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Securities
 9 Months Ended
Sep. 30, 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 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, 2023:
      
Federal agency mortgage-backed securities (“MBS”)
  
$
78,141
    
$
2
    
$
(13,006
)
  
$
65,137
  
Federal agency collateralized mortgage obligations (“CMO”)
     25,342       –       (2,046 )     23,296  
Federal agency debt
    
55,839
      
–
      
(4,265
)
    
51,574
  
Municipal bonds
    
4,842
      
–
      
(672
)
    
4,170
  
U.S. Treasuries
    
166,786
      
–
      
(5,136
)
    
161,650
  
U.S. Small Business Administration (“SBA”) pools
    
12,659
      
5
      
(2,062
)
    
10,602
  
Total available-for-sale securities
  
$
343,609
    
$
7
    
$
(27,187
)
  
$
316,429
  
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
  


As of September 30, 2023, investment securities with a fair value of $71.0 million were pledged as collateral for securities sold under agreements to repurchase and included $33.7 million of U.S. Treasuries, $26.7 million of U.S. Government Agency securities, and $10.6 million of mortgage-backed securities. As of December 31, 2022, investment securities with a fair value of $64.4 million were pledged as collateral for securities sold under agreements to repurchase 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 (See Note 6 – Borrowings). There were no securities pledged to secure public deposits at September 30, 2023 or December 31, 2022. Accrued interest receivable on securities was $1.3 million and $1.2 million at September 30, 2023 and December 31, 2022, respectively, and is included in the Balance Sheet under Accrued interest receivable.


At September 30, 2023, and December 31, 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.



The amortized cost and estimated fair value of all investment securities available-for-sale at September 30, 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
  
$
79,627
    
$
–
    
$
(1,289
)
  
$
78,338
  
Due after one year through five years
    
141,871
      
–
      
(7,344
)
    
134,527
  
Due after five years through ten years
    
35,895
      
–
      
(3,688
)
    
32,207
  
Due after ten years (1)
    
86,216
      
7
      
(14,866
)
    
71,357
  
   
$
343,609
    
$
7
    
$
(27,187
)
  
$
316,429
  

(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
  
   
(In thousands)
  
September 30, 2023:
                                    
Federal agency mortgage-backed securities
  
$
49
    
$
–
 
$
64,898
    
$
(13,006
)
  
$
64,947
    
$
(13,006
)
Federal agency CMOs
    
768
      
(4
)
    
22,528
      
(2,042
)
    
23,296
      
(2,046
)
Federal agency debt
    
5,520
      
(72
)
    
46,054
      
(4,193
)
    
51,574
      
(4,265
)
Municipal bonds
    
–
      
–
   
4,170
      
(672
)
    
4,170
      
(672
)
U. S. Treasuries
    
14,267
      
(465
)
    
147,383
      
(4,671
)
    
161,650
      
(5,136
)
SBA pools
    
288
      
(1
)
    
9,143
      
(2,061
)
    
9,431
      
(2,062
)
Total unrealized loss position investment securities
  
$
20,892
    
$
(542
)
  
$
294,176
    
$
(26,645
)
  
$
315,068
    
$
(27,187
)
                                                 
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
)


At September 30, 2023, and December 31, 2022, there were no securities in nonaccrual status. All securities in the portfolio were current with their contractual principal and interest payments. At September 30, 2023, and December 31, 2022, there were no securities purchased with deterioration in credit quality since their origination. At September 30, 2023, and December 31, 2022, there were no collateral dependent securities.