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v3.20.2

SECURITIES (Tables) | 9 Months Ended
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Sep. 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 September 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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Available for sale: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and municipal obligations | ​ | $ | 34,874 |  | $ | 1,639 | ​ | $ | (9) |  | $ | 36,504
U.S. GSE residential mortgage-backed securities | ​ |  | 117,323 |  | ​ | 1,595 | ​ |  | (42) |  | ​ | 118,876
U.S. GSE residential collateralized mortgage obligations | ​ |  | 159,501 |  | ​ | 2,156 | ​ |  | (75) |  | ​ | 161,582
U.S. GSE commercial mortgage-backed securities | ​ |  | 13,179 |  | ​ | 189 | ​ |  | — |  | ​ | 13,368
U.S. GSE commercial collateralized mortgage obligations | ​ |  | 63,464 |  | ​ | 1,386 | ​ |  | (58) |  | ​ | 64,792
Other asset backed securities | ​ |  | 24,250 |  | ​ | — | ​ |  | (356) |  | ​ | 23,894
Corporate bonds | ​ |  | 49,000 |  | ​ | — | ​ |  | (1,935) |  | ​ | 47,065
Total available for sale | ​ |  | 461,591 |  | ​ | 6,965 | ​ |  | (2,475) |  | ​ | 466,081
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
(In thousands) |  | Cost |  | Gains |  | Losses |  | Value
Held to maturity: | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
State and municipal obligations | ​ |  | 26,886 |  | ​ | 1,497 | ​ |  | (9) |  | ​ | 28,374
U.S. GSE residential mortgage-backed securities | ​ |  | 6,822 |  | ​ | 229 | ​ |  | — |  | ​ | 7,051
U.S. GSE residential collateralized mortgage obligations | ​ |  | 25,413 |  | ​ | 671 | ​ |  | — |  | ​ | 26,084
U.S. GSE commercial mortgage-backed securities | ​ |  | 16,742 |  | ​ | 695 | ​ |  | — |  | ​ | 17,437
U.S. GSE commercial collateralized mortgage obligations | ​ |  | 25,071 |  | ​ | 894 | ​ |  | — |  | ​ | 25,965
Total held to maturity | ​ |  | 100,934 |  | ​ | 3,986 | ​ |  | (9) |  | ​ | 104,911
Total securities | ​ | $ | 562,525 | ​ | $ | 10,951 | ​ | $ | (2,484) | ​ | $ | 570,992
​ As of September 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 $1.8 million at September 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 September 30, 2020, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and municipal obligations | ​ | $ | 1,513 |  | $ | (9) | ​ | $ | — |  | $ | —
U.S. GSE residential mortgage-backed securities | ​ |  | 50,124 |  | ​ | (36) | ​ |  | 154 |  | ​ | (6)
U.S. GSE residential collateralized mortgage obligations | ​ |  | 22,831 |  | ​ | (75) | ​ |  | — |  | ​ | —
U.S. GSE commercial collateralized mortgage obligations | ​ |  | 17,575 |  | ​ | (58) | ​ |  | — |  | ​ | —
Other asset backed securities | ​ |  | — |  | ​ | — | ​ |  | 3,394 |  | ​ | (356)
Corporate bonds | ​ |  | 12,805 |  | ​ | (194) | ​ |  | 29,259 |  | ​ | (1,741)
Total available for sale | ​ | $ | 104,848 |  | $ | (372) | ​ | $ | 32,807 |  | $ | (2,103)
​ 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: | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ | ​ | Amortized | ​ | Estimated
(In thousands) |  | Cost |  | Fair Value
Maturity | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​
Within one year |  | $ | 4,133 |  | $ | 4,138
One to five years | ​ | ​ | 46,363 | ​ | ​ | 46,402
Five to ten years | ​ | ​ | 43,556 | ​ | ​ | 43,457
Beyond ten years | ​ | ​ | 367,539 | ​ | ​ | 372,084
Total |  | $ | 461,591 |  | $ | 466,081
​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​
Within one year |  | $ | 1,670 |  | $ | 1,676
One to five years | ​ | ​ | 28,305 | ​ | ​ | 29,522
Five to ten years | ​ | ​ | 14,216 | ​ | ​ | 15,081
Beyond ten years | ​ | ​ | 56,743 | ​ | ​ | 58,632
Total |  | $ | 100,934 |  | $ | 104,911

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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