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Investment Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
3.
INVESTMENT SECURITIES

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

 

 

December 31, 2023

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Government Agency securities

 

$

12,711

 

 

$

279

 

 

$

(5

)

 

$

—

 

 

$

12,985

 

US Government Treasury securities

 

 

4,925

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

4,942

 

Obligations of state and political subdivisions

 

 

49,640

 

 

 

420

 

 

 

(3,015

)

 

 

—

 

 

 

47,045

 

Mortgage-backed securities in government-sponsored entities

 

 

50,795

 

 

 

515

 

 

 

(3,129

)

 

 

—

 

 

 

48,181

 

Other securities

 

 

2,301

 

 

 

49

 

 

 

(13

)

 

 

—

 

 

 

2,337

 

 

 

$

120,372

 

 

$

1,280

 

 

$

(6,162

)

 

$

—

 

 

$

115,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
 Value

 

 

Allowance for
Credit Losses

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debentures

 

$

15,000

 

 

$

—

 

 

$

(1,592

)

 

$

13,408

 

 

$

(512

)

Structured mortgage-backed securities

 

 

21,735

 

 

 

—

 

 

 

(907

)

 

 

20,828

 

 

 

—

 

 

 

$

36,735

 

 

$

—

 

 

$

(2,499

)

 

$

34,236

 

 

$

(512

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time the individual debt securities have been in a continuous unrealized loss position.

 

 

 

December 31, 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

 

$

1,995

 

 

$

(5

)

 

$

—

 

 

$

—

 

 

$

1,995

 

 

$

(5

)

Obligations of state and political subdivisions

 

 

4,836

 

 

 

(247

)

 

 

27,736

 

 

 

(2,768

)

 

 

32,572

 

 

 

(3,015

)

Mortgage-backed securities in government-sponsored entities

 

 

4,703

 

 

 

(136

)

 

 

31,249

 

 

 

(2,993

)

 

 

35,952

 

 

 

(3,129

)

Other securities

 

 

—

 

 

 

—

 

 

 

601

 

 

 

(13

)

 

 

601

 

 

 

(13

)

 

 

$

11,534

 

 

$

(388

)

 

$

59,586

 

 

$

(5,774

)

 

$

71,120

 

 

$

(6,162

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

The Company reviews its position quarterly and believes that as of December 31, 2023 and 2022, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were 164 and 175 available for sale debt securities with unrealized losses at December 31, 2023 and 2022, respectively. There were 12 and ten held-to-maturity debt securities with unrealized losses at December 31, 2023 and 2022, respectively. The Company has concluded that the unrealized losses disclosed above are not other than temporary, but are the result of interest rate changes that are not expected to result in the noncollection of principal and interest during the year.

As of December 31, 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

 

$

8,093

 

 

$

8,160

 

 

$

—

 

 

$

—

 

Due after one year through five years

 

 

12,154

 

 

 

12,186

 

 

 

6,000

 

 

 

5,795

 

Due after five years through ten years

 

 

19,812

 

 

 

19,248

 

 

 

9,000

 

 

 

7,613

 

Due after ten years

 

 

27,845

 

 

 

25,993

 

 

 

—

 

 

 

—

 

Mortgage-backed securities and Collateralized mortgage obligations

 

 

50,795

 

 

 

48,181

 

 

 

21,735

 

 

 

20,828

 

Other securities

 

 

1,673

 

 

 

1,722

 

 

 

—

 

 

 

—

 

 

 

$

120,372

 

 

$

115,490

 

 

$

36,735

 

 

$

34,236

 

 

 

The following table summarizes sales of debt securities:

 

(In Thousands)

 

For the year ended December 31,

 

 

 

2023

 

 

2022

 

 Proceeds

 $

 

91,364

 

 $

 

513

 

 Gross gains

 

 

 

—

 

 

 

 

13

 

 Gross losses

 

 

2,370

 

 

 

—

 

 Net loss

 $

 

(2,370

)

 $

 

13

 

 

The Company had pledged debt securities with a carrying value of $65,935 and $47,418 to secure public monies as of December 31, 2023 and 2022, respectively.