Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Available-for-sale Securities

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

	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed investments:
Fannie Mae	$	11,616	$	—	$	(2,185)	$	9,431
Freddie Mac	13,618		—		(2,216)		11,402
Ginnie Mae	28,299		—		(1,793)		26,506
Other	31,454		—		(2,169)		29,285
Municipal bonds	36,671		—		(7,341)		29,330
U.S. Government agencies	72,191		7		(1,491)		70,707
Corporate bonds	33,000		—		(4,686)		28,314
Total	$	226,849	$	7	$	(21,881)	$	204,975

	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 September 30, 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:

	September 30, 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	$	—	$	—	$	9,431	$	(2,185)	$	9,431	$	(2,185)
Freddie Mac	673		(57)		10,729		(2,159)		11,402		(2,216)
Ginnie Mae	11,547		(70)		14,959		(1,723)		26,506		(1,793)
Other	2,376		(104)		26,909		(2,065)		29,285		(2,169)
Municipal bonds	4,748		(175)		24,582		(7,166)		29,330		(7,341)
U.S. Government agencies	20		—		67,955		(1,491)		67,975		(1,491)
Corporate bonds	5,767		(233)		22,547		(4,453)		28,314		(4,686)
Total	$	25,131	$	(639)	$	177,112	$	(21,242)	$	202,243	$	(21,881)

	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 September 30, 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.

	September 30, 2023
	Amortized Cost		Fair Value
	(In thousands)
Due within one year	$	39,802	$	39,194
Due after one year through five years	10,532		10,008
Due after five years through ten years	31,036		25,882
Due after ten years	60,492		53,267
	141,862		128,351
Mortgage-backed investments	84,987		76,624
Total	$	226,849	$	204,975