Securities (Tables)

3 Months Ended

Mar. 31, 2024

Securities

Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities

	March 31, 2024
			Gross		Gross			Allowance
	Amortized		unrealized		unrealized			for credit	Estimated
(In thousands)	cost		gains		losses			losses	fair value
Available for sale:
U.S. Government sponsored entities	$	15,749	$	—	$	(485)	$	—	$	15,264
State and political subdivisions		379		—		(29)		—		350
Residential mortgage-backed securities		15,184		29		(1,681)		—		13,532
Corporate and other securities		69,203		250		(2,634)		(1,283)		65,536
Total debt securities available for sale	$	100,515	$	279	$	(4,829)	$	(1,283)	$	94,682
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(4,656)	$	—	$	23,344
State and political subdivisions		1,187		75		—		—		1,262
Residential mortgage-backed securities		6,902		—		(2,370)		—		4,532
Total debt securities held to maturity	$	36,089	$	75	$	(7,026)	$	—	$	29,138

	December 31, 2023
			Gross		Gross			Allowance
	Amortized		unrealized		unrealized			for credit	Estimated
(In thousands)	cost		gains		losses			losses	fair value
Available for sale:
U.S. Government sponsored entities	$	16,490	$	—	$	(457)	$	—	$	16,033
State and political subdivisions		388		—		(28)		—		360
Residential mortgage-backed securities		15,473		30		(1,426)		—		14,077
Corporate and other securities		65,203		251		(2,876)		(1,283)		61,295
Total debt securities available for sale	$	97,554	$	281	$	(4,787)	$	(1,283)	$	91,765
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(4,419)	$	—	$	23,581
State and political subdivisions		1,272		90		—		—		1,362
Residential mortgage-backed securities		6,850		—		(2,137)		—		4,713
Total debt securities held to maturity	$	36,122	$	90	$	(6,556)	$	—	$	29,656

Schedule of Marketable Securities By Contractual Maturity

		Amortized		Fair
(In thousands)		Cost		Value
Available for sale:
Due in one year	$	749	$	747
Due after one year through five years		33,780		31,358
Due after five years through ten years		13,289		11,558
Due after ten years		37,513		37,487
Residential mortgage-backed securities		15,184		13,532
Total	$	100,515	$	94,682
Held to maturity:
Due in one year	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		3,000		2,897
Due after ten years		26,187		21,709
Residential mortgage-backed securities		6,902		4,532
Total	$	36,089	$	29,138

Schedule of Marketable Securities In Unrealized Loss Position

The fair value of debt securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024
	Less than 12 months				12 months and greater				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	fair value		loss		fair value		loss		fair value		loss
Available for sale:
U.S. Government sponsored entities	$	747	$	(2)	$	14,517	$	(483)	$	15,264	$	(485)
State and political subdivisions		—		—		350		(29)		350		(29)
Residential mortgage-backed securities		—		—		13,415		(1,681)		13,415		(1,681)
Corporate and other securities		4,696		(1,054)		33,526		(1,580)		38,222		(2,634)
Total	$	5,443	$	(1,056)	$	61,808	$	(3,773)	$	67,251	$	(4,829)
Held to maturity:
U.S. Government sponsored entities	$	—	$	—	$	23,344	$	(4,656)	$	23,344	$	(4,656)
Residential mortgage-backed securities		—	$	—		4,532		(2,370)		4,532		(2,370)
Total	$	—	$	—	$	27,876	$	(7,026)	$	27,876	$	(7,026)

	December 31, 2023
	Less than 12 months				12 months and greater				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	fair value		loss		fair value		loss		fair value		loss
Available for sale:
U.S. Government sponsored entities	$	—	$	—	$	16,033	$	(457)	$	16,033	$	(457)
State and political subdivisions		—		—		360		(28)		360		(28)
Residential mortgage-backed securities		—		—		13,949		(1,426)		13,949		(1,426)
Corporate and other securities		—		—		54,827		(2,876)		54,827		(2,876)
Total temporarily impaired AFS securities	$	—	$	—	$	85,169	$	(4,787)	$	85,169	$	(4,787)
Held to maturity:
U.S. Government sponsored entities	$	—	$	—	$	23,581	$	(4,419)	$	23,581	$	(4,419)
Residential mortgage-backed securities		—		—		4,713		(2,137)		4,713		(2,137)
Total temporarily impaired HTM securities	$	—	$	—	$	28,294	$	(6,556)	$	28,294	$	(6,556)

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, 2024 and 2023:

	For the three months ended March 31,
(In thousands)	2024		2023
Net unrealized gains (losses) occurring during the period on equity securities	$	33	$	(544)
Net gains recognized during the period on equity securities sold during the period		21		222
Gains (losses) recognized during the reporting period on equity securities	$	54	$	(322)