Investments in Securities (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Held-to-Maturity Securities |
Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses at the dates indicated:
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Gross |
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Gross |
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Allowance |
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Amortized |
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Unrealized |
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Unrealized |
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for Credit |
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Fair |
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Held-to-maturity: |
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Cost |
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Gains |
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Losses |
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Losses |
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Value |
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(in thousands) |
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September 30, 2023 |
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Debt securities issued by U.S. government-sponsored enterprises |
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$ |
10,220 |
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$ |
— |
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$ |
(523 |
) |
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$ |
— |
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$ |
9,697 |
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Mortgage-backed securities |
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47,687 |
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1 |
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(7,368 |
) |
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— |
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40,320 |
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Corporate bonds |
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11,585 |
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— |
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(1,080 |
) |
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— |
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10,505 |
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U.S. Treasury securities |
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5,377 |
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— |
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(55 |
) |
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— |
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5,322 |
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Total held-to-maturity securities |
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$ |
74,869 |
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$ |
1 |
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$ |
(9,026 |
) |
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$ |
— |
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$ |
65,844 |
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December 31, 2022 |
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Debt securities issued by U.S. government-sponsored enterprises |
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$ |
11,213 |
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$ |
6 |
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$ |
(578 |
) |
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$ |
— |
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$ |
10,641 |
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Mortgage-backed securities |
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51,864 |
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3 |
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(6,181 |
) |
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— |
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45,686 |
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Corporate bonds |
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11,612 |
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— |
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(1,041 |
) |
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— |
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10,571 |
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U.S. Treasury securities |
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2,902 |
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— |
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(93 |
) |
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— |
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2,809 |
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Total held-to-maturity securities |
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$ |
77,591 |
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$ |
9 |
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$ |
(7,893 |
) |
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$ |
— |
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$ |
69,707 |
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| Schedule of Available-for-Sale Securities |
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Gross |
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Gross |
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Allowance |
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Amortized |
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Unrealized |
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Unrealized |
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for Credit |
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Fair |
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Available-for-sale |
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Cost |
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Gains |
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Losses |
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Losses |
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Value |
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(in thousands) |
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September 30, 2023 |
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Debt securities |
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Corporate bonds |
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$ |
5,000 |
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$ |
6 |
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$ |
— |
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$ |
— |
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$ |
5,006 |
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Total available-for-sale securities |
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$ |
5,000 |
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$ |
6 |
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$ |
— |
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$ |
— |
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$ |
5,006 |
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December 31, 2022 |
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Debt securities |
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Corporate bonds |
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$ |
4,991 |
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$ |
10 |
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$ |
— |
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$ |
— |
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$ |
5,001 |
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Total available-for-sale securities |
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$ |
4,991 |
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$ |
10 |
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$ |
— |
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$ |
— |
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$ |
5,001 |
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| Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities |
A schedule of the contractual maturities of available for sale and held to maturity securities as of September 30, 2023 is presented below:
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Available- |
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for-sale |
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Held-to-maturity |
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Fair |
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Amortized |
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Fair |
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Value |
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Cost |
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Value |
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(in thousands) |
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Within 1 year |
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$ |
5,006 |
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$ |
7,267 |
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$ |
7,183 |
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After 1 year through 5 years |
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— |
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21,672 |
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20,324 |
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After 5 years through 10 years |
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— |
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3,538 |
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3,068 |
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After 10 years |
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— |
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42,392 |
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35,269 |
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Total |
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$ |
5,006 |
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$ |
74,869 |
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$ |
65,844 |
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| Aggregate Fair Value and Unrealized Losses of Securities in a Continuous Unrealized Loss Position |
The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of September 30, 2023 and December 31, 2022:
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Less than 12 Months |
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12 Months or Longer |
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Total |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Fair |
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Unrealized |
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Value |
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Losses |
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Value |
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Losses |
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Value |
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Losses |
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(in thousands) |
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September 30, 2023 |
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Held to Maturity: |
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Debt securities issued by U.S. government-sponsored enterprises |
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$ |
2,723 |
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|
$ |
(23 |
) |
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$ |
6,974 |
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$ |
(500 |
) |
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$ |
9,697 |
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$ |
(523 |
) |
Mortgage-backed securities |
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7,442 |
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(275 |
) |
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32,748 |
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(7,093 |
) |
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40,190 |
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(7,368 |
) |
Corporate bonds |
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|
- |
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- |
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10,505 |
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(1,080 |
) |
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10,505 |
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(1,080 |
) |
U.S. Treasury securities |
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2,476 |
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(1 |
) |
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2,846 |
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(54 |
) |
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5,322 |
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(55 |
) |
Total temporarily impaired securities |
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$ |
12,641 |
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$ |
(299 |
) |
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$ |
53,073 |
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$ |
(8,727 |
) |
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$ |
65,714 |
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$ |
(9,026 |
) |
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December 31, 2022 |
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Held to Maturity: |
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Debt securities issued by U.S. government-sponsored enterprises |
|
$ |
2,847 |
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$ |
(40 |
) |
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$ |
5,046 |
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$ |
(538 |
) |
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$ |
7,893 |
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$ |
(578 |
) |
Mortgage-backed securities |
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20,795 |
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(1,294 |
) |
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24,710 |
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(4,887 |
) |
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45,505 |
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(6,181 |
) |
Corporate bonds |
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|
10,571 |
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|
(1,041 |
) |
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|
- |
|
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|
- |
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|
10,571 |
|
|
|
(1,041 |
) |
U.S. Treasury securities |
|
|
2,809 |
|
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|
(93 |
) |
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|
- |
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|
- |
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2,809 |
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(93 |
) |
Total temporarily impaired securities |
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$ |
37,022 |
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$ |
(2,468 |
) |
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$ |
29,756 |
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$ |
(5,425 |
) |
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$ |
66,778 |
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$ |
(7,893 |
) |
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