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Securities | 12 Months Ended
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Dec. 31, 2023
Securities [Abstract] |
Securities | Note 3 – Securities The following table summarizes the amortized cost and fair value of the available‑for‑sale investment securities portfolios at December 31, 2023 and December 31, 2022 and the corresponding amounts of unrealized gains (losses) which are recognized in accumulated other comprehensive income (loss):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency mortgage-backed securities |  | $ | 76,091 |  |  | $ | 3 |  |  | $ | (9,316 | ) |  | $ | 66,778 |
Federal agency Collateralized Mortgage Obligations “CMOs” |  |  | 24,720 |  |  |  | – |  |  |  | (1,381 | ) |  |  | 23,339 |
Federal agency debt |  |  | 50,893 |  |  |  | – |  |  |  | (3,057 | ) |  |  | 47,836 |
Municipal bonds |  |  | 4,833 |  |  |  | – |  |  |  | (460 | ) |  |  | 4,373 |
U. S. Treasuries |  |  | 167,055 |  |  |  | – |  |  |  | (3,175 | ) |  |  | 163,880 |
SBA pools |  |  | 12,386 |  |  |  | 4 |  |  |  | (1,646 | ) |  |  | 10,744 |
Total available-for-sale securities |  | $ | 335,978 |  |  | $ | 7 |  |  | $ | (19,035 | ) |  | $ | 316,950 |
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 |
There were no sales of securities during the years ended December 31, 2023 or 2022. The amortized cost and estimated fair value of all investment securities available-for-sale at December 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 |  | $ | 103,441 |  |  | $ | – |  |  | $ | (1,179 | ) |  | $ | 102,262 |
Due after one year through five years |  |  | 119,530 |  |  |  | – |  |  |  | (5,231 | ) |  |  | 114,299 |
Due after five years through ten years |  |  | 29,078 |  |  |  | 2 |  |  |  | (1,802 | ) |  |  | 27,278 |
Due after ten years (1) |  |  | 83,929 |  |  |  | 5 |  |  |  | (10,823 | ) |  |  | 73,111 |
|  | $ | 335,978 |  |  | $ | 7 |  |  | $ | (19,035 | ) |  | $ | 316,950 |
(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, 2023: |  | (In thousands) |
Federal agency mortgage-backed securities |  | $ | – |  |  | $ | – |  |  | $ | 66,575 |  |  | $ | (9,316 | ) |  | $ | 66,575 |  |  | $ | (9,316 | )
Federal agency CMOs |  |  | – |  |  |  | – |  |  |  | 23,339 |  |  |  | (1,381 | ) |  |  | 23,339 |  |  |  | (1,381 | )
Federal agency debt |  |  | 3,018 |  |  |  | (37 | ) |  |  | 44,818 |  |  |  | (3,020 | ) |  |  | 47,836 |  |  |  | (3,057 | )
Municipal bonds |  |  | – |  |  |  | – |  |  |  | 4,373 |  |  |  | (460 | ) |  |  | 4,373 |  |  |  | (460 | )
U. S. Treasuries |  |  | – |  |  |  | – |  |  |  | 163,880 |  |  |  | (3,175 | ) |  |  | 163,880 |  |  |  | (3,175 | )
SBA pools |  |  | 286 |  |  |  | (1 | ) |  |  | 9,439 |  |  |  | (1,645 | ) |  |  | 9,725 |  |  |  | (1,646 | )
Total |  | $ | 3,304 |  |  | $ | (38 | ) |  |  | 312,424 |  |  | $ | (18,997 | ) |  | $ | 315,728 |  |  | $ | (19,035 | )
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 |  | $ | 235,668 |  |  | $ | (11,785 | ) |  | $ | 87,969 |  |  | $ | (12,832 | ) |  | $ | 323,637 |  |  | $ | (24,617 | )
Securities with a market value of $89.0 million were pledged as collateral for securities sold under agreements to repurchase as of December 31, 2023 and included $47.8 million of U.S. Treasuries, $30.2 million of federal agency debt, and $11.0 million of federal agency mortgage-backed securities. 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. Investment securities with a book value of $107.3 million and a fair value of $98.3 million were pledged as collateral to the Federal Reserve as of December 31, 2023 for borrowings under the Bank Term Funding Program. At December 31, 2023 and 2022, 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, 2023 and 2022, 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. Accrued interest receivable on securities was $1.2 million at December 31, 2023 and 2022, and is included in the consolidated statement of financial condition in accrued interest receivable. At December 31, 2023 and 2022, there were no securities in nonaccrual status. All securities in the portfolio were current with their contractual principal and interest payments. At December 31, 2023 and 2022, there were no securities purchased with deterioration in credit quality since their origination, and there were no collateral dependent securities.

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