Securities (Tables)

3 Months Ended

Mar. 31, 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)
March 31, 2024:
Federal agency mortgage-backed securities	$	74,240	$	2	$	(10,212	)	$	64,030
Federal agency collateralized mortgage obligations (“CMO”)		23,977		7		(1,455	)		22,529
Federal agency debt		50,945		–		(3,099	)		47,846
Municipal bonds		4,824		–		(473	)		4,351
U. S. Treasuries		147,305		–		(2,861	)		144,444
U.S. Small Business Administration (“SBA”) pools		11,783		3		(1,743	)		10,043
Total available-for-sale securities	$	313,074	$	12	$	(19,843	)	$	293,243
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 March 31, 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	$	100,551	$	–	$	(1,115	)	$	99,436
Due after one year through five years		102,864		–		(4,993	)		97,871
Due after five years through ten years		27,891		9		(1,820	)		26,080
Due after ten years (1)		81,768		3		(11,915	)		69,856
	$	313,074	$	12	$	(19,843	)	$	293,243

^{(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, 2024:
Federal agency mortgage-backed securities	$	–	$	–		$	63,839	$	(10,212	)	$	63,839	$	(10,212	)
Federal agency CMOs		–		–			21,753		(1,455	)		21,753		(1,455	)
Federal agency debt		–		–			47,846		(3,099	)		47,846		(3,099	)
Municipal bonds		–		–			4,351		(473	)		4,351		(473	)
U. S. Treasuries		53,568		(1,057	)		90,875		(1,804	)		144,443		(2,861	)
SBA pools		284		(1	)		8,815		(1,742	)		9,099		(1,743	)
Total unrealized loss position investment securities	$	53,852	$	(1,058	)	$	237,479	$	(18,785	)	$	291,331	$	(19,843	)
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	)