10-Q 1 pvbc20240930d_10q.htm FORM 10-Q pvbc20240930d_10q.htm
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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to ______________________         

 

Commission File No. 001-39090

 

Provident Bancorp, Inc.

 

(Exact name of registrant as specified in its charter)

 

Maryland

 

84-4132422

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification Number)

   

5 Market Street, Amesbury, Massachusetts

 

01913

(Address of Principal Executive Offices)

 

Zip Code

 

(978) 834-8555

(Registrant’s telephone number)

 

 

N/A

 

(Former name, former address, and former fiscal year if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock

 

PVBC

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.  Yes  ☒  No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒  No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

☐

 

Accelerated Filer

☐ 

Non-accelerated Filer

☒

 

Smaller Reporting Company

☒ 

Emerging Growth Company

☐ 

   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒

 

As of November 4, 2024, there were 17,730,043 shares of the Registrant’s common stock, $0.01 par value per share, outstanding.

 
Table of Contents

 

 

Provident Bancorp, Inc.

Form 10-Q

 

Part I.

Financial Information

Page
       

Item 1.

Financial Statements

  

2
       
 

Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023

  

2
       
 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)

  

3
       
 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)

  

4
       
 

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)

  

5
       
 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited)

  

7
       
 

Notes to Consolidated Financial Statements (unaudited)

  

8
       

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operation

  

30
       

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

  

39
       

Item 4.

Controls and Procedures

  

39
       

Part II.

Other Information

  

40
       

Item 1.

Legal Proceedings

  

40
       

Item 1A.

Risk Factors

  

40
       

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

  

40
       

Item 3.

Defaults upon Senior Securities

  

40
       

Item 4.

Mine Safety Disclosures

  

40
       

Item 5.

Other Information

  

40
       

Item 6.

Exhibits

  

41
       

Signatures

    

42

 

 
Table of Contents

 

 

Part I.         Financial Information

Item 1.         Financial Statements

 

PROVIDENT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

  

At September 30, 2024

  

At December 31, 2023

 

(Dollars in thousands)

 

(unaudited)

     

Assets

        

Cash and due from banks

 $29,555  $22,200 

Short-term investments

  109,110   198,132 

Cash and cash equivalents

  138,665   220,332 

Debt securities available-for-sale (at fair value)

  27,426   28,571 

Federal Home Loan Bank stock, at cost

  3,619   4,056 

Total Loans

  1,408,592   1,342,729 

Allowance for credit losses on loans

  (21,923)  (21,571)

Net loans

  1,386,669   1,321,158 

Bank owned life insurance

  45,683   44,735 

Premises and equipment, net

  10,343   12,986 

Accrued interest receivable

  5,247   6,090 

Right-of-use assets

  3,467   3,780 

Deferred tax asset, net

  14,805   14,461 

Other assets

  12,280   14,140 

Total assets

 $1,648,204  $1,670,309 

Liabilities and Shareholders' Equity

        

Deposits:

        

Noninterest-bearing

 $318,475  $308,769 

Interest-bearing

  970,020   1,022,453 

Total deposits

  1,288,495   1,331,222 

Borrowings:

        

Short-term borrowings

  115,000   95,000 

Long-term borrowings

  9,597   9,697 

Total borrowings

  124,597   104,697 

Operating lease liabilities

  3,891   4,171 

Other liabilities

  5,063   8,317 

Total liabilities

  1,422,046   1,448,407 

Shareholders' equity:

        

Preferred stock, $0.01 par value, 50,000 shares authorized; no shares issued and outstanding

  —   — 

Common stock, $0.01 par value, 100,000,000 shares authorized; 17,730,843 and 17,677,479 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

  177   177 

Additional paid-in capital

  125,056   124,129 

Retained earnings

  108,679   106,285 

Accumulated other comprehensive loss

  (1,101)  (1,496)

Unearned compensation - ESOP

  (6,653)  (7,193)

Total shareholders' equity

  226,158   221,902 

Total liabilities and shareholders' equity

 $1,648,204  $1,670,309 

 

The accompanying notes are an integral part of the unaudited consolidated financial statements.

 

 

2
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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

    

September 30,

    

September 30,

  

(Dollars in thousands, except per share data)

  

2024

    

2023

    

2024

    

2023

  

Interest and dividend income:

                                

Interest and fees on loans

   $ 21,257     $ 19,811     $ 61,637     $ 59,469  

Interest and dividends on debt securities available-for-sale

     240       233       720       717  

Interest on short-term investments

     932       3,184       3,979       6,545  

Total interest and dividend income

     22,429       23,228       66,336       66,731  

Interest expense:

                                

Interest on deposits

     9,068       9,113       28,015       20,684  

Interest on short-term borrowings

     916       196       1,375       1,250  

Interest on long-term borrowings

     36       31       98       191  

Total interest expense

     10,020       9,340       29,488       22,125  

Net interest and dividend income

     12,409       13,888       36,848       44,606  

Credit loss expense (benefit) - loans

     1,666       (105 )     2,590       2,090  

Credit loss expense (benefit) - off-balance sheet credit exposures

     27       (51 )     (20 )     (1,534 )

Total credit loss expense (benefit)

     1,693       (156 )     2,570       556  

Net interest and dividend income after credit loss expense (benefit)

     10,716       14,044       34,278       44,050  

Noninterest income:

                                

Customer service fees on deposit accounts

     813       903       2,152       2,651  

Service charges and fees - other

     486       511       1,144       1,489  

Bank owned life insurance income

     327       284       948       822  

Other income

     82       67       343       452  

Total noninterest income

     1,708       1,765       4,587       5,414  

Noninterest expense:

                                

Salaries and employee benefits

     7,267       7,776       22,705       24,429  

Occupancy expense

     452       429       1,302       1,271  

Equipment expense

     159       148       471       443  

Deposit insurance

     334       500       988       1,146  

Data processing

     416       378       1,231       1,113  

Marketing expense

     57       203       151       447  

Professional fees

     800       1,034       3,098       3,356  

Directors' compensation

     233       178       584       542  

Software depreciation and implementation

     614       509       1,741       1,409  

Insurance expense

     303       451       907       1,353  

Service fees

     405       272       881       789  

Other

     536       837       1,846       2,379  

Total noninterest expense

     11,576       12,715       35,905       38,677  

Income before income tax expense

     848       3,094       2,960       10,787  

Income tax expense

     132       628       571       2,757  

Net income

   $ 716     $ 2,466     $ 2,389     $ 8,030  

Earnings per share:

                                

Basic

   $ 0.04     $ 0.15     $ 0.14     $ 0.48  

Diluted

     0.04     $ 0.15     $ 0.14     $ 0.48  

Weighted Average Shares:

                                

Basic

     16,748,404       16,604,886       16,708,363       16,568,331  

Diluted

     16,811,614       16,648,657       16,754,858       16,569,526  

 

The accompanying notes are an integral part of the unaudited consolidated financial statements.

 

3
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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

(In thousands)

                                

Net income

   $ 716     $ 2,466     $ 2,389     $ 8,030  

Other comprehensive income:

                                

Unrealized holding gains (losses) arising during the period on debt securities available-for-sale

     696       (644 )     514       (244 )

Unrealized gain (loss)

     696       (644 )     514       (244 )

Income tax effect

     (160 )     142       (119 )     51  

Total other comprehensive income (loss)

     536       (502 )     395       (193 )

Comprehensive income

   $ 1,252     $ 1,964     $ 2,784     $ 7,837  

 

The accompanying notes are an integral part of the unaudited consolidated financial statements.

 

4
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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

   

For the three months ended September 30, 2024 and 2023

  
                                   

Accumulated

                  
   

Shares of

            

Additional

            

Other

    

Unearned

          
   

Common

    

Common

    

Paid-in

    

Retained

    

Comprehensive

    

Compensation

          

(In thousands, except share data)

  

Stock

    

Stock

    

Capital

    

Earnings

    

(Loss) Income

    

ESOP

    

Total

  

Balance, June 30, 2024

     17,667,327     $ 177     $ 124,665     $ 107,963     $ (1,637 )   $ (6,833 )   $ 224,335  

Net income

     —       —       —       716       —       —       716  

Dividends forfeited

     —       —       —       —       —       —       —  

Other comprehensive income

     —       —       —       —       536       —       536  

Stock-based compensation expense, net of forfeitures

     —       —       345       —       —       —       345  

Restricted stock award grants, net

     63,516       —       (14 )     —       —       —       (14 )

ESOP shares earned

     —       —       60       —       —       180       240  

Balance, September 30, 2024

     17,730,843     $ 177     $ 125,056     $ 108,679     $ (1,101 )   $ (6,653 )   $ 226,158  
                                                         

Balance, June 30, 2023

     17,684,720     $ 177     $ 123,444     $ 100,894     $ (1,891 )   $ (7,552 )   $ 215,072  

Net income

     —       —       —       2,466       —       —       2,466  

Dividends forfeited

     —       —       —       1       —       —       1  

Other comprehensive loss

     —       —       —       —       (502 )     —       (502 )

Stock-based compensation expense, net of forfeitures

     —       —       329       —       —       —       329  

Restricted stock award grants, net

     (3,804 )     —       (8 )     —       —       —       (8 )

Stock options exercised, net

     1,000       —       9       —       —       —       9  

ESOP shares earned

     —       —       34       —       —       179       213  

Balance, September 30, 2023

     17,681,916     $ 177     $ 123,808     $ 103,361     $ (2,393 )   $ (7,373 )   $ 217,580  

 

5
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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)

(Unaudited)

 

   

For the nine months ended September 30, 2024 and 2023

  
                                   

Accumulated

                  
   

Shares of

            

Additional

            

Other

    

Unearned

          
   

Common

    

Common

    

Paid-in

    

Retained

    

Comprehensive

    

Compensation

          

(In thousands, except share data)

  

Stock

    

Stock

    

Capital

    

Earnings

    

(Loss) Income

    

ESOP

    

Total

  

Balance, December 31, 2023

     17,677,479     $ 177     $ 124,129     $ 106,285     $ (1,496 )   $ (7,193 )   $ 221,902  

Net income

     —       —       —       2,389       —       —       2,389  

Dividends forfeited

     —       —       —       5       —       —       5  

Other comprehensive income

     —       —       —       —       395       —       395  

Stock-based compensation expense, net of forfeitures

     —       —       868       —       —       —       868  

Restricted stock award grants, net

     40,449       —       (56 )     —       —       —       (56 )

Stock options exercised, net

     12,915       —       (18 )     —       —       —       (18 )

ESOP shares earned

     —       —       133       —       —       540       673  

Balance, September 30, 2024

     17,730,843     $ 177     $ 125,056     $ 108,679     $ (1,101 )   $ (6,653 )   $ 226,158  
                                                         

Balance, December 31, 2022

     17,669,698     $ 177     $ 122,847     $ 94,630     $ (2,200 )   $ (7,912 )   $ 207,542  

Cumulative effect of change in accounting principle

     —       —       —       696       —       —       696  

Balance at January 1, 2023 (as adjusted for change in accounting principal)

     17,669,698       177       122,847       95,326       (2,200 )     (7,912 )     208,238  

Net income

     —       —       —       8,030       —       —       8,030  

Dividends forfeited

     —       —       —       5       —       —       5  

Other comprehensive loss

     —       —       —       —       (193 )     —       (193 )

Stock-based compensation expense, net of forfeitures

     —       —       981       —       —       —       981  

Restricted stock award grants, net

     3,435       —       (31 )     —       —       —       (31 )

Stock options exercised, net

     8,783       —       (18 )     —       —       —       (18 )

ESOP shares earned

     —       —       29       —       —       539       568  

Balance, September 30, 2023

     17,681,916     $ 177     $ 123,808     $ 103,361     $ (2,393 )   $ (7,373 )   $ 217,580  

 

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PROVIDENT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Nine Months Ended

  
   

September 30,

  

(In thousands)

  

2024

    

2023

  

Cash flows from operating activities:

                

Net income

   $ 2,389     $ 8,030  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Amortization of securities premiums, net of accretion

     94       119  

ESOP expense

     673       568  

Change in deferred loan fees, net

     (701 )     (1,273 )

Provision for credit losses

     2,570       556  

Depreciation and amortization

     839       816  

Net gain on other repossessed assets

     —       (145 )

Decrease in accrued interest receivable

     843       1,012  

Deferred tax (benefit) expense

     (464 )     995  

Share-based compensation expense

     868       981  

Bank-owned life insurance income

     (948 )     (822 )

Principal repayments of operating lease obligations

     (82 )     (83 )

Net decrease in other assets

     4,116       271  

Net decrease in other liabilities

     (3,234 )     (11,049 )

Net cash provided by operating activities

     6,963       (24 )
                 

Cash flows from investing activities:

                

Proceeds from pay downs, maturities and calls of debt securities available-for-sale

     1,565       2,058  

Redemption of Federal Home Loan Bank stock

     437       659  

Loan originations net of principal collections

     (67,399 )     104,153  

Proceeds from other repossessed asset sales

     —       6,196  

Additions to premises and equipment

     (337 )     (302 )

Net cash (used in) provided by investing activities

     (65,734 )     112,764  
                 

Cash flows from financing activities:

                

Net increase (decrease) in noninterest-bearing accounts

     9,706       (134,738 )

Net (decrease) increase in interest-bearing accounts

     (52,433 )     344,881  

Net cash dividends forfeited on common stock

     5       5  

Payments from exercise of stock options, net

     (18 )     (18 )

Net change in short-term borrowings

     20,000       (28,500 )

Repayments on long-term borrowings

     (100 )     (8,599 )

Shares surrendered related to tax withholdings on restricted stock awards

     (56 )     (31 )

Net cash (used in) provided by financing activities

     (22,896 )     173,000  

Net (decrease) increase in cash and cash equivalents

     (81,667 )     285,740  

Cash and cash equivalents at beginning of period

     220,332       80,629  

Cash and cash equivalents at end of period

     138,665       366,369  
                 

Supplemental disclosures:

                

Interest paid

     29,637       22,071  

Income taxes paid

     294       161  

Transfer of premises and equipment held for sale to other assets

     2,256       —  

Reduction to right-of-use assets and related operating lease liability due to renegotiated lease terms

     198       —  

 

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PROVIDENT BANCORP, INC.

Notes to Consolidated Financial Statements

(Unaudited)

 

(1)    Basis of Presentation

 

The accompanying unaudited financial statements of Provident Bancorp, Inc. (the “Company”) were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). However, in the opinion of management, all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and nine-month periods ended  September 30, 2024 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the annual report on Form 10-K the Company filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2024.

 

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiary BankProv (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation, and 5 Market Street Security Corporation. Provident Security Corporation and 5 Market Street Security Corporation were established to buy, sell, and hold investments for their own account.
 

(2)    Corporate Structure

 

The Company is a Maryland corporation whose primary purpose is to act as the holding company for the Bank. The Bank, headquartered in Amesbury, Massachusetts, operates its business from its main office in Amesbury, Massachusetts, as well as two branch offices in the Northeastern Massachusetts area, three branch offices in Southeastern New Hampshire and one branch located in Bedford, New Hampshire. The Bank also has a loan production office in Ponte Vedra, Florida. BankProv is a Massachusetts-chartered stock savings bank that offers both traditional and innovative banking solutions to its consumer and commercial customers. The Bank’s primary deposit products are checking, savings, and term certificate accounts and its primary lending products are commercial real estate, commercial, and mortgage warehouse loans.
 

(3)    Risks and Uncertainties

 

Current Banking Environment

 

Industry events have led to a greater focus by financial institutions, investors and regulators on liquidity positions of and funding sources for financial institutions, the composition of their deposits, including the amount of uninsured deposits, the amount of accumulated other comprehensive loss, capital levels and interest rate risk management.

 

The Company believes it is well insulated on these issues due to the following considerations:

 

●

The Bank’s deposit and loan portfolios were and continue to be well-diversified;

 

●

The Bank is a member of the Depositors Insurance Fund, a private industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation limits;

 

●

We have access to multiple funding sources and sufficient capacity to borrow, if needed. As of  September 30, 2024, between the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston’s ("the FRB") borrower-in-custody (“BIC”) program, we had the ability to borrow $400.4 million, of which $124.6 million was outstanding as of that date; and

 

●

Our securities portfolio represented 1.7% of total assets as of  September 30, 2024 and the accumulated other comprehensive loss on the portfolio was $1.1 million, or 0.5% of shareholders’ equity as of that date. Management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Based on our ability to borrow, cash position and low deposit outflows there is no expected reliance on security sales to meet operational needs.
 

 

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(4)    Recent Accounting Pronouncements

  

In  December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation table and separate disclosure for reconciling items that exceed a quantitative threshold. ASU 2023-09 also requires annual disclosure of the amount of income taxes paid disaggregated by federal, state, and foreign taxes, and separately, the amount of income taxes paid disaggregated by individual taxing jurisdictions in which income taxes paid exceed a quantitative threshold. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this Accounting Standard Update with respect to its consolidated financial statements.

 

In November 2023, the Financial Accounting Standards Board issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to improve a public entity’s disclosures surrounding reportable segments. ASU 2023-07 requires public entities to: disclose significant segment expenses, on an annual and interim basis, that are provided to the chief operating decision maker (“CODM”), disclose an amount for other segment items by reportable segment including a description of its composition, disclose all annual disclosures currently required by Topic 280 in interim periods, and disclose the title and position of the CODM. The amendments in ASU 2023-07 are applicable to companies with a single reportable segment. The amended disclosures from ASU 2023-07 will be incorporated in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2024.

 
 

(5)    Debt Securities

 

Debt securities are classified as available-for-sale when they might be sold before maturity. Debt securities available-for-sale are valued at fair value, with unrealized holding gains and losses reported in other comprehensive (loss) income, net of tax.

 

The following table summarizes the amortized cost, allowance for credit losses, and fair value of debt securities available-for-sale at September 30, 2024 and  December 31, 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss:

 

  

Amortized

  

Gross

  

Gross

  

Allowance

     
  

Cost

  

Unrealized

  

Unrealized

  

for Credit

  

Fair

 

(In thousands)

 

Basis

  

Gains

  

Losses

  

Losses

  

Value

 

September 30, 2024

                    

State and municipal securities

 $11,703  $6  $399  $—  $11,310 

Asset-backed securities

  8,046   46   545   —   7,547 

Government mortgage-backed securities

  9,101   —   532   —   8,569 

Total debt securities available-for-sale

 $28,850  $52  $1,476  $—  $27,426 
                     

December 31, 2023

                    

State and municipal securities

 $11,785  $14  $399  $—  $11,400 

Asset-backed securities

  8,319   —   784   —   7,535 

Government mortgage-backed securities

  10,405   —   769   —   9,636 

Total debt securities available-for-sale

 $30,509  $14  $1,952  $—  $28,571 

 

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

 

There were no realized gains or losses on sales and calls of securities during the nine months ended September 30, 2024 or September 30, 2023.

 

Securities with carrying amounts of $7.2 million and $8.1 million were pledged to secure available borrowings with the Federal Home Loan Bank at September 30, 2024 and December 31, 2023, respectively.

 

The scheduled maturities of debt securities at September 30, 2024 are summarized in the table below. Actual maturities of asset and mortgage-backed securities may differ from contractual maturities because the assets and mortgages underlying the securities may be repaid without any penalties. Because asset- and mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary:

 

  

Available-for-Sale

 
  

Amortized

  

Fair

 

(In thousands)

 

Cost

  

Value

 

Due in one year

 $547  $546 

Due after one year through five years

  599   601 

Due after five years through ten years

  1,423   1,421 

Due after ten years

  9,134   8,742 

Government mortgage-backed securities

  9,101   8,569 

Asset-backed securities

  8,046   7,547 
  $28,850  $27,426 

 

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Table of Contents
 

At the time a debt security is placed on non-accrual status, generally when any principal or interest payments become 90 days or more delinquent or if full collection of interest or principal becomes uncertain, interest accrued but not received is reversed against interest income. There were no debt securities on non-accrual status and therefore there was no accrued interest related to debt securities reversed against interest income during the nine months ended September 30, 2024 or September 30, 2023.

 

The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or longer are as follows at September 30, 2024 and December 31, 2023:

 

  

Less than 12 Months

  

12 Months or Longer

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 

(In thousands)

 

Value