Securities (Tables)

9 Months Ended

Sep. 30, 2022

Securities

Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities

This table provides the major components of debt securities available for sale ("AFS"), held to maturity (“HTM”) and equity securities with readily determinable fair values ("equity securities") at amortized cost and estimated fair value at September 30, 2022 and December 31, 2021:

	September 30, 2022								December 31, 2021
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
(In thousands)	cost		gains		losses		fair value		cost		gains		losses		fair value
Available for sale:
U.S. Government sponsored entities	$	17,852	$	—	$	(537)	$	17,315	$	—	$	—	$	—	$	—
State and political subdivisions		637		—		(22)		615		996		6		(8)		994
Residential mortgage-backed securities		17,713		35		(1,325)		16,423		9,485		277		(13)		9,749
Corporate and other securities		61,505		—		(3,358)		58,147		45,961		164		(388)		45,737
Total debt securities available for sale	$	97,707	$	35	$	(5,242)	$	92,500	$	56,442	$	447	$	(409)	$	56,480
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(3,950)	$	24,050	$	10,000	$	—	$	(67)	$	9,933
State and political subdivisions		1,100		29		—		1,129		—		—		—		—
Residential mortgage-backed securities		6,797		—		(1,242)		5,555		4,276		28		(8)		4,296
Total securities held to maturity	$	35,897	$	29	$	(5,192)	$	30,734	$	14,276	$	28	$	(75)	$	14,229
Equity securities:
Total equity securities	$	9,702	$	150	$	(1,378)	$	8,474	$	8,163	$	486	$	(83)	$	8,566

Schedule of Marketable Securities By Contractual Maturity

This table provides the remaining contractual maturities within the investment portfolios. The carrying value of securities at September 30, 2022 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls.

		After one through								Total carrying
		Within one year		five years		ten years		After ten years		value
(In thousands)		Amount		Amount		Amount		Amount		Amount
Available for sale at fair value:
U.S. Government sponsored entities	$	1,382	$	15,933	$	—	$	—	$	17,315
State and political subdivisions		200		160		—		255		615
Residential mortgage-backed securities		8		468		1,098		14,849		16,423
Corporate and other securities		—		4,961		14,249		38,937		58,147
Total debt securities available for sale	$	1,590	$	21,522	$	15,347	$	54,041	$	92,500
Held to maturity at cost:
U.S. Government sponsored entities	$	—	$	—	$	3,000	$	25,000	$	28,000
State and political subdivisions		—		—		—		1,100		1,100
Residential mortgage-backed securities		—		—		—		6,797		6,797
Total securities held to maturity	$	—	$	—	$	3,000	$	32,897	$	35,897

Schedule of Marketable Securities In Unrealized Loss Position

The fair value of securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2022 and December 31, 2021 are as follows:

	September 30, 2022
	Less than 12 months				12 months and greater				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	fair value		loss		fair value		loss		fair value		loss
Available for sale:
U.S. Government sponsored entities	$	15,933	$	(505)	$	1,428	$	(32)	$	17,361	$	(537)
State and political subdivisions		160		(5)		255		(17)		415		(22)
Residential mortgage-backed securities		15,763		(1,271)		437		(54)		16,200		(1,325)
Corporate and other securities		42,823		(2,153)		15,323		(1,205)		58,146		(3,358)
Total temporarily impaired securities	$	74,679	$	(3,934)	$	17,443	$	(1,308)	$	92,122	$	(5,242)
Held to maturity:
U.S. Government sponsored entities	$	20,361	$	(2,639)	$	3,689	$	(1,311)	$	24,050	$	(3,950)
Residential mortgage-backed securities		5,555	$	(1,242)		—		—		5,555		(1,242)
Total temporarily impaired securities	$	25,916	$	(3,881)	$	3,689	$	(1,311)	$	29,605	$	(5,192)

	December 31, 2021
	Less than 12 months				12 months and greater				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	fair value		loss		fair value		loss		fair value		loss
Available for sale:
State and political subdivisions	$	370	$	(8)	$	—	$	—	$	370	$	(8)
Residential mortgage-backed securities		1,821		(13)		—		—		1,821		(13)
Corporate and other securities		17,281		(19)		8,394		(369)		25,675		(388)
Total temporarily impaired securities	$	19,472	$	(40)	$	8,394	$	(369)	$	27,866	$	(409)
Held to maturity:
U.S. Government sponsored entities	$	9,933	$	(67)	$	—	$	—	$	9,933	$	(67)
Residential mortgage-backed securities		823		(8)		—		—		823		(8)
Total temporarily impaired securities	$	10,756	$	(75)	$	—	$	—	$	10,756	$	(75)

Schedule of Realized Gains (Losses) for Marketable Securities

Gross realized gains and losses on debt securities for the three and nine months ended September 30, 2022 and 2021 are detailed below:

Equity Securities, Gains and Losses

The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2022 and 2021:

	For the three months ended September 30,				For the nine months ended September 30,
(In thousands)	2022		2021		2022		2021
Net unrealized (losses) gains recognized during the period on equity securities	$	(576)	$	198	$	(1,631)	$	488
Net gains recognized during the period on equity securities sold during the period		—		4		—		4
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$	(576)	$	202	$	(1,631)	$	492