Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale

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

	June 30, 2023
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
US government agency securities	$	2,000	$	—	$	(19	)	$	1,981
Small Business Administration loan pools		726		—		(15	)		711
Obligations of state and political subdivisions		45,651		7		(3,728	)		41,930
Mortgage-backed securities in government-sponsored entities		42,946		—		(3,948	)		38,998
	$	91,323	$	7	$	(7,710	)	$	83,620
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair  Value		Allowance for Credit Losses
Held to Maturity:
Corporate debentures	$	15,000	$	—	$	(1,782	)	$	13,218	$	586
Structured mortgage-backed securities		23,806		—		(966	)		22,840		—
	$	38,806	$	—	$	(2,748	)	$	36,058	$	586
	December 31, 2022
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
Small Business Administration loan pools	$	858	$	—	$	(15	)	$	843
Obligations of state and political subdivisions		44,189		14		(4,034	)		40,169
Mortgage-backed securities in government-sponsored entities		41,873		—		(4,072	)		37,801
	$	86,920	$	14	$	(8,121	)	$	78,813
Held to Maturity:
Corporate debentures	$	14,993	$	—	$	(994	)	$	13,999
Structured mortgage-backed securities		16,829		—		(748	)		16,081
	$	31,822	$	—	$	(1,742	)	$	30,080

Summary of Debt Securities in Unrealized Loss position for Which Allowance for Credit Losses Not Recorded

The following tables summarize the Company's debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.

	June 30, 2023
	Less Than Twelve Months					Twelve Months or Greater					Total
(In Thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Available for Sale:
US Government Agency Securities	$	1,981	$	(19	)	$	—	$	—		$	1,981	$	(19	)
Small Business Administration loan pools		—		—			711		(15	)		711		(15	)
Obligations of state and political subdivisions		4,008		(139	)		27,946		(3,589	)		31,954		(3,728	)
Mortgage-backed securities in government-sponsored entities		47		(1	)		38,951		(3,947	)		38,998		(3,948	)
	$	6,036	$	(159	)	$	67,608	$	(7,551	)	$	73,644	$	(7,710	)
Held to Maturity:
Corporate debentures	$	7,234	$	(765	)	$	5,983	$	(1,017	)	$	13,217	$	(1,782	)
Structured mortgage-backed securities		5,708		(52	)		17,132		(914	)		22,840		(966	)
	$	12,942	$	(817	)	$	23,115	$	(1,931	)	$	36,057	$	(2,748	)
	December 31, 2022
	Less Than Twelve Months					Twelve Months or Greater					Total
(In Thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Available for Sale:
Small Business Administration loan pools	$	334	$	(1	)	$	509	$	(14	)	$	843	$	(15	)
Obligations of state and political subdivisions		34,836		(3,372	)		2,559		(662	)		37,395		(4,034	)
Mortgage-backed securities in government-sponsored entities		18,052		(1,538	)		19,749		(2,534	)		37,801		(4,072	)
	$	53,222	$	(4,911	)	$	22,817	$	(3,210	)	$	76,039	$	(8,121	)
Held to Maturity
Corporate debentures	$	13,999	$	(994	)	$	—	$	—		$	13,999	$	(994	)
Structured mortgage-backed securities		16,081		(748	)		—		—			16,081		(748	)
	$	30,080	$	(1,742	)	$	—	$	—		$	30,080	$	(1,742	)

No allowance for credit losses on available for sale debt securities was needed at June 30, 2023.

Summary of Amortized Cost and Fair Value by Contractual Maturity

As of June 30, 2023, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.

	Available for Sale Securities				Held to Maturity Securities
(In Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	300	$	296	$	—	$	—
Due after one year through five years		7,684		7,506		6,000		5,696
Due after five years through ten years		14,908		14,027		9,000		7,522
Due after ten years		25,485		22,793		—		—
Mortgage-backed securities and Collateralized mortgage obligations		42,946		38,998		23,806		22,840
	$	91,323	$	83,620	$	38,806	$	36,058

Schedule of Realized Gain (Loss)

The following table summarizes sales of debt securities for the six months ended June 30, 2023 and 2022. There were no sales of debt securities for the three months ended June 30, 2023 and 2022.

(In Thousands)	For the Six Months Ended June 30,
	2023			2022
Proceeds	$	1,847		$	513
Gross gains		—			13
Gross losses		2,370			—
Net (loss) gain	$	(2,370	)	$	13