Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

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:

	September 30, 2023
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	30,099	$	—	$	(1,533)	$	28,566
U.S. government agency mortgage-backed securities–residential		160,314		—		(33,092)		127,222
U.S. government agency securities		24,777		—		(2,247)		22,530
Municipal securities(1)		3,164		—		(365)		2,799
Corporate bonds		14,700		—		(2,261)		12,439
Other		748		—		(52)		696
Total	$	233,802	$	—	$	(39,550)	$	194,252

	December 31, 2022
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	40,172	$	—	$	(2,315)	$	37,857
U.S. government agency mortgage-backed securities–residential		173,926		—		(29,392)		144,534
U.S. government agency securities		24,785		—		(2,336)		22,449
Municipal securities(1)		5,117		—		(331)		4,786
Corporate bonds		14,700		—		(1,483)		13,217
Other		644		172		—		816
Total	$	259,344	$	172	$	(35,857)	$	223,659

⁽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 tables present 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:

	September 30, 2023
	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	$	—	$	—	$	28,566	$	(1,533)	$	28,566	$	(1,533)
U.S. government agency mortgage-backed securities-residential		—		—		127,222		(33,092)		127,222		(33,092)
U.S. government agency securities		—		—		22,530		(2,247)		22,530		(2,247)
Municipal securities		487		(43)		2,197		(322)		2,684		(365)
Corporate bonds		1,250		(250)		11,189		(2,011)		12,439		(2,261)
Other		669		(52)		—		—		669		(52)
Total	$	2,406	$	(345)	$	191,704	$	(39,205)	$	194,110	$	(39,550)

	December 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	$	—	$	—	$	37,857	$	(2,315)	$	37,857	$	(2,315)
U.S. government agency mortgage-backed securities-residential		23,384		(2,711)		121,151		(26,681)		144,535		(29,392)
U.S. government agency securities		9,160		(869)		13,289		(1,467)		22,449		(2,336)
Municipal securities		1,529		(4)		3,127		(327)		4,656		(331)
Corporate bonds		6,873		(627)		5,844		(856)		12,717		(1,483)
Total	$	40,946	$	(4,211)	$	181,268	$	(31,646)	$	222,214	$	(35,857)

Schedule of maturities of debt securities

	September 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	20,470	$	19,949	$	16,923	$	16,512
After 1 but within 5 years		32,870		29,806		46,162		42,225
After 5 but within 10 years		19,400		16,579		21,689		19,572
After 10 years		—		—		—		—
Total Maturities		72,740		66,334		84,774		78,309
Mortgage-backed securities		160,314		127,222		173,926		144,534
Other		748		696		644		816
Total	$	233,802	$	194,252	$	259,344	$	223,659