Securities (Tables)

6 Months Ended

Jun. 30, 2024

Securities

Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities

	June 30, 2024
			Gross		Gross			Allowance
	Amortized		unrealized		unrealized			for credit	Estimated
(In thousands)	cost		gains		losses			losses	fair value
Available for sale:
U.S. Government sponsored entities	$	15,000	$	—	$	(463)	$	—	$	14,537
State and political subdivisions		377		—		(31)		—		346
Residential mortgage-backed securities		14,597		26		(1,664)		—		12,959
Corporate and other securities		75,704		295		(2,831)		(1,929)		71,239
Total debt securities available for sale	$	105,678	$	321	$	(4,989)	$	(1,929)	$	99,081
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(4,736)	$	—	$	23,264
State and political subdivisions		1,203		68		—		—		1,271
Residential mortgage-backed securities		6,954		—		(2,482)		—		4,472
Total debt securities held to maturity	$	36,157	$	68	$	(7,218)	$	—	$	29,007

	December 31, 2023
			Gross		Gross			Allowance
	Amortized		unrealized		unrealized			for credit	Estimated
(In thousands)	cost		gains		losses			losses	fair value
Available for sale:
U.S. Government sponsored entities	$	16,490	$	—	$	(457)	$	—	$	16,033
State and political subdivisions		388		—		(28)		—		360
Residential mortgage-backed securities		15,473		30		(1,426)		—		14,077
Corporate and other securities		65,203		251		(2,876)		(1,283)		61,295
Total debt securities available for sale	$	97,554	$	281	$	(4,787)	$	(1,283)	$	91,765
Held to maturity:
U.S. Government sponsored entities	$	28,000	$	—	$	(4,419)	$	—	$	23,581
State and political subdivisions		1,272		90		—		—		1,362
Residential mortgage-backed securities		6,850		—		(2,137)		—		4,713
Total debt securities held to maturity	$	36,122	$	90	$	(6,556)	$	—	$	29,656

Schedule of Marketable Securities By Contractual Maturity

		Amortized		Fair
(In thousands)		Cost		Value
Available for sale:
Due in one year	$	3,285	$	3,155
Due after one year through five years		30,495		27,211
Due after five years through ten years		15,789		14,171
Due after ten years		41,512		41,585
Residential mortgage-backed securities		14,597		12,959
Total	$	105,678	$	99,081
Held to maturity:
Due in one year	$	—	$	—
Due after one year through five years		3,000		2,910
Due after five years through ten years		—		—
Due after ten years		26,203		21,625
Residential mortgage-backed securities		6,954		4,472
Total	$	36,157	$	29,007

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, 2024 and December 31, 2023 are as follows:

	June 30, 2024
	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	$	—	$	—	$	14,537	$	(463)	$	14,537	$	(463)
State and political subdivisions		—		—		346		(31)		346		(31)
Residential mortgage-backed securities		—		—		12,919		(1,664)		12,919		(1,664)
Corporate and other securities		1,998		(2)		22,878		(2,829)		24,876		(2,831)
Total	$	1,998	$	(2)	$	50,680	$	(4,987)	$	52,678	$	(4,989)
Held to maturity:
U.S. Government sponsored entities	$	—	$	—	$	23,264	$	(4,736)	$	23,264	$	(4,736)
Residential mortgage-backed securities		—	$	—		4,472		(2,482)		4,472		(2,482)
Total	$	—	$	—	$	27,736	$	(7,218)	$	27,736	$	(7,218)

	December 31, 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	$	—	$	—	$	16,033	$	(457)	$	16,033	$	(457)
State and political subdivisions		—		—		360		(28)		360		(28)
Residential mortgage-backed securities		—		—		13,949		(1,426)		13,949		(1,426)
Corporate and other securities		—		—		54,827		(2,876)		54,827		(2,876)
Total temporarily impaired AFS securities	$	—	$	—	$	85,169	$	(4,787)	$	85,169	$	(4,787)
Held to maturity:
U.S. Government sponsored entities	$	—	$	—	$	23,581	$	(4,419)	$	23,581	$	(4,419)
Residential mortgage-backed securities		—		—		4,713		(2,137)		4,713		(2,137)
Total temporarily impaired HTM securities	$	—	$	—	$	28,294	$	(6,556)	$	28,294	$	(6,556)

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, 2024 and 2023:

	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2024		2023		2024		2023
Net unrealized (losses) gains occurring during the period on equity securities	$	(21)	$	(164)	$	12	$	(709)
Net gains recognized during the period on equity securities sold during the period		41		—		62		222
Gains (losses) recognized during the reporting period on equity securities	$	20	$	(164)	$	74	$	(487)