 |  |  |  | (138 | ) |  |  | – |  |  |  | – |  |  |  | 9,309 |  |  |  | (138 | )
Total unrealized loss position investment securities |  | $ | 111,168 |  |  | $ | (1,008 | ) |  | $ | – |  |  | $ | – |  |  | $ | 111,168 |  |  | $ | (1,008 | )
Securities with a market value of $64.4 million were pledged as collateral for securities sold under agreements to repurchase as of December 31, 2022 and included $33.3 million of federal agency debt, $19.2 million of U.S. Treasuries and $11.9 million of federal agency mortgage-backed securities. Securities with a market value of $53.2 million were pledged as collateral for securities sold under agreements to repurchase as of December 31, 2021 and included $25.9 million of federal agency mortgage-backed securities, $13.3 million of federal agency debt, $9.8 million of SBA pool, and $4.2 million of federal agency CMO. At December 31, 2022 and 2021, there were no securities pledged to secure public deposits since those public deposits are under $250 thousand which are fully insured by FDIC. At December 31, 2022 and 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.

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- 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
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