Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities at September 30, 2022 and December 31, 2021 are summarized as follows:

	September 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,984	$	—	$	(325	)	$	2,659
Corporate Bonds		25,833		—		(2,475	)		23,358
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		45,727		—		(6,362	)		39,365
FHLMC Certificates		11,614		—		(1,821	)		9,793
FNMA Certificates		68,840		—		(12,166	)		56,674
GNMA Certificates		129		—		(1	)		128
Total available-for-sale securities	$	155,127	$	—	$	(23,150	)	$	131,977
Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000	$	—	$	(308	)	$	24,692
Corporate Bonds		80,500		—		(3,242	)		77,258
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		227,257		—		(5,184	)		222,073
FHLMC Certificates		4,146		—		(272	)		3,874
FNMA Certificates		135,178		—		(6,076	)		129,102
SBA Certificates		22,216		87		—			22,303
Total held-to-maturity securities	$	494,297	$	87	$	(15,082	)	$	479,302

(1)Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,981	$	—	$	(47	)	$	2,934
Corporate Bonds		21,243		144		(203	)		21,184
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		18,845		—		(497	)		18,348
FNMA Certificates		71,930		—		(1,231	)		70,699
GNMA Certificates		175		6		—			181
Total available-for-sale securities	$	115,174	$	150	$	(1,978	)	$	113,346
Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	—	$	(20	)	$	914
Total held-to-maturity securities	$	934	$	—	$	(20	)	$	914

(1)Comprised of FHLMC, FNMA and GNMA issued securities.

Company's Securities Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position

The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021:

	September 30, 2022
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	—	$	—		$	2,659	$	(325	)	$	2,659	$	(325	)
Corporate Bonds		17,035		(1,798	)		6,323		(677	)		23,358		(2,475	)
Mortgage-Backed
Collateralized Mortgage Obligations		26,409		(3,164	)		12,956		(3,198	)		39,365		(6,362	)
FHLMC Certificates		—		—			9,793		(1,821	)		9,793		(1,821	)
FNMA Certificates		12,341		(1,590	)		44,333		(10,576	)		56,674		(12,166	)
GNMA Certificates		128		(1	)		—		—			128		(1	)
Total available-for-sale securities	$	55,913	$	(6,553	)	$	76,064	$	(16,597	)	$	131,977	$	(23,150	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	24,692	$	(308	)	$	—	$	—		$	24,692	$	(308	)
Corporate Bonds		77,258		(3,242	)		—		—			77,258		(3,242	)
Collateralized Mortgage Obligations		222,073		(5,184	)		—		—			222,073		(5,184	)
FHLMC Certificates		3,200		(111	)		674		(161	)		3,874		(272	)
FNMA Certificates		129,102		(6,076	)		—		—			129,102		(6,076	)
Total held-to-maturity securities	$	456,325	$	(14,921	)	$	674	$	(161	)	$	456,999	$	(15,082	)

	December 31, 2021
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	(47	)	$	—	$	—		$	2,934	$	(47	)
Corporate Bonds		15,297		(203	)		—		—			15,297		(203	)
Mortgage-Backed
Collateralized Mortgage Obligations		16,034		(419	)		2,314		(78	)		18,348		(497	)
FNMA Certificates		70,699		(1,231	)		—		—			70,699		(1,231	)
Total available-for-sale securities	$	104,964	$	(1,900	)	$	2,314	$	(78	)	$	107,278	$	(1,978	)
Held-to-Maturity Securities:
FHLMC Certificates	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)
Total held-to-maturity securities	$	914	$	(20	)	$	—	$	—		$	914	$	(20	)

Summary of Maturities of Securities

The following is a summary of maturities of securities at September 30, 2022 and December 31, 2021. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.

	September 30, 2022
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,984		2,659
More than five years through ten years		—		—
		2,984		2,659
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,000		3,684
More than five years through ten years		21,833		19,674
		25,833		23,358
Mortgage-Backed Securities		126,310		105,960
Total available-for-sale securities	$	155,127	$	131,977
Held-to-Maturity Securities:
U.S. Agency Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		25,000		24,692
More than five years through ten years		—		—
		25,000		24,692
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		75,000		72,119
More than five years through ten years		5,500		5,139
		80,500		77,258
Mortgage-Backed Securities		388,797		377,352
Total held-to-maturity securities	$	494,297	$	479,302

	December 31, 2021
	Amortized		Fair
	Cost		Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		2,981		2,934
More than five years through ten years		—		—
		2,981		2,934
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
More than three months through one year		—		—
More than one year through five years		4,445		4,381
More than five years through ten years		16,798		16,803
		21,243		21,184
Mortgage-Backed Securities		90,950		89,228
Total available-for-sale securities	$	115,174	$	113,346
Held-to-Maturity Securities:
FHLMC Certificates	$	934	$	914
Total held-to-maturity securities	$	934	$	914