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SECURITIES (Tables)

6 Months Ended

Jun. 30, 2020

SECURITIES.

Schedule of amortized cost and fair value of the available for sale and held to maturity

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at June 30, 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses, respectively:

June 30, 2020

Gross

Gross

Estimated

Amortized

Unrealized

Unrealized

Fair

(In thousands)

Cost

Gains

Losses

Value

Available for sale:

U.S. Treasury securities

$

49,999

$

—

$

—

$

49,999

State and municipal obligations

36,009

1,470

—

37,479

U.S. GSE residential mortgage-backed securities

75,298

2,489

(10)

77,777

U.S. GSE residential collateralized mortgage obligations

179,542

3,089

(80)

182,551

U.S. GSE commercial mortgage-backed securities

16,611

305

—

16,916

U.S. GSE commercial collateralized mortgage obligations

98,073

4,194

(66)

102,201

Other asset backed securities

24,250

—

(375)

23,875

Corporate bonds

49,000

50

(2,102)

46,948

Total available for sale

528,782

11,597

(2,633)

537,746

Gross

Gross

Estimated

Amortized

Unrecognized

Unrecognized

Fair

(In thousands)

Cost

Gains

Losses

Value

Held to maturity:

State and municipal obligations

26,926

1,291

—

28,217

U.S. GSE residential mortgage-backed securities

7,251

200

—

7,451

U.S. GSE residential collateralized mortgage obligations

33,800

1,286

—

35,086

U.S. GSE commercial mortgage-backed securities

16,871

704

—

17,575

U.S. GSE commercial collateralized mortgage obligations

26,459

957

—

27,416

Total held to maturity

111,307

4,438

—

115,745

Total securities

$

640,089

$

16,035

$

(2,633)

$

653,491

As of June 30, 2020, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. Additionally, the calculated allowance for credit losses on held to maturity securities was inconsequential given the high quality composition of the Company’s held to maturity portfolio and therefore no allowance for credit losses was recorded. Accrued interest receivable on securities totaling $1.9 million at June 30, 2020 was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at December 31, 2019 and the corresponding amounts of gross unrealized gains and losses therein:


		December 31, 2019
					Gross			Gross			Estimated
		Amortized			Unrealized			Unrealized			Fair
(In thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	50,833		$	—		$	(11)		$	50,822
U.S. GSE securities			5,000			—			(5)			4,995
State and municipal obligations			34,303			704			(43)			34,964
U.S. GSE residential mortgage-backed securities			84,550			609			(468)			84,691
U.S. GSE residential collateralized mortgage obligations			278,149			1,166			(1,464)			277,851
U.S. GSE commercial mortgage-backed securities			13,656			23			(70)			13,609
U.S. GSE commercial collateralized mortgage obligations			102,722			1,723			(289)			104,156
Other asset-backed securities			24,250			—			(849)			23,401
Corporate bonds			46,000			—			(2,198)			43,802
Total available for sale			639,463			4,225			(5,397)			638,291

Held to maturity:
State and municipal obligations			41,008			809			—			41,817
U.S. GSE residential mortgage-backed securities			8,142			5			(54)			8,093
U.S. GSE residential collateralized mortgage obligations			39,936			624			(62)			40,498
U.S. GSE commercial mortgage-backed securities			17,215			102			(82)			17,235
U.S. GSE commercial collateralized mortgage obligations			27,337			191			(144)			27,384
Total held to maturity			133,638			1,731			(342)			135,027
Total securities		$	773,101		$	5,956		$	(5,739)		$	773,318

Schedule of securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

The following table summarizes available for sale debt securities with gross unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2020, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

June 30, 2020

Less than 12 months

Greater than 12 months

Estimated

Gross

Estimated

Gross

Fair

Unrealized

Fair

Unrealized

(In thousands)

Value

Losses

Value

Losses

Available for sale:

U.S. Treasury securities

$

—

$

—

$

—

$

—

U.S. GSE securities

—

—

—

—

State and municipal obligations

—

—

—

—

U.S. GSE residential mortgage-backed securities

—

—

2,402

(10)

U.S. GSE residential collateralized mortgage obligations

15,989

(80)

—

—

U.S. GSE commercial mortgage-backed securities

—

—

—

—

U.S. GSE commercial collateralized mortgage obligations

20,032

(66)

—

—

Other asset backed securities

—

—

3,375

(375)

Corporate bonds

7,797

(202)

29,100

(1,900)

Total available for sale

$

43,818

$

(348)

$

34,877

$

(2,285)

The following table summarizes securities with gross unrealized losses at December 31, 2019, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:


		December 31, 2019
		Less than 12 months						Greater than 12 months
		Estimated			Gross			Estimated			Gross
		Fair			Unrealized			Fair			Unrealized
(In thousands)		Value			Losses			Value			Losses
Available for sale:
U.S. Treasury securities		$	50,822		$	(11)		$	—		$	—
U.S. GSE securities			—			—			4,995			(5)
State and municipal obligations			4,982			(42)			76			(1)
U.S. GSE residential mortgage-backed securities			2,935			(30)			39,617			(438)
U.S. GSE residential collateralized mortgage obligations			81,377			(480)			93,403			(984)
U.S. GSE commercial mortgage-backed securities			6,648			(70)			—			—
U.S. GSE commercial collateralized mortgage obligations			28,710			(145)			9,614			(144)
Other asset-backed securities			—			—			23,401			(849)
Corporate bonds			—			—			43,802			(2,198)
Total available for sale		$	175,474		$	(778)		$	214,908		$	(4,619)

Held to maturity:
State and municipal obligations		$	—		$	—		$	—		$	—
U.S. GSE residential mortgage-backed securities			—			—			7,268			(54)
U.S. GSE residential collateralized mortgage obligations			6,750			(17)			6,105			(45)
U.S. GSE commercial mortgage-backed securities			—			—			5,034			(82)
U.S. GSE commercial collateralized mortgage obligations			13,038			(57)			4,300			(87)
Total held to maturity		$	19,788		$	(74)		$	22,707		$	(268)

Schedule of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio


		June 30, 2020
		Amortized			Estimated
(In thousands)		Cost			Fair Value
Maturity
Available for sale:
Within one year		$	54,145		$	54,168
One to five years			41,972			42,698
Five to ten years			59,075			58,277
Beyond ten years			373,590			382,603
Total		$	528,782		$	537,746

Held to maturity:
Within one year		$	1,669		$	1,681
One to five years			28,229			29,329
Five to ten years			14,959			15,739
Beyond ten years			66,450			68,996
Total		$	111,307		$	115,745