Investments (Tables)

12 Months Ended

Dec. 31, 2022

The following tables summarize the amortized cost and fair value of investments available-for-sale at December 31, 2022 and 2021, and the corresponding amounts of gross unrealized gains and losses.


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	11,800	$	—	$	(1,860)	$	9,940
Freddie Mac	13,720		—		(1,831)		11,889
Ginnie Mae	29,426		18		(1,601)		27,843
Other	34,295		—		(1,906)		32,389
Municipal bonds	36,968		17		(6,102)		30,883
U.S. Government agencies	76,718		6		(2,370)		74,354
Corporate bonds	33,000		—		(2,520)		30,480

	$	235,927	$	41	$	(18,190)	$	217,778


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	12,920	$	146	$	(88)	$	12,978
Freddie Mac	13,039		115		(330)		12,824
Ginnie Mae	23,728		105		(146)		23,687
Other	11,278		47		(61)		11,264
Municipal bonds	36,078		677		(289)		36,466
U.S. Government agencies	41,711		61		(338)		41,434
Corporate bonds	29,997		505		(207)		30,295
	$	168,751	$	1,656	$	(1,459)	$	168,948

Schedule of Available for sale Securities, Debt Maturities

The amortized cost and estimated fair value of investments available-for-sale at December 31, 2022, by expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments not due at a single maturity date, primarily mortgage‑backed investments, are shown separately.


	December 31, 2022
	Amortized Cost		Fair Value
	(In thousands)
Due within one year	$	—	$	—
Due after one year through five years	50,100		48,732
Due after five years through ten years	28,769		26,079
Due after ten years	67,817		60,906
	146,686		135,717
Mortgage-backed investments	89,241		82,061

	$	235,927	$	217,778

Gain (Loss) on Investments

Sales and other redemptions of available-for-sale investments were as follows:


	Year Ended December 31,
	2022		2021
	(In thousands)
Proceeds	$	11,088	$	20,042
Gross gains	27		104
Gross losses	—		(72)

Schedule of Available for sale Securities in Continuous Unrealized Loss positions

The following tables summarize the aggregate fair value and gross unrealized loss by length of time those investments have been continuously in an unrealized loss position at December 31, 2022 and 2021.


	December 31, 2022
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	6,710	$	(1,073)	$	3,226	$	(787)	$	9,936	$	(1,860)
Freddie Mac	4,677		(272)		6,476		(1,559)		11,153		(1,831)
Ginnie Mae	7,645		(310)		13,714		(1,291)		21,359		(1,601)
Other	27,430		(1,614)		4,959		(292)		32,389		(1,906)
Municipal bonds	7,892		(680)		20,901		(5,422)		28,793		(6,102)
U.S. Government agencies	43,664		(1,184)		30,224		(1,186)		73,888		(2,370)
Corporate bonds	17,241		(1,259)		13,239		(1,261)		30,480		(2,520)
	$	115,259	$	(6,392)	$	92,739	$	(11,798)	$	207,998	$	(18,190)


	December 31, 2021
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	6,279	$	(88)	$	—	$	—	$	6,279	$	(88)
Freddie Mac	4,709		(233)		3,214		(97)		7,923		(330)
Ginnie Mae	18,539		(146)		—		—		18,539		(146)
Other	4,815		(61)		—		—		4,815		(61)
Municipal bonds	18,805		(264)		1,059		(25)		19,864		(289)
U.S. Government agencies	10,123		(34)		21,682		(304)		31,805		(338)
Corporate bonds	985		(15)		3,809		(192)		4,794		(207)
	$	64,255	$	(841)	$	29,764	$	(618)	$	94,019	$	(1,459)