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Securities (Tables)
 9 Months Ended
Sep. 30, 2024
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 loss:
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair Value
  
   
(In thousands)
  
September 30, 2024:
      
Federal agency mortgage-backed securities
  
$
64,839
    
$
8
    
$
(7,639
)
  
$
57,208
  
Federal agency collateralized mortgage obligations (“CMO”)
     22,182       7       (881 )     21,308  
Federal agency debt
    
46,050
      
2
      
(1,888
)
    
44,164
  
Municipal bonds
    
4,808
      
–
      
(353
)
    
4,455
  
U. S. Treasuries
    
102,725
      
–
      
(987
)
    
101,738
  
U.S. Small Business Administration (“SBA”) pools
    
10,941
      
6
      
(1,331
)
    
9,616
  
Total available-for-sale securities
  
$
251,545
    
$
23
    
$
(13,079
)
  
$
238,489
  
December 31, 2023:
  
 
Federal agency mortgage-backed securities
  
$
76,091
    
$
3
    
$
(9,316
)
  
$
66,778
  
Federal agency 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
  
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 September 30, 2024, 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
  
$
100,746
    
$
–
    
$
(886
)
  
$
99,860
  
Due after one year through five years
    
49,392
      
2
      
(2,142
)
    
47,252
  
Due after five years through ten years
    
24,899
      
13
      
(1,006
)
    
23,906
  
Due after ten years
    
76,508
      
8
      
(9,045
)
    
67,471
  
   
$
251,545
    
$
23
    
$
(13,079
)
  
$
238,489
  
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)
  
September 30, 2024:
                                    
Federal agency mortgage-backed securities
  
$
–
    
$
–
 
$
56,732
    
$
(7,639
)
  
$
56,732
    
$
(7,639
)
Federal agency CMOs
    
–
      
–
   
20,536
      
(881
)
    
20,536
      
(881
)
Federal agency debt
    
–
      
–
   
41,635
      
(1,888
)
    
41,635
      
(1,888
)
Municipal bonds
    
–
      
–
   
4,455
      
(353
)
    
4,455
      
(353
)
U. S. Treasuries
    
–
      
–
   
101,738
      
(987
)
    
101,738
      
(987
)
SBA pools
    
–
      
–
   
8,539
      
(1,331
)
    
8,539
      
(1,331
)
Total unrealized loss position investment securities
  
$
–
    
$
–
 
$
233,635
    
$
(13,079
)
  
$
233,635
    
$
(13,079
)
                                                 
December 31, 2023:
                                                
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 unrealized loss position investment securities
  
$
3,304
    
$
(38
)
  
$
312,424
    
$
(18,997
)
  
$
315,728
    
$
(19,035
)