Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022:

	September 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	$	17,133	$	—	$	(808)	$	16,325	$	16,961	$	—	$	(656)	$	16,305
State and political subdivisions		407		—		(45)		362		635		—		(22)		613
Residential mortgage-backed securities		15,835		28		(2,193)		13,670		17,097		32		(1,654)		15,475
Corporate and other securities		65,202		121		(3,558)		61,765		66,495		106		(3,601)		63,000
Total debt securities available for sale	$	98,577	$	149	$	(6,604)	$	92,122	$	101,188	$	138	$	(5,933)	$	95,393
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(6,096)	$	21,904	$	28,000	$	—	$	(5,310)	$	22,690
State and political subdivisions		1,158		5		(3)		1,160		1,115		67		—		1,182
Residential mortgage-backed securities		6,798		—		(2,707)		4,091		6,645		—		(1,939)		4,706
Total debt securities held to maturity	$	35,956	$	5	$	(8,806)	$	27,155	$	35,760	$	67	$	(7,249)	$	28,578

Schedule of Marketable Securities By Contractual Maturity

		Amortized		Fair
(In thousands)		Cost		Value
Available for sale:
Due in one year	$	2,133	$	2,114
Due after one year through five years		30,779		29,404
Due after five years through ten years		10,984		9,616
Due after ten years		38,846		37,318
Residential mortgage-backed securities		15,835		13,670
Total	$	98,577	$	92,122
Held to maturity:
Due in one year	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		3,000		2,819
Due after ten years		26,158		20,245
Residential mortgage-backed securities		6,798		4,091
Total	$	35,956	$	27,155

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 September 30, 2023 and December 31, 2022 are as follows:

	September 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	$	2,114	$	(19)	$	14,211	$	(789)	$	16,325	$	(808)
State and political subdivisions		—		—		362		(45)		362		(45)
Residential mortgage-backed securities		81		(3)		13,543		(2,190)		13,624		(2,193)
Corporate and other securities		4,692		(308)		54,452		(3,250)		59,144		(3,558)
Total	$	6,887	$	(330)	$	82,568	$	(6,274)	$	89,455	$	(6,604)
Held to maturity:
U.S. Government sponsored entities	$	—	$	—	$	21,904	$	(6,096)	$	21,904	$	(6,096)
State and political subdivisions		571		(3)		—		—		571		(3)
Residential mortgage-backed securities		—	$	—		4,091		(2,707)		4,091		(2,707)
Total	$	571	$	(3)	$	25,995	$	(8,803)	$	26,566	$	(8,806)

	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 nine months ended September 30, 2023 and 2022:

	For the three months ended September 30,				For the nine months ended September 30,
(In thousands)	2023		2022		2023		2022
Net unrealized losses occurring during the period on equity securities	$	(144)	$	(576)	$	(853)	$	(1,631)
Net realized gains recognized during the period on equity securities sold during the period		21		—		243		—
Net losses recognized during the reporting period on equity securities still held at the reporting date	$	(123)	$	(576)	$	(610)	$	(1,631)