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INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables) | 12 Months Ended
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Dec. 31, 2020
Investment Securities Available For Sale [Abstract] |
Schedule of Amortized Cost and Approximate Fair Value of 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 December 31, 2020 and 2019 follows:
|  | 2020 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. treasuries |  | $ | 2,613 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,613 |
U.S. government-sponsored agencies |  |  | 84,424 |  |  |  | 2 |  |  |  | (655 | ) |  |  | 83,771 |
Mortgage-backed securities-residential |  |  | 467,915 |  |  |  | 8,604 |  |  |  | (461 | ) |  |  | 476,058 |
SBA pool securities |  |  | 49,457 |  |  |  | 31 |  |  |  | (359 | ) |  |  | 49,129 |
State and political subdivisions |  |  | 7,987 |  |  |  | 102 |  |  |  | — |  |  |  | 8,089 |
Corporate bond |  |  | 3,000 |  |  |  | 29 |  |  |  | — |  |  |  | 3,029 |
Total |  | $ | 615,396 |  |  | $ | 8,768 |  |  | $ | (1,475 | ) |  | $ | 622,689 |
|  | 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 |
Schedule of Securities by Maturity | The amortized cost and fair value of investment securities available for sale as of December 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity, such as mortgage-backed securities, marketable equity securities are shown separately.
(In thousands) |  |  |  |  |  |  |  |
Maturing in: |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 5,500 |  |  | $ | 5,515 |
After one year through five years |  |  | 5,100 |  |  |  | 5,187 |
After five years through ten years |  |  | 37,473 |  |  |  | 37,177 |
After ten years |  |  | 49,951 |  |  |  | 49,623 |
|  |  | 98,024 |  |  |  | 97,502 |
Mortgage-backed securities-residential |  |  | 467,915 |  |  |  | 476,058 |
SBA pool securities |  |  | 49,457 |  |  |  | 49,129 |
Total |  | $ | 615,396 |  |  | $ | 622,689 |
Schedule of Gross Gains, Gross Losses and Net Tax Benefit | The following is a summary of the gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the years ended December 31:
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Proceeds on sales |  | $ | — |  |  | $ | — |  |  | $ | 19,542 |
Gross gains |  |  | — |  |  |  | — |  |  |  | 45 |
Gross losses |  |  | — |  |  |  | — |  |  |  | (333 | )
Net tax benefit |  |  | — |  |  |  | — |  |  |  | (68 | )
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments | The following table presents the Company’s available for sale securities with continuous unrealized losses and the approximate fair value of these investments as of December 31, 2020 and 2019.
|  | 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 |  | $ | 73,769 |  |  | $ | (655 | ) |  | $ | — |  |  | $ | — |  |  | $ | 73,769 |  |  | $ | (655 | )
Mortgage-backed securities-residential |  |  | 103,340 |  |  |  | (430 | ) |  |  | 13,914 |  |  |  | (31 | ) |  |  | 117,254 |  |  |  | (461 | )
SBA pool securities |  |  | 39,720 |  |  |  | (343 | ) |  |  | 2,095 |  |  |  | (16 | ) |  |  | 41,815 |  |  |  | (359 | )
Total |  | $ | 216,829 |  |  | $ | (1,428 | ) |  | $ | 16,009 |  |  | $ | (47 | ) |  | $ | 232,838 |  |  | $ | (1,475 | )
|  | 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 | )

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