Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost and estimated fair value

The following summarizes the amortized cost and fair value of securities available-for-sale at March 31, 2024 and December 31, 2023 with gross unrealized gains and losses therein:

	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
			(In thousands)
Available-for-sale
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	71,266	$	153	$	(6,578	)	$	64,841
U.S. government agency securities		11,260		—		(1,078	)		10,182
Obligations of state and political subdivisions		44,056		2		(3,378	)		40,680
Small business association (SBA) securities		2,392		5		(2	)		2,395
Total	$	128,974	$	160	$	(11,036	)	$	118,098

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
			(In thousands)
Available-for-sale
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	48,399	$	219	$	(5,984	)	$	42,634
U.S. government agency securities		6,260		—		(969	)		5,291
Obligations of state and political subdivisions		44,059		12		(3,262	)		40,809
Small business association (SBA) securities		2,617		2		(1	)		2,618
Total	$	101,335	$	233	$	(10,216	)	$	91,352

Summary of fair value of related securities available-for-sale

The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale at March 31, 2024 and December 31, 2023 are as follows:

	Less than 12 Months					More than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
						(In thousands)
March 31, 2024
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	7,494	$	(114	)	$	30,206	$	(6,464	)	$	37,700	$	(6,578	)
U.S. government agency securities		4,998		(2	)		5,184		(1,076	)		10,182		(1,078	)
Obligations of state and political subdivisions		6,788		(108	)		31,196		(3,270	)		37,984		(3,378	)
Small business association (SBA) securities		816		(2	)		—		—			816		(2	)
Total	$	20,096	$	(226	)	$	66,586	$	(10,810	)	$	86,682	$	(11,036	)

	Less than 12 Months					More than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
						(In thousands)
December 31, 2023
Mortgage-backed securities - U.S. government sponsored enterprises (GSEs)	$	2,858	$	(14	)	$	31,398	$	(5,970	)	$	34,256	$	(5,984	)
U.S. government agency securities		—		—			5,291		(969	)		5,291		(969	)
Obligations of state and political subdivisions		5,117		(102	)		30,646		(3,160	)		35,763		(3,262	)
Small business association (SBA) securities		723		(1	)		—		—			723		(1	)
	$	8,698	$	(117	)	$	67,335	$	(10,099	)	$	76,033	$	(10,216	)

Summary of securities available-for-sale by contractual maturity

The amortized cost and fair value of securities available-for-sale at March 31, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties:

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	285	$	284
Due after one year through five years		8,454		8,263
Due after five years through ten years		34,437		32,065
Due after ten years		12,140		10,250
Mortgage-backed securities (GSEs)		71,266		64,841
Small business association (SBA) securities		2,392		2,395
	$	128,974	$	118,098