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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
)