Available for Sale Securities (Tables)

12 Months Ended

Dec. 31, 2023

Available for Sale 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:

	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	25,072	$	—	$	(1,066)	$	24,006
U.S. government agency mortgage-backed securities–residential		156,523		—		(27,943)		128,580
U.S. government agency securities		24,774		—		(1,616)		23,158
Municipal securities(1)		3,163		—		(260)		2,903
Corporate bonds		14,700		—		(2,060)		12,640
Other		763		—		(65)		698
Total	$	224,995	$	—	$	(33,010)	$	191,985

	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:

	December 31, 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	$	—	$	—	$	24,006	$	(1,066)	$	24,006	$	(1,066)
U.S. government agency mortgage-backed securities-residential		—		—		128,580		(27,943)		128,580		(27,943)
U.S. government agency securities		—		—		23,158		(1,616)		23,158		(1,616)
Municipal securities		512		(18)		2,276		(242)		2,788		(260)
Corporate bonds		—		—		12,640		(2,060)		12,640		(2,060)
Other		672		(65)		—		—		672		(65)
Total	$	1,184	$	(83)	$	190,660	$	(32,927)	$	191,844	$	(33,010)

	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

The amortized cost and fair value of available for sale debt securities at December 31, 2023 and 2022, 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:

	December 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	15,449	$	15,170	$	16,923	$	16,512
After 1 but within 5 years		32,860		30,569		46,162		42,225
After 5 but within 10 years		19,400		16,968		21,689		19,572
After 10 years		—		—		—		—
Total Maturities		67,709		62,707		84,774		78,309
Mortgage-backed securities		156,523		128,580		173,926		144,534
Other		763		698		644		816
Total	$	224,995	$	191,985	$	259,344	$	223,659