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INVESTMENT SECURITIES AVAILABLE FOR SALE | 9 Months Ended
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Sep. 30, 2020
Investment Securities Available For Sale [Abstract] |
INVESTMENT SECURITIES AVAILABLE FOR SALE | 2. INVESTMENT SECURITIES AVAILABLE FOR SALE A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of September 30, 2020 and December 31, 2019 follows:
|  | September 30, 2020 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. treasuries |  | $ | 2,886 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2,888 |
U.S government-sponsored agencies |  |  | 79,424 |  |  |  | 62 |  |  |  | (540 | ) |  |  | 78,946 |
Mortgage-backed securities–residential |  |  | 457,597 |  |  |  | 9,114 |  |  |  | (416 | ) |  |  | 466,295 |
SBA pool securities |  |  | 37,312 |  |  |  | 17 |  |  |  | (259 | ) |  |  | 37,070 |
State and political subdivisions |  |  | 8,578 |  |  |  | 116 |  |  |  | — |  |  |  | 8,694 |
Corporate bond |  |  | 3,000 |  |  |  | 36 |  |  |  | — |  |  |  | 3,036 |
Total |  | $ | 588,797 |  |  | $ | 9,347 |  |  | $ | (1,215 | ) |  | $ | 596,929 |
|  | December 31, 2019 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government-sponsored agencies |  | $ | 34,961 |  |  | $ | 37 |  |  | $ | (214 | ) |  | $ | 34,784 |
Mortgage-backed securities–residential |  |  | 337,489 |  |  |  | 2,365 |  |  |  | (950 | ) |  |  | 338,904 |
SBA pool securities |  |  | 2,799 |  |  |  | — |  |  |  | (15 | ) |  |  | 2,784 |
State and political subdivisions |  |  | 11,175 |  |  |  | 41 |  |  |  | (1 | ) |  |  | 11,215 |
Corporate bond |  |  | 3,000 |  |  |  | 68 |  |  |  | — |  |  |  | 3,068 |
Total |  | $ | 389,424 |  |  | $ | 2,511 |  |  | $ | (1,180 | ) |  | $ | 390,755 |
The following tables present the Company’s available for sale securities in a continuous unrealized loss position and the approximate fair value of these investments as of September 30, 2020 and December 31, 2019.
|  | September 30, 2020 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S government-sponsored agencies |  | $ | 49,411 |  |  | $ | (540 | ) |  | $ | — |  |  | $ | — |  |  | $ | 49,411 |  |  | $ | (540 | )
Mortgage-backed securities-residential |  |  | 47,995 |  |  |  | (381 | ) |  |  | 15,623 |  |  |  | (35 | ) |  |  | 63,618 |  |  |  | (416 | )
SBA pool securities |  |  | 26,160 |  |  |  | (241 | ) |  |  | 2,458 |  |  |  | (18 | ) |  |  | 28,618 |  |  |  | (259 | )
Total |  | $ | 123,566 |  |  | $ | (1,162 | ) |  | $ | 18,081 |  |  | $ | (53 | ) |  | $ | 141,647 |  |  | $ | (1,215 | )
|  | December 31, 2019 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. government-sponsored agencies |  | $ | 19,758 |  |  | $ | (214 | ) |  | $ | — |  |  | $ | — |  |  | $ | 19,758 |  |  | $ | (214 | )
Mortgage-backed securities-residential |  |  | 78,982 |  |  |  | (382 | ) |  |  | 69,142 |  |  |  | (568 | ) |  |  | 148,124 |  |  |  | (950 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 2,784 |  |  |  | (15 | ) |  |  | 2,784 |  |  |  | (15 | )
State and political subdivisions |  |  | 783 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 783 |  |  |  | (1 | )
Total |  | $ | 99,523 |  |  | $ | (597 | ) |  | $ | 71,926 |  |  | $ | (583 | ) |  | $ | 171,449 |  |  | $ | (1,180 | )
Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the credit-worthiness of the issuers. As of September 30, 2020, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired. The Company has an investment in a CRA investment fund with a fair value of $15.2 million at September 30, 2020. The investment is classified as an equity security in our Consolidated Statements of Condition. This security had a gain of $323,000 for the nine months ended September 30, 2020. This amount is included in securities gains/(losses), net on the Consolidated Statements of Income.

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- Definition Disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition INVESTMENT SECURITIES AVAILABLE FOR SALE [Abstract] + References No definition available. + Details
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