Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024
			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	20,834	$	6	$	(184)	$	20,656
U.S. government agency mortgage-backed securities–residential		122,971		—		(11,745)		111,226
U.S. government agency securities		22,014		—		(771)		21,243
Municipal securities(1)		2,718		—		(190)		2,528
Corporate bonds		14,429		—		(1,631)		12,798
Other		776		—		(93)		683
Total	$	183,742	$	6	$	(14,614)	$	169,134

	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

⁽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, 2024
	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	$	5,032	$	(6)	$	5,822	$	(178)	$	10,854	$	(184)
U.S. government agency mortgage-backed securities-residential		41,687		(245)		69,539		(11,500)		111,226		(11,745)
U.S. government agency securities		—		—		21,243		(771)		21,243		(771)
Municipal securities		—		—		2,529		(190)		2,529		(190)
Corporate bonds		—		—		12,798		(1,631)		12,798		(1,631)
Other		—		—		658		(93)		658		(93)
Total	$	46,719	$	(251)	$	112,589	$	(14,363)	$	159,308	$	(14,614)

	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)

Schedule of maturities of debt securities

The amortized cost and fair value of available for sale debt securities at September 30, 2024 and December 31, 2023, 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:

	September 30, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity:
Within 1 year	$	23,306	$	22,960	$	15,449	$	15,170
After 1 but within 5 years		22,383		21,669		32,860		30,569
After 5 but within 10 years		14,306		12,596		19,400		16,968
After 10 years		—		—		—		—
Total Maturities		59,995		57,225		67,709		62,707
Mortgage-backed securities		122,971		111,226		156,523		128,580
Other		776		683		763		698
Total	$	183,742	$	169,134	$	224,995	$	191,985