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Investment Securities
3 Months Ended
Mar. 31, 2022
Investment Securities  
Investment Securities

3.    Investment Securities

The amortized cost, gross unrealized gains and losses and fair values of available for sale securities are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2022

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury securities

​

$

55,233

​

$

—

​

$

(1,765)

​

$

53,468

U.S. government agency mortgage-backed securities–residential

​

​

194,158

​

​

4

​

​

(13,953)

​

​

180,209

U.S. government agency securities

 

​

24,794

 

​

—

 

​

(1,121)

 

​

23,673

Municipal securities(1)

 

​

6,842

 

​

4

 

​

(194)

 

​

6,652

Corporate bonds

 

​

12,700

 

​

37

 

​

(342)

 

​

12,395

Other

 

​

618

 

​

22

 

​

—

 

​

640

Total

​

$

294,345

​

$

67

​

$

(17,375)

​

$

277,037

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2021

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury securities

​

$

60,273

​

$

2

​

$

(450)

​

$

59,825

U.S. government agency mortgage-backed securities–residential

​

​

179,493

​

​

344

​

​

(3,346)

​

​

176,491

U.S. government agency securities

​

​

24,800

 

​

53

 

​

(131)

 

​

24,722

Municipal securities(1)

 

​

6,858

 

​

33

 

​

(40)

 

​

6,851

Corporate bonds

​

​

11,700

 

​

117

 

​

(65)

 

​

11,752

Other

​

​

620

 

​

22

 

​

—

 

​

642

Total

​

$

283,744

​

$

571

​

$

(4,032)

​

$

280,283

(1)

The issuers of municipal securities are all within New York State.

The following table presents the fair value and unrealized losses of the Company’s available for sale securities with gross unrealized losses aggregated by the length of time the individual securities have been in a continuous unrealized loss position:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2022

​

​

Less Than 12 Months

​

12 Months or Longer

​

Total

​

​

​

​

Unrealized

​

​

​

Unrealized

​

​

​

Unrealized

​

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

U.S. Treasury securities

​

$

44,138

​

$

(1,001)

​

$

9,330

​

$

(764)

​

$

53,468

​

$

(1,765)

U.S. government agency mortgage-backed securities-residential

​

​

151,239

​

​

(11,075)

​

​

28,282

​

​

(2,878)

​

​

179,521

​

​

(13,953)

U.S. government agency securities

​

​

22,744

​

​

(1,051)

​

​

929

​

​

(70)

​

​

23,673

​

​

(1,121)

Municipal securities

​

​

3,380

​

​

(104)

​

​

1,491

​

​

(90)

​

​

4,871

​

​

(194)

Corporate bonds

​

​

8,216

​

​

(335)

​

​

393

​

​

(7)

​

​

8,609

​

​

(342)

Total

​

$

229,717

​

$

(13,566)

​

$

40,425

​

$

(3,809)

​

$

270,142

​

$

(17,375)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2021

​

​

Less Than 12 Months

​

12 Months or Longer

​

Total

​

​

​

​

Unrealized

​

​

​

Unrealized

​

​

​

Unrealized

​

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

U.S. Treasury securities

​

$

49,007

​

$

(268)

​

$

5,797

​

$

(182)

​

$

54,804

​

$

(450)

U.S. government agency mortgage-backed securities-residential

​

​

139,019

​

​

(3,035)

​

​

11,002

​

​

(311)

​

​

150,021

​

​

(3,346)

U.S. government agency securities

​

​

14,625

​

​

(131)

​

​

—

​

​

—

​

​

14,625

​

​

(131)

Municipal securities

​

​

2,469

​

​

(40)

​

​

—

​

​

—

​

​

2,469

​

​

(40)

Corporate bonds

​

​

5,885

​

​

(65)

​

​

—

​

​

—

​

​

5,885

​

​

(65)

Total

​

$

211,005

​

$

(3,539)

​

$

16,799

​

$

(493)

​

$

227,804

​

$

(4,032)

​

At March 31, 2022, the Company had 241 individual available-for-sale securities in an unrealized loss position with unrealized losses totaling $17,375 with an aggregate depreciation of 6.43% from the Company’s amortized cost.

​

Management believes that none of the unrealized losses on available for sale securities are other-than-temporary because substantially all of the unrealized losses in the Company’s investment portfolio relate to market interest rate changes on debt and mortgage-backed securities issued either directly by the government or from government sponsored enterprises. The Company does not intend to sell the securities and it is not likely that the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity; therefore, the Company did not consider those investments to be other-than-temporarily impaired at March 31, 2022.

The amortized cost and fair value of available for sale debt securities at March 31, 2022 and December 31, 2021, by contractual maturities, are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2022

​

December 31, 2021

​

    

Amortized Cost

    

Fair Value

    

Amortized Cost

    

Fair Value

Maturity:

​

​

​

​

​

​

​

​

​

​

​

​

Within 1 year

​

$

17,681

​

$

17,561

​

$

12,729

​

$

12,726

After 1 but within 5 years

 

​

59,926

 

​

57,383

 

​

67,912

 

​

67,463

After 5 but within 10 years

 

​

21,817

 

​

21,099

 

​

22,595

 

​

22,567

After 10 years

 

​

145

 

​

145

 

​

395

 

​

394

Total Maturities

 

​

99,569

 

​

96,188

 

​

103,631

 

​

103,150

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities

 

​

194,158

 

​

180,209

 

​

179,493

 

​

176,491

Other

 

​

618

 

​

640

 

​

620

 

​

642

Total

​

$

294,345

​

$

277,037

​

$

283,744

​

$

280,283

​

At March 31, 2022 and December 31, 2021, available for sale securities with a carrying value of $5,333 and $8,316, respectively, were pledged to secure Federal Home Loan Bank of New York (“FHLB”) borrowings. In addition, at March 31, 2022 and December 31, 2021, $991 and $1,054 of available for sale securities were pledged to secure borrowings at the Federal Reserve Bank of New York (“FRB”), respectively.

During the three months ended March 31, 2021, there was $2,000 in proceeds from the call of available for sale securities with no gross gains or losses realized.  There were no sales or calls of available for sale securities during the three months ended March 31, 2022.