Securities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 are summarized as follows:

	March 31, 2024
				Gross		Gross
	Amortized			Unrealized		Unrealized
	Cost			Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,991		$	—	$	(211	)	$	2,780
Corporate Bonds		25,782			—		(2,262	)		23,520
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		38,183			—		(6,229	)		31,954
FHLMC Certificates		9,903			—		(1,424	)		8,479
FNMA Certificates		60,158			—		(10,948	)		49,210
GNMA Certificates		102			—		(1	)		101
Total available-for-sale securities	$	137,119		$	—	$	(21,075	)	$	116,044
Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000		$	—	$	(289	)	$	24,711
Corporate Bonds		82,500			—		(2,211	)		80,289
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		207,079			—		(7,468	)		199,611
FHLMC Certificates		3,819			—		(253	)		3,566
FNMA Certificates		116,085			—		(5,263	)		110,822
SBA Certificates		18,945			169		—			19,114
Allowance for Credit Losses		(473	)		—		—			—
Total held-to-maturity securities	$	452,955		$	169	$	(15,484	)	$	438,113

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

	December 31, 2023
				Gross		Gross
	Amortized			Unrealized		Unrealized
	Cost			Gains		Losses			Fair Value
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,990		$	—	$	(206	)	$	2,784
Corporate Bonds		25,790			—		(2,122	)		23,668
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		39,375			—		(6,227	)		33,148
FHLMC Certificates		10,163			—		(1,482	)		8,681
FNMA Certificates		61,359			—		(9,842	)		51,517
GNMA Certificates		104			—		—			104
Total available-for-sale securities	$	139,781		$	—	$	(19,879	)	$	119,902
Held-to-Maturity Securities:
U.S. Agency Bonds	$	25,000		$	—	$	(181	)	$	24,819
Corporate Bonds		82,500			—		(2,691	)		79,809
Mortgage-Backed Securities:
Collateralized Mortgage Obligations (1)		212,093			104		(5,170	)		207,027
FHLMC Certificates		3,897			—		(244	)		3,653
FNMA Certificates		118,944			—		(4,088	)		114,856
SBA Certificates		19,712			166		—			19,878
Allowance for Credit Losses		(398	)		—		—			—
Total held-to-maturity securities	$	461,748		$	270	$	(12,374	)	$	450,042

(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 March 31, 2024 and December 31, 2023:

	March 31, 2024
	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	$	—	$	—		$	2,780	$	(211	)	$	2,780	$	(211	)
Corporate Bonds		—		—			23,520		(2,262	)		23,520		(2,262	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—			31,954		(6,229	)		31,954		(6,229	)
FHLMC Certificates		—		—			8,479		(1,424	)		8,479		(1,424	)
FNMA Certificates		—		—			49,210		(10,948	)		49,210		(10,948	)
GNMA Certificates		—		—			101		(1	)		101		(1	)
Total available-for-sale securities	$	—	$	—		$	116,044	$	(21,075	)	$	116,044	$	(21,075	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	—	$	—		$	24,711	$	(289	)	$	24,711	$	(289	)
Corporate Bonds		3,304		(196	)		76,985		(2,015	)		80,289		(2,211	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		33,444		(423	)		166,167		(7,045	)		199,611		(7,468	)
FHLMC Certificates		—		—			3,566		(253	)		3,566		(253	)
FNMA Certificates		—		—			110,822		(5,263	)		110,822		(5,263	)
Total held-to-maturity securities	$	36,748	$	(619	)	$	382,251	$	(14,865	)	$	418,999	$	(15,484	)

	December 31, 2023
	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	$	—	$	—		$	2,784	$	(206	)	$	2,784	$	(206	)
Corporate Bonds		—		—			23,668		(2,122	)		23,668		(2,122	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		—		—			33,148		(6,227	)		33,148		(6,227	)
FHLMC Certificates		—		—			8,681		(1,482	)		8,681		(1,482	)
FNMA Certificates		—		—			51,517		(9,842	)		51,517		(9,842	)
GNMA Certificates		—		—			—		—			—		—
Total available-for-sale securities	$	—	$	—		$	119,798	$	(19,879	)	$	119,798	$	(19,879	)
Held-to-Maturity Securities:
U.S. Agency Bonds	$	—	$	—		$	24,819	$	(181	)	$	24,819	$	(181	)
Corporate Bonds		3,288		(212	)		76,521		(2,479	)		79,809		(2,691	)
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		81,875		(725	)		112,339		(4,445	)		194,214		(5,170	)
FHLMC Certificates		—		—			3,653		(244	)		3,653		(244	)
FNMA Certificates		—		—			114,856		(4,088	)		114,856		(4,088	)
Total held-to-maturity securities	$	85,163	$	(937	)	$	332,188	$	(11,437	)	$	417,351	$	(12,374	)

Summary of Maturities of Securities

The following is a summary of maturities of securities at March 31, 2024 and December 31, 2023. 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.

	March 31, 2024
	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		2,991			2,780
More than five years through ten years		—			—
		2,991			2,780
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		4,000			3,910
More than one year through five years		1,000			137
More than five years through ten years		20,782			19,473
		25,782			23,520
Mortgage-Backed Securities		108,346			89,744
Total available-for-sale securities	$	137,119		$	116,044
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			24,711
More than five years through ten years		—			—
		25,000			24,711
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		25,000			24,673
More than one year through five years		50,000			48,851
More than five years through ten years		7,500			6,765
		82,500			80,289
Mortgage-Backed Securities		345,928			333,113
Allowance for Credit Losses		(473	)		—
Total held-to-maturity securities	$	452,955		$	438,113

	December 31, 2023
	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		2,990			2,784
More than five years through ten years		—			—
		2,990			2,784
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		4,000			3,863
More than one year through five years		1,000			536
More than five years through ten years		20,790			19,269
		25,790			23,668
Mortgage-Backed Securities		111,001			93,450
Total available-for-sale securities	$	139,781		$	119,902
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			24,819
More than five years through ten years		—			—
		25,000			24,819
Corporate Bonds:
Amounts maturing:
Three months or less	$	—		$	—
More than three months through one year		25,000			24,650
More than one year through five years		50,000			48,265
More than five years through ten years		7,500			6,894
		82,500			79,809
Mortgage-Backed Securities		354,646			345,414
Allowance for Credit Losses		(398	)		—
Total held-to-maturity securities	$	461,748		$	450,042

At March 31, 2024, 20 available-for-sale securities with a fair value totaling $66.0 million and 11 held-to-maturity securities with an amortized cost totaling $136.6 million were pledged at the Federal Reserve Bank of New York ("FRBNY") as collateral for borrowing activities. At December 31, 2023, 26 available-for-sale securities with a fair value totaling $93.3 million and 17 held-to-maturity securities with an amortized cost totaling $193.3 million were pledged at the FRBNY as collateral for borrowing activities.

Schedule of Activity in Allowance for Credit Losses for Held-to-maturity Securities

The following table presents the activity in the allowance for credit losses for held-to-maturity securities:

	For the Three
	Months Ended		For the Year Ended
	March 31, 2024		December 31, 2023
Allowance for credit losses on securities at beginning of period	$	398	$	—
Impact on CECL adoption		—		662
Provision (benefit) for credit losses		75		(264	)
Allowance for credit losses on securities at end of period	$	473	$	398

At March 31, 2024 and December 31, 2023, the entire allowance for credit losses on securities was allocated to corporate bonds.