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Available-for-Sale Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Available-for-sale Securities
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at March 31, 2023 and December 31, 2022 are as follows:
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair
Value
March 31, 2023:
U. S. Government agency and mortgage-backed securities$81,084 $$(13,551)$67,537 
Corporate bonds18,010 — (4,348)13,662 
Subordinated notes5,000 — (479)4,521 
SBA loan pools6,487 — (982)5,505 
Municipal bonds560 — (49)511 
Total available-for-sale securities$111,141 $$(19,409)$91,736 
December 31, 2022:
U. S. Government agency and mortgage-backed securities$73,480 $— $(14,434)$59,046 
Corporate bonds19,773 (5,125)14,655 
Subordinated notes5,000 — (398)4,602 
SBA loan pools6,791 — (1,073)5,718 
Municipal bonds561 — (62)499 
Total available-for-sale securities$105,605 $$(21,092)$84,520 
Schedule of Unrealized Loss on Investments
The following table presents the 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 March 31, 2023 and December 31, 2022:
(In thousands)Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
(Loss)
Fair
Value
Unrealized
(Loss)
Fair
Value
Unrealized
(Loss)
March 31, 2023:
U. S. Government agency and mortgage-backed securities$15,559 $(560)$48,506 $(12,991)$64,065 $(13,551)
Corporate bonds1,967 (48)11,695 (4,300)13,662 (4,348)
Subordinated notes2,748 (252)1,773 (227)4,521 (479)
SBA loan pools1,355 (13)4,150 (969)5,505 (982)
Municipal bonds— — 511 (49)511 (49)
Total available-for-sale securities$21,629 $(873)$66,635 $(18,536)$88,264 $(19,409)
      
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)
Total available-for-sale securities$19,124 $(1,107)$63,632 $(19,985)$82,756 $(21,092)
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 as of March 31, 2023 and December 31, 2022. 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
March 31, 2023:
Corporate bonds$2,015  $15,995  $— $18,010 $1,967  $11,695  $— $13,662 
Subordinated notes3,000  2,000  — 5,000 2,748  1,773  — 4,521 
SBA loan pools—  1,367  5,120 6,487 —  1,355  4,150 5,505 
Municipal bonds154  406  — 560 141  370  — 511 
Available-for-sale securities with stated maturity dates5,169  19,768  5,120 30,057 4,856  15,193  4,150 24,199 
U. S. Government agency and mortgage-backed securities—  5,254  75,830 81,084 —  4,230  63,307 67,537 
Total available-for-sale securities$5,169  $25,022  $80,950 $111,141 $4,856  $19,423  $67,457 $91,736 
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 
Total available-for-sale securities$6,932  $25,127  $73,546 $105,605 $6,690  $18,633  $59,197 $84,520