XML 45 R33.htm IDEA: XBRL DOCUMENT v3.23.1
Available-for-sale securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Available-for-sale Securities
At December 31, 2022 and 2021, the amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of available-for-sale securities was as follows:
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair
Value
December 31, 2022:
U. S. Government agency and mortgage-backed securities$73,480 $— $(14,434)$59,046 
Corporate bonds19,773 7 (5,125)14,655 
Subordinated notes5,000 — (398)4,602 
SBA loan pools6,791 — (1,073)5,718 
Municipal bonds561 — (62)499 
105,605 7 (21,092)84,520 
December 31, 2021:
U. S. Government agency and mortgage-backed securities$67,850 $24 $(1,245)$66,629 
Corporate bonds17,754 118 (951)16,921 
Subordinated notes4,608 35 (17)4,626 
SBA loan pools5,772 — (169)5,603 
Municipal bonds563 1 (2)562 
$96,547 $178 $(2,384)$94,341 
Schedule of Unrealized Loss on Investments
The following table presents available-for-sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position as of December 31, 2022 and 2021:
(In thousands)Less than 12 Months12 Months or MoreTotal
Fair
Value 		Unrealized
(Loss) 		Fair
Value 		Unrealized
(Loss) 		Fair
Value 		Unrealized
(Loss)
December 31, 2022:
U. S. Government agency and mortgage-backed securities$11,126 $(633)$47,920 $(13,801)$59,046 $(14,434)
Corporate bonds1,959 (64)10,934 (5,061)12,893 (5,125)
Subordinated notes4,602 (398)— — 4,602 (398)
SBA loan pools1,437 (12)4,280 (1,061)5,717 (1,073)
Municipal bonds— — 498 (62)498 (62)
$19,124 $(1,107)$63,632 $(19,985)$82,756 $(21,092)
December 31, 2021:
U. S. Government agency and mortgage-backed securities$60,606 $(1,196)$1,610 $(49)$62,216 $(1,245)
Corporate bonds15,042 (951)— — 15,042 (951)
Subordinated notes— — 1,092 (17)1,092 (17)
SBA loan pools5,603 (169)— — 5,603 (169)
Municipal bonds406 (2)— — 406 (2)
$81,657 $(2,318)$2,702 $(66)$84,359 $(2,384)
Investments Classified by Contractual Maturity Date
The following summarizes, by class and contractual maturity, the amortized cost and estimated fair value of available-for-sale debt securities held at December 31, 2022 and 2021. The mortgages underlying the mortgage-backed securities are not due at a single maturity date. Additionally, these mortgages often are and generally may be pre-paid without penalty, creating a degree of uncertainty that such investments can be held until maturity. For convenience, mortgage-backed securities have been included in the summary as a separate line item.
(In thousands)Amortized CostFair Value
Due
Within
5 years		Due After
5 years
through
10 years		Due
After
10 years		TotalDue
Within
5 years		Due After
5 years
through
10 years		Due
After
10 years		Total
December 31, 2022:
Corporate bonds$3,778 $15,995 $— $19,773 $3,721 $10,934 $— $14,655 
Subordinated notes3,000 2,000 — 5,000 2,830 1,772 — 4,602 
SBA loan pools— 1,449 5,342 6,791 — 1,438 4,280 5,718 
Municipal bonds154 407 — 561 139 360 — 499 
Available-for-sale securities with stated maturity dates6,932 19,851 5,342 32,125 6,690 14,504 4,280 25,474 
U. S. Government agency and mortgage-backed securities— 5,276 68,204 73,480 — 4,129 54,917 59,046 
$6,932 $25,127 $73,546 $105,605 $6,690 $18,633 $59,197 $84,520 
December 31, 2021:
Corporate bonds$17,754 $— $— $17,754 $16,921 $— $— $16,921 
Subordinated notes— 4,608 — 4,608 — 4,626 — 4,626 
SBA loan pools— — 5,772 5,772 — — 5,603 5,603 
Municipal bonds— 563 — 563 — 562 — 562 
Available-for-sale securities with stated maturity dates17,754 5,171 5,772 28,697 16,921 5,188 5,603 27,712 
U. S. Government agency and mortgage-backed securities13,876 — 53,974 67,850 13,835 — 52,794 66,629 
$31,630 $5,171 $59,746 $96,547 $30,756 $5,188 $58,397 $94,341