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Securities (Tables)
3 Months Ended
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
)