Securities (Tables)

6 Months Ended

Jun. 30, 2023

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") and held to maturity (“HTM”) at amortized cost and estimated fair value at June 30, 2023 and December 31, 2022:

	June 30, 2023								December 31, 2022
			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	$	16,978	$	—	$	(730)	$	16,248	$	16,961	$	—	$	(656)	$	16,305
State and political subdivisions		631		—		(45)		586		635		—		(22)		613
Residential mortgage-backed securities		16,270		29		(1,623)		14,676		17,097		32		(1,654)		15,475
Corporate and other securities		65,206		212		(3,962)		61,456		66,495		106		(3,601)		63,000
Total debt securities available for sale	$	99,085	$	241	$	(6,360)	$	92,966	$	101,188	$	138	$	(5,933)	$	95,393
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(4,614)	$	23,386	$	28,000	$	—	$	(5,310)	$	22,690
State and political subdivisions		1,143		55		—		1,198		1,115		67		—		1,182
Residential mortgage-backed securities		6,747		—		(2,067)		4,680		6,645		—		(1,939)		4,706
Total securities held to maturity	$	35,890	$	55	$	(6,681)	$	29,264	$	35,760	$	67	$	(7,249)	$	28,578

Schedule of Marketable Securities By Contractual Maturity

This table provides the remaining contractual maturities within the investment portfolios. The carrying value of securities at June 30, 2023 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		After five through				Total carrying
		Within one year		five years		ten years		After ten years		value
(In thousands)
Available for sale at fair value:
U.S. Government sponsored entities	$	1,949	$	14,299	$	—	$	—	$	16,248
State and political subdivisions		200		160		—		226		586
Residential mortgage-backed securities		—		513		765		13,398		14,676
Corporate and other securities		—		13,079		11,583		36,794		61,456
Total debt securities available for sale	$	2,149	$	28,051	$	12,348	$	50,418	$	92,966
Held to maturity at cost:
U.S. Government sponsored entities	$	—	$	—	$	3,000	$	25,000	$	28,000
State and political subdivisions		—		—		—		1,143		1,143
Residential mortgage-backed securities		—		—		—		6,747		6,747
Total securities held to maturity	$	—	$	—	$	3,000	$	32,890	$	35,890

Schedule of Marketable Securities In Unrealized Loss Position

The fair value of debt securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2023 and December 31, 2022 are as follows:

	June 30, 2023
	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	$	339	$	(5)	$	15,909	$	(725)	$	16,248	$	(730)
State and political subdivisions		—		—		386		(45)		386		(45)
Residential mortgage-backed securities		4,628		(221)		9,990		(1,402)		14,618		(1,623)
Corporate and other securities		7,686		(434)		52,027		(3,528)		59,713		(3,962)
Total	$	12,653	$	(660)	$	78,312	$	(5,700)	$	90,965	$	(6,360)
Held to maturity:
U.S. Government sponsored entities	$	—	$	—	$	23,386	$	(4,614)	$	23,386	$	(4,614)
Residential mortgage-backed securities		—	$	—		4,680		(2,067)		4,680		(2,067)
Total	$	—	$	—	$	28,066	$	(6,681)	$	28,066	$	(6,681)

	December 31, 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	$	15,817	$	(622)	$	1,432	$	(34)	$	17,249	$	(656)
State and political subdivisions		160		(5)		253		(17)		413		(22)
Residential mortgage-backed securities		14,023		(1,448)		1,311		(206)		15,334		(1,654)
Corporate and other securities		23,445		(966)		31,948		(2,635)		55,393		(3,601)
Total temporarily impaired AFS securities	$	53,445	$	(3,041)	$	34,944	$	(2,892)	$	88,389	$	(5,933)
Held to maturity:
U.S. Government sponsored entities	$	15,659	$	(2,341)	$	7,031	$	(2,969)	$	22,690	$	(5,310)
Residential mortgage-backed securities		4,707		(1,939)		—		—		4,707		(1,939)
Total temporarily impaired HTM securities	$	20,366	$	(4,280)	$	7,031	$	(2,969)	$	27,397	$	(7,249)

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 six months ended June 30, 2023 and 2022:

	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2023		2022		2023		2022
Net unrealized losses occurring during the period on equity securities	$	(164)	$	(498)	$	(709)	$	(1,055)
Net realized gains recognized during the period on equity securities sold during the period		—		—		222		—
Net losses recognized during the reporting period on equity securities	$	(164)	$	(498)	$	(487)	$	(1,055)