Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments available-for-sale are summarized as follows at the dates indicated:


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	11,739	$	—	$	(1,708)	$	10,031
Freddie Mac	13,684		—		(1,685)		11,999
Ginnie Mae	29,191		31		(1,469)		27,753
Other	33,548		—		(1,842)		31,706
Municipal bonds	36,868		55		(5,050)		31,873
U.S. Government agencies	75,131		6		(1,990)		73,147
Corporate bonds	33,000		—		(4,561)		28,439
Total	$	233,161	$	92	$	(18,305)	$	214,948


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

There were no holdings of investment securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2023 and December 31, 2022.

Schedule of Available for sale Securities in Continuous Unrealized Loss positions

The tables below summarize the aggregate fair value and gross unrealized loss by length of time those investment securities have been continuously in an unrealized loss position at the dates indicated:


	March 31, 2023
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	2,113	$	(30)	$	7,918	$	(1,678)	$	10,031	$	(1,708)
Freddie Mac	959		(25)		10,306		(1,660)		11,265		(1,685)
Ginnie Mae	3,148		(17)		16,208		(1,452)		19,356		(1,469)
Other	25,129		(1,424)		6,577		(418)		31,706		(1,842)
Municipal bonds	3,016		(19)		26,369		(5,031)		29,385		(5,050)
U.S. Government agencies	17,381		(329)		55,305		(1,661)		72,686		(1,990)
Corporate bonds	10,959		(1,041)		17,480		(3,520)		28,439		(4,561)
Total	$	62,705	$	(2,885)	$	140,163	$	(15,420)	$	202,868	$	(18,305)


	December 31, 2022
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross 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)
Total	$	115,259	$	(6,392)	$	92,739	$	(11,798)	$	207,998	$	(18,190)

Schedule of Available for sale Securities, Debt Maturities

The amortized cost and estimated fair value of investments available-for-sale at March 31, 2023, by contractual 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.


	March 31, 2023
	Amortized Cost		Fair Value
	(In thousands)
Due within one year	$	24,929	$	24,357
Due after one year through five years	25,248		24,737
Due after five years through ten years	30,923		25,910
Due after ten years	63,899		58,455
	144,999		133,459
Mortgage-backed investments	88,162		81,489
Total	$	233,161	$	214,948