Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investment Securities

Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale securities

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

	June 30, 2022
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	40,224	$	—	$	(1,966)	$	38,258
U.S. government agency mortgage-backed securities–residential		185,427		—		(20,221)		165,206
U.S. government agency securities		24,791		—		(1,489)		23,302
Municipal securities(1)		5,146		—		(264)		4,882
Corporate bonds		13,700		10		(577)		13,133
Other		642		205		—		847
Total	$	269,930	$	215	$	(24,517)	$	245,628

	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.

Schedule of gross unrealized losses and fair value, securities in continuous unrealized loss position

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:

	June 30, 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	$	24,176	$	(956)	$	14,082	$	(1,010)	$	38,258	$	(1,966)
U.S. government agency mortgage-backed securities-residential		128,642		(14,543)		36,564		(5,678)		165,206		(20,221)
U.S. government agency securities		22,403		(1,388)		899		(101)		23,302		(1,489)
Municipal securities		2,992		(147)		1,214		(117)		4,206		(264)
Corporate bonds		10,731		(568)		391		(9)		11,122		(577)
Total	$	188,944	$	(17,602)	$	53,150	$	(6,915)	$	242,094	$	(24,517)

	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)

Schedule of maturities of debt securities

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:

	June 30, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	6,945	$	6,825	$	12,729	$	12,726
After 1 but within 5 years		56,211		52,954		67,912		67,463
After 5 but within 10 years		20,560		19,651		22,595		22,567
After 10 years		145		145		395		394
Total Maturities		83,861		79,575		103,631		103,150
Mortgage-backed securities		185,427		165,206		179,493		176,491
Other		642		847		620		642
Total	$	269,930	$	245,628	$	283,744	$	280,283