SECURITIES |
The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:
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December 31, 2022 |
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(In thousands) |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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Securities available for sale: |
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Government-sponsored enterprises: |
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Mortgage-backed securities |
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$ |
163 |
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$ |
- |
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$ |
(3 |
) |
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$ |
160 |
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Collateralized mortgage obligations |
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8 |
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- |
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- |
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8 |
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Total securities available for sale |
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$ |
171 |
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$ |
- |
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$ |
(3 |
) |
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$ |
168 |
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Securities held to maturity: |
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Government-sponsored enterprises: |
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Debt obligations |
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$ |
994 |
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$ |
- |
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$ |
(27 |
) |
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$ |
967 |
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Mortgage-backed securities |
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49,703 |
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9 |
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(3,674 |
) |
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46,038 |
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Collateralized mortgage obligations |
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3 |
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- |
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- |
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3 |
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Municipal bonds |
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44,777 |
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8 |
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(7,308 |
) |
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37,477 |
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Corporate bonds |
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53,996 |
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1 |
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(5,858 |
) |
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48,139 |
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Total securities held to maturity |
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$ |
149,473 |
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$ |
18 |
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$ |
(16,867 |
) |
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$ |
132,624 |
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June 30, 2022 |
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(In thousands) |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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Securities available for sale: |
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Government-sponsored enterprises: |
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Mortgage-backed securities |
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$ |
186 |
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$ |
- |
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$ |
- |
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$ |
186 |
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Collateralized mortgage obligations |
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13 |
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- |
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- |
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13 |
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Total securities available for sale |
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$ |
199 |
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$ |
- |
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$ |
- |
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$ |
199 |
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Securities held to maturity: |
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Government-sponsored enterprises: |
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Mortgage-backed securities |
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47,741 |
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26 |
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(1,895 |
) |
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45,872 |
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Collateralized mortgage obligations |
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7 |
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- |
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- |
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7 |
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Municipal bonds |
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45,776 |
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23 |
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(5,172 |
) |
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40,627 |
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Corporate bonds |
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51,715 |
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20 |
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(4,648 |
) |
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47,087 |
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Total securities held to maturity |
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$ |
145,239 |
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$ |
69 |
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$ |
(11,715 |
) |
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$ |
133,593 |
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Securities with an amortized cost of $14,667,000 and a fair value of $12,096,000 at December 31, 2022 were pledged to secure a credit line with the Federal Reserve Bank. See Note 7. The amortized cost and fair value of debt securities, by contractual maturity, is shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
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December 31, 2022 |
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Available for Sale |
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Held to Maturity |
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(In thousands) |
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Amortized Cost |
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Fair Value |
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Amortized Cost |
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Fair Value |
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Within 1 year |
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$ |
- |
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$ |
- |
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$ |
3,394 |
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$ |
3,356 |
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Over 1 year through 5 years |
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- |
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- |
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31,647 |
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30,451 |
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Over 5 years through 10 years |
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- |
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- |
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39,640 |
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34,230 |
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Over 10 years |
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- |
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- |
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25,086 |
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18,546 |
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- |
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- |
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99,767 |
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86,583 |
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Mortgage-backed securities |
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163 |
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160 |
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49,703 |
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46,038 |
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Collateralized mortgage obligations |
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8 |
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8 |
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3 |
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3 |
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$ |
171 |
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$ |
168 |
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$ |
149,473 |
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$ |
132,624 |
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June 30, 2022 |
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Available for Sale |
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Held to Maturity |
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(In thousands) |
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Amortized Cost |
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Fair Value |
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Amortized Cost |
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Fair Value |
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Within 1 year |
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$ |
- |
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$ |
- |
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$ |
4,006 |
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$ |
4,008 |
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Over 1 year through 5 years |
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- |
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- |
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25,269 |
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24,763 |
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Over 5 years through 10 years |
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- |
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- |
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42,934 |
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38,600 |
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Over 10 years |
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- |
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- |
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25,282 |
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20,343 |
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- |
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- |
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97,491 |
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87,714 |
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Mortgage-backed securities |
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186 |
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186 |
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47,741 |
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45,872 |
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Collateralized mortgage obligations |
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13 |
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13 |
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7 |
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7 |
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$ |
199 |
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$ |
199 |
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$ |
145,239 |
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$ |
133,593 |
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Information pertaining to securities with gross unrealized losses at December 31, 2022 or June 30, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
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December 31, 2022 |
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Less Than Twelve Months |
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Over Twelve Months |
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(In thousands) |
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Gross Unrealized Losses |
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Fair Value |
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Gross Unrealized Losses |
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Fair Value |
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Securities available for sale: |
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Mortgage-backed securities |
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$ |
3 |
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$ |
154 |
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$ |
- |
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$ |
- |
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Total temporarily impaired securities available for sale |
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$ |
3 |
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$ |
154 |
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$ |
- |
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$ |
- |
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Securities held to maturity: |
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Mortgage-backed securities |
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$ |
1,788 |
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$ |
31,561 |
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$ |
1,886 |
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$ |
13,455 |
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Debt obligations |
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27 |
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|
967 |
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- |
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- |
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Municipal bonds |
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2,644 |
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20,025 |
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4,664 |
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12,493 |
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Corporate bonds |
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3,105 |
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31,887 |
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2,753 |
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14,251 |
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Total temporarily impaired securities held to maturity |
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$ |
7,564 |
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$ |
84,440 |
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$ |
9,303 |
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$ |
40,199 |
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June 30, 2022 |
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Less Than Twelve Months |
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Over Twelve Months |
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(In thousands) |
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Gross Unrealized Losses |
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Fair Value |
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Gross Unrealized Losses |
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Fair Value |
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Securities held to maturity: |
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Mortgage-backed securities |
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$ |
1,712 |
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$ |
39,843 |
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$ |
183 |
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$ |
1,855 |
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Municipal bonds |
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|
3,520 |
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25,976 |
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1,652 |
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|
6,394 |
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Corporate bonds |
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3,679 |
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37,015 |
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|
969 |
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|
5,682 |
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Total temporarily impaired securities held to maturity |
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$ |
8,911 |
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$ |
102,834 |
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$ |
2,804 |
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$ |
13,931 |
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At December 31, 2022, 278 debt securities had unrealized losses with aggregate depreciation of 11.92% from the Bank’s amortized cost basis. These unrealized losses are the result of changes in the interest rate environment and there have been no downgrades in the investment quality of these securities. The contractual terms of these securities do not permit the entities to settle the security at a price less than par value. Because the Bank does not intend to sell these securities and it is not more likely than not that the Bank will be required to sell the securities before recovery of their amortized cost basis, which may be maturity, it does not consider these securities to be other-than-temporarily impaired at December 31, 2022. There were no sales of securities during the three and six months ended December 31, 2022. There were no sales of securities during the three months ended December 31, 2021. Proceeds from the sale of securities available for sale was $2.0 million for the six months ended December 31, 2021, resulting in realized gains of $48,000.
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