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SECURITIES
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2023 and December 31, 2022 are as follows:
Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
March 31, 2023
Available-for-sale
U.S. Treasury Note$46,936 $— $(2,641)$44,295 
Corporate Bonds81,667 2 (5,147)76,522 
U.S. Government agency obligations15,792 — (881)14,911 
Obligations issued by U.S. states and their political subdivisions
16,512 114 (247)16,379 
Mortgage-backed securities:
Residential one-to-four family
161,428 — (22,110)139,318 
Multifamily
14,368 — (906)13,462 
Asset-backed securities4,524 — (328)4,196 
Total available-for-sale$341,227 $116 $(32,260)$309,083 
December 31, 2022
Available-for-sale
U.S. Treasury Note$46,937 $— $(3,178)$43,759 
Corporate Bonds81,725 4 (5,431)76,298 
U.S. Government agency obligations16,367 — (944)15,423 
Obligations issued by U.S. states and their political subdivisions
16,559 49 (340)16,268 
Mortgage-backed securities:
Residential one-to-four family
164,843 — (24,657)140,186 
Multifamily
19,475 — (1,317)18,158 
Asset-backed securities4,525 — (369)4,156 
Total available-for-sale$350,431 $53 $(36,236)$314,248 
The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2023 and December 31, 2022, are as follows:
Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated
Fair
Value
(In thousands)
March 31, 2023
Held-to-maturity
     Corporate bonds$18,600 $— $(2,365)$16,235 
     Asset-backed securities15,059 — (1,915)13,144 
Total held-to-maturity$33,659 $— $(4,280)$29,379 
December 31, 2022
Held-to-maturity
Corporate bonds$18,600 $— $(2,281)$16,319 
     Asset-backed securities15,105 — (2,309)12,796 
Total Held-to-maturity$33,705 $— $(4,590)$29,115 
At March 31, 2023, the allowance for credit losses on securities held-to-maturity totaled $187 thousand and related to the corporate bonds. The asset-backed securities are both in a AAA tranche determined by a third party. No loss is expected on these securities.
There were no sales or calls of available-for-sale securities for the three months ended March 31, 2023 and 2022. Securities pledged at both March 31, 2023 and December 31, 2022, had a carrying amount of $4.2 million and were pledged to secure public deposits as needed.
The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities on mortgage and asset-backed securities 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.
March 31, 2023
Amortized Cost (1)Estimated Fair Value
(In thousands)
Available-for-sale
Due in one year or less$35,150 $34,433 
Due from one year to five years99,964 95,028 
Due from five to ten years21,989 19,079 
Due after ten years3,804 3,567 
Mortgage-backed and asset-backed securities180,320 156,976 
Total$341,227 $309,083 
Held-to-maturity
  Due from one year to five years$6,007 $5,420 
  Due from five to ten years 27,652 23,959 
Total$33,659 $29,379 
(1) Excludes the allowance for credit losses on held-to-maturity securities at March 31, 2023.
Credit Quality Indicators
Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due.
The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at March 31, 2023.
AAAA1BBB+BBBBBB-Total
(In thousands)
Corporate bonds$— $— $1,600 $11,000 $6,000 $18,600 
Asset-backed securities9,053 6,006 — — — 15,059 
Total held-to-maturity$9,053 $6,006 $1,600 $11,000 $6,000 $33,659 
At March 31, 2023, there was one security with a value of $2.0 million with a BBB rating that had a split rating.
The following tables summarize available-for-sale securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrealized LossesEstimated
Fair Value		Unrealized LossesEstimated
Fair Value		Number of SecuritiesUnrealized LossesEstimated
Fair Value
(In thousands)
March 31, 2023
Available-for-sale
U.S. Treasury Note$— $— $(2,641)$44,295 5$(2,641)$44,295 
Corporate Bonds(977)28,718 (4,170)43,808 31(5,147)72,526 
U.S. Government agency obligations(5)656 (876)14,255 4(881)14,911 
Obligations issued by U.S. states and their political subdivisions(20)4,406 (227)2,878 8(247)7,284 
Mortgage-backed securities:— — 
Residential one-to-four family(1)54 (22,109)139,255 48(22,110)139,309 
Multifamily(15)2,298 (891)11,164 5(906)13,462 
Asset-backed securities— — (328)4,197 2(328)4,197 
Total available-for-sale$(1,018)$36,132 $(31,242)$259,852 103$(32,260)$295,984 
December 31, 2022
Available-for-sale
U.S. Treasury Note$(1,342)$28,670 $(1,836)$15,089 5$(3,178)$43,759 
Corporate Bonds(3,608)58,509 (1,823)15,522 31(5,431)74,031 
U.S. Government agency obligations(5)696 (939)14,727 5(944)15,423 
Obligations issued by U.S. states and their political subdivisions(65)5,641 (275)1,568 8(340)7,209 
Mortgage-backed securities:
Residential one-to-four family(8,273)60,986 (16,384)79,189 49(24,657)140,175 
Multifamily(1,166)17,689 (151)469 5(1,317)18,158 
Asset-backed securities— — (369)4,156 2(369)4,156 
Total available-for-sale$(14,459)$172,191 $(21,777)$130,720 105$(36,236)$302,911 
The number of available-for-sale securities in an unrealized loss position at March 31, 2023 totaled 103 compared with 105 at December 31, 2022. Of the available-for-sale securities in an unrealized loss position at March 31, 2023, 62 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. There were also eight municipal bonds, 31 investment grade corporate bonds and two asset-backed securities in an unrealized loss position. The securities experienced a decline in fair value, which is attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.
The following tables summarizes held-to-maturity securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrecognized LossesEstimated
Fair Value		Unrecognized LossesEstimated
Fair Value		Number of SecuritiesUnrecognized LossesEstimated
Fair Value
(In thousands)
March 31, 2023
Held-to-maturity
Corporate Bonds(341)4,658 (2,024)11,576 9(2,365)16,234 
Asset-backed securities— — (1,916)13,145 2(1,916)13,145 
Total held-to-maturity$(341)$4,658 $(3,940)$24,721 11$(4,281)$29,379 
December 31, 2022
Held-to-maturity
Corporate Bonds(1,177)10,423 (1,104)5,896 9(2,281)16,319 
Asset-backed securities— — (2,310)12,796 2(2,310)12,796 
Total held-to-maturity$(1,177)$10,423 $(3,414)$18,692 11$(4,591)$29,115 
The number of held-to-maturity securities in an unrecognized loss position at March 31, 2023 and December 31, 2022 totaled 11. Of the held-to-maturity securities in an unrecognized loss position at March 31, 2023, two are asset-backed securities and nine are investment grade corporate bonds. These securities experienced a decline in fair value, which is attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.