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Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Securities [Abstract] |
Available-for-Sale Investment Securities Portfolios | 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) |
March 31, 2023: |  |  |
Federal agency mortgage-backed securities |  | $ | 82,834 |  |  | $ | 2 |  |  | $ | (9,819 | ) |  | $ | 73,017 |
Federal agency collateralized mortgage obligations (“CMO”) |  |  | 27,077 |  |  |  | – |  |  |  | (1,328 | ) |  |  | 25,749 |
Federal agency debt |  |  | 55,734 |  |  |  | – |  |  |  | (3,704 | ) |  |  | 52,030 |
Municipal bonds |  |  | 4,858 |  |  |  | – |  |  |  | (559 | ) |  |  | 4,299 |
U.S. Treasuries |  |  | 166,255 |  |  |  | – |  |  |  | (4,159 | ) |  |  | 162,096 |
SBA pools |  |  | 13,415 |  |  |  | 9 |  |  |  | (1,589 | ) |  |  | 11,835 |
Total available-for-sale securities |  | $ | 350,173 |  |  | $ | 11 |  |  | $ | (21,158 | ) |  | $ | 329,026 |
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 |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of all investment securities available-for-sale at March 31, 2023, 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 |  | $ | 24,876 |  |  | $ | – |  |  | $ | (493 | ) |  | $ | 24,383 |
Due after one year through five years |  |  | 194,958 |  |  |  | – |  |  |  | (6,682 | ) |  |  | 188,276 |
Due after five years through ten years |  |  | 35,270 |  |  |  | – |  |  |  | (2,839 | ) |  |  | 32,431 |
Due after ten years (1) |  |  | 95,069 |  |  |  | 11 |  |  |  | (11,144 | ) |  |  | 83,936 |
|  | $ | 350,173 |  |  | $ | 11 |  |  | $ | (21,158 | ) |  | $ | 329,026 |
(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.
Securities in Continuous Unrealized Loss Position | 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 |
|  | (In thousands) |
March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 13,826 |  |  | $ | (562 | ) |  | $ | 58,935 |  |  | $ | (9,257 | ) |  | $ | 72,761 |  |  | $ | (9,819 | )
Federal agency CMOs |  |  | 20,691 |  |  |  | (663 | ) |  |  | 5,058 |  |  |  | (665 | ) |  |  | 25,749 |  |  |  | (1,328 | )
Federal agency debt |  |  | 23,548 |  |  |  | (580 | ) |  |  | 28,482 |  |  |  | (3,124 | ) |  |  | 52,030 |  |  |  | (3,704 | )
Municipal bonds |  |  | – |  |  |  | – |  |  |  | 4,299 |  |  |  | (559 | ) |  |  | 4,299 |  |  |  | (559 | )
U. S. Treasuries |  |  | 135,522 |  |  |  | (2,615 | ) |  |  | 26,574 |  |  |  | (1,544 | ) |  |  | 162,096 |  |  |  | (4,159 | )
SBA pools |  |  | – |  |  |  | – |  |  |  | 10,106 |  |  |  | (1,589 | ) |  |  | 10,106 |  |  |  | (1,589 | )
Total unrealized loss position investment securities |  | $ | 193,587 |  |  | $ | (4,420 | ) |  | $ | 133,454 |  |  | $ | (16,738 | ) |  | $ | 327,041 |  |  | $ | (21,158 | )
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 | )

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