Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost and estimated fair value

The following summarizes the amortized cost and fair value of securities available-for-sale at June 30, 2024 and December 31, 2023 with gross unrealized gains and losses therein:

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Available -for-sale
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	86,106	$	154	$	(6,652	)	$	79,608
U.S. government agency securities		11,260		—		(1,130	)		10,130
Obligations of state and political subdivisions		44,052		1		(4,365	)		39,688
Small business association (SBA) securities		2,256		8		(1	)		2,263
Total	$	143,674	$	163	$	(12,148	)	$	131,689

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Available -for-sale
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	48,399	$	219	$	(5,984	)	$	42,634
U.S. government agency securities		6,260		—		(969	)		5,291
Obligations of state and political subdivisions		44,059		12		(3,262	)		40,809
Small business association (SBA) securities		2,617		2		(1	)		2,618
Total	$	101,335	$	233	$	(10,216	)	$	91,352

Summary of fair value of related securities available-for-sale

The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale at June 30, 2024 and December 31, 2023 are as follows:

	Less than 12 Months					More than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
June 30, 2024
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	14,751	$	(164	)	$	29,187	$	(6,488	)	$	43,938	$	(6,652	)
U.S. government agency securities		4,945		(55	)		5,185		(1,075	)		10,130		(1,130	)
Obligations of state and political subdivisions		3,369		(71	)		34,019		(4,294	)		37,388		(4,365	)
Small business association (SBA) securities		—		—			577		(1	)		577		(1	)
Total	$	23,065	$	(290	)	$	68,968	$	(11,858	)	$	92,033	$	(12,148	)

	Less than 12 Months					More than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
December 31, 2023
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	2,858	$	(14	)	$	31,398	$	(5,970	)	$	34,256	$	(5,984	)
U.S. government agency securities		—		—			5,291		(969	)		5,291		(969	)
Obligations of state and political subdivisions		5,117		(102	)		30,646		(3,160	)		35,763		(3,262	)
Small business association (SBA) securities		723		(1	)		—		—			723		(1	)
	$	8,698	$	(117	)	$	67,335	$	(10,099	)	$	76,033	$	(10,216	)

Summary of securities available-for-sale by contractual maturity

The amortized cost and fair value of securities available-for-sale at June 30, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties:

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	1,814	$	1,809
Due after one year through five years		4,794		4,633
Due after five years through ten years		38,000		34,636
Due after ten years		10,704		8,740
Mortgage-backed securities (GSEs)		86,106		79,608
Small business association (SBA) securities		2,256		2,263
	$	143,674	$	131,689