SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost of securities available for sale and their estimated fair value

The amortized cost of securities available for sale and their estimated fair values at December 31, 2021 and 2020 are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
December 31, 2021
Available for sale
U.S. Treasury Notes	$	36,933	$	4	$	(105)	$	36,832
Corporate Bonds	86,118		1,791		(290)		87,619
U.S. Government agency obligations	23,462		46		(179)		23,329
Obligations issued by U.S. states and their political subdivisions	19,172		1,152		—		20,324
Mortgage-backed securities: Residential one-to-four family	116,166		140		(1,905)		114,401
Multifamily	35,412		598		(94)		35,916
Asset-backed securities	6,538		3		(70)		6,471
Total available-for-sale	$	323,801	$	3,734	$	(2,643)	$	324,892

    

December 31, 2020
Available for sale
U.S. Treasury Notes	$	9,989	$	11	$	—	$	10,000
Corporate Bonds	57,478		1,863		—		59,341
U.S. Government agency obligations	19,787		89		(201)		19,675
Obligations issued by U.S. states and their political subdivisions	23,280		1,515		—		24,795
Mortgage-backed securities: Residential one-to-four family	71,773		951		(8)		72,716
Multifamily	56,563		1,499		(2)		58,060
Total available-for-sale	$	238,870	$	5,928	$	(211)	$	244,587

Summary of amortized cost of securities held to maturity and their estimated fair value

The amortized cost of securities held-to-maturity and their estimated fair values at December 31, 2021 and 2020, are as follows:

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
	(In thousands)
December 31, 2021
Held-to-maturity
Asset-backed securities	$	15,281	$	—	$	(373)	$	14,908
Corporate bonds	8,000		—		(59)		7,941
Total held-to-maturity	$	23,281	$	—	$	(432)	$	22,849
December 31, 2020
Held-to-maturity
Collateralized loan obligation	$	7,005	$	—	$	(26)	$	6,979
Total Held-to-maturity	$	7,005	$	—	$	(26)	$	6,979

Summary of amortized cost and fair value of debt securities shown by contractual maturity

The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately:

	December 31, 2021
	Amortized Cost		Estimated Fair Value
	(In thousands)
Available-for-sale
Due in one year or less	$	6,421	$	6,479
Due from one year to five years	87,166		87,673
Due from five to ten years	55,412		56,684
Due after ten years	16,686		17,268
Mortgage-backed and asset-backed securities	158,116		156,788
Total	$	323,801	$	324,892
Held-to-maturity
Due from one year to five years	6,071		5,947
Due from five to ten years	16,210		15,902
Due after ten years	1,000		1,000
Total	$	23,281	$	22,849

Summary of available-for-sale securities with unrealized losses

The following tables summarize available-for-sale securities with unrealized losses at December 31, 2021 and 2020, aggregated by major security type and length of time in a continuous loss position.

	Less than 12 Months				12 Months or More				Total
	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value
	(In thousands)
December 31, 2021
Available for sale
U.S. Treasury Note	$	(105)	$	16,814	$	—	$	—	$	(105)	$	16,814
Corporate Bonds	(290)		17,183		—		—		(290)		17,183
U.S. Government    agency obligations	(49)		9,951		(130)		7,980		(179)		17,931
Mortgage-backed    securities:
Residential one-to-four     family	(1,761)		104,805		(144)		3,009		(1,905)		107,814
Multifamily	—		—		(94)		910		(94)		910
Asset-backed securities	(70)		4,458		—		—		(70)		4,458
Total available-for-sale	$	(2,275)	$	153,211	$	(368)	$	11,899	$	(2,643)	$	165,110
December 31, 2020
Available for sale
U.S. Government    agency obligations	$	(54)	$	3,559	$	(147)	$	10,014	$	(201)	$	13,573
Mortgage-backed    securities:
Residential one-to-four     family	(7)		3,228		(1)		115		(8)		3,343
Multifamily	(2)		738		—		313		(2)		1,051
Total available-for-sale	$	(63)	$	7,525	$	(148)	$	10,442	$	(211)	$	17,967