Securities (Tables)

3 Months Ended

Mar. 31, 2022

Securities

Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities

This table provides the major components of debt securities available for sale ("AFS"), held to maturity (“HTM”) and equity securities with readily determinable fair values ("equity securities") at amortized cost and estimated fair value at March 31, 2022 and December 31, 2021:

	March 31, 2022								December 31, 2021
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
(In thousands)	cost		gains		losses		fair value		cost		gains		losses		fair value
Available for sale:
U.S. Government sponsored entities	$	5,000	$	—	$	—	$	5,000	$	—	$	—	$	—	$	—
State and political subdivisions		958		1		(12)		947		996		6		(8)		994
Residential mortgage-backed securities		14,550		78		(141)		14,487		9,485		277		(13)		9,749
Corporate and other securities		58,402		74		(1,032)		57,444		45,961		164		(388)		45,737
Total debt securities available for sale	$	78,910	$	153	$	(1,185)	$	77,878	$	56,442	$	447	$	(409)	$	56,480
Held to maturity:
U.S. Government sponsored entities	$	21,000	$	—	$	(1,265)	$	19,735	$	10,000	$	—	$	(67)	$	9,933
Residential mortgage-backed securities		9,367		—		(171)		9,196		4,276		28		(8)		4,296
Total securities held to maturity	$	30,367	$	—	$	(1,436)	$	28,931	$	14,276	$	28	$	(75)	$	14,229
Equity securities:
Total equity securities	$	8,164	$	281	$	(436)	$	8,009	$	8,163	$	486	$	(83)	$	8,566

Schedule of Marketable Securities By Contractual Maturity

This table provides the remaining contractual maturities and yields of securities within the investment portfolios. The carrying value of securities at March 31, 2022 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls.

					After one through				After five through								Total carrying
	Within one year				five years				ten years				After ten years				value
(In thousands, except percentages)	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
Available for sale at fair value:
U.S. Government sponsored entities	$	—	—	%	$	—	—	%	$	—	—	%	$	5,000	—	%	$	5,000	—	%
State and political subdivisions	$	200	3.89	%	$	416	2.91	%	$	—	—	%	$	331	2.75	%	$	947	3.06	%
Residential mortgage-backed securities		12	2.26			647	2.51			511	2.48			13,317	3.17			14,487	3.11
Corporate and other securities		—	—			1,957	6.25			15,112	4.73			40,375	2.33			57,444	3.09
Total debt securities available for sale	$	212	3.80	%	$	3,020	4.99	%	$	15,623	4.65	%	$	59,023	2.32	%	$	77,878	2.90	%
Held to maturity at cost:
U.S. Government sponsored entities	$	—	—	%	$	—	—	%	$	—	—	%	$	21,000	2.97	%	$	21,000	2.97	%
Residential mortgage-backed securities		—	—			—	—			—	—			9,367	3.46			9,367	3.46
Total securities held to maturity	$	—	—	%	$	—	—	%	$	—	—	%	$	30,367	3.12	%	$	30,367	3.12	%
Equity Securities at fair value:
Total equity securities	$	—	—	%	$	—	—	%	$	—	—	%	$	8,009	2.35	%	$	8,009	2.35	%

Schedule of Marketable Securities In Unrealized Loss Position

The fair value of securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022
		Less than 12 months				12 months and greater				Total
	Total
	number in a	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands, except number in a loss position)	loss position	fair value		loss		fair value		loss		fair value		loss
Available for sale:
State and political subdivisions	2	$	546	$	(12)	$	—	$	—	$	546	$	(12)
Residential mortgage-backed securities	24	$	7,009	$	(141)	$	—	$	—	$	7,009	$	(141)
Corporate and other securities	23		33,339		(473)		8,209		(559)		41,548		(1,032)
Total temporarily impaired securities	49	$	40,894	$	(626)	$	8,209	$	(559)	$	49,103	$	(1,185)
Held to maturity:
U.S. Government sponsored entities	5	$	11,735	$	(1,265)	$	—	$	—	$	11,735	$	(1,265)
Residential mortgage-backed securities	4	$	9,196	$	(171)	$	—	$	—	$	9,196	$	(171)
Total temporarily impaired securities	9	$	20,931	$	(1,436)	$	—	$	—	$	20,931	$	(1,436)

	December 31, 2021
		Less than 12 months				12 months and greater				Total
	Total
	number in a	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands, except number in a loss position)	loss position	fair value		loss		fair value		loss		fair value		loss
Available for sale:
State and political subdivisions	1		370		(8)		—		—		370		(8)
Residential mortgage-backed securities	8		1,821		(13)		—		—		1,821		(13)
Corporate and other securities	15	$	17,281	$	(19)	$	8,394	$	(369)	$	25,675	$	(388)
Total temporarily impaired securities	24	$	19,472	$	(40)	$	8,394	$	(369)	$	27,866	$	(409)
Held to maturity:
U.S. Government sponsored entities	3	$	9,933	$	(67)	$	—	$	—	$	9,933	$	(67)
Residential mortgage-backed securities	1		823		(8)		—		—		823		(8)
Commercial mortgage-backed securities	—		—		—		—		—		—		—
Total temporarily impaired securities	4	$	10,756	$	(75)	$	—	$	—	$	10,756	$	(75)

Schedule of Realized Gains (Losses) for Marketable Securities

Gross realized gains and losses on securities for the three months ended March 31, 2022 and 2021 are detailed in the table below:

	For the three months ended March 31,
(In thousands)	2022		2021
Available for sale:
Realized gains	$	—	$	43
Realized losses		—		—
Total debt securities available for sale		—		43
Held to maturity:
Realized gains		—		—
Realized losses		—		—
Total securities held to maturity		—		—
Net gains on sales of securities	$	—	$	43

Equity Securities, Gains and Losses

The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three months ended March 31, 2022 and 2021:

	For the three months ended March 31,
(In thousands)	2022		2021
Net (losses) gains recognized during the period on equity securities	$	(557)	$	267
Net gains (losses) recognized during the period on equity securities sold during the period		—		—
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$	(557)	$	267