XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2020
Marketable Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and estimated fair values of investment securities at the periods indicated are presented below:
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2020 |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $155,971 |  |  | $1,629 |  |  | ($48) |  |  | $157,552 |
Municipal securities | 2,295 |  |  | 41 |  |  | — |  |  | 2,336 |
Corporate bonds | 26,750 |  |  | 465 |  |  | — |  |  | 27,215 |
Collateralized loan obligations | 28,526 |  |  | 7 |  |  | (267) |  |  | 28,266 |
Total securities available for sale | $213,542 |  |  | $2,142 |  |  | ($315) |  |  | $215,369 |
December 31, 2019 |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $210,756 |  |  | $1,133 |  |  | ($37) |  |  | $211,852 |
Municipal securities | 3,288 |  |  | 9 |  |  | — |  |  | 3,297 |
Corporate bonds | 34,764 |  |  | 302 |  |  | — |  |  | 35,066 |
Collateralized loan obligations | 25,980 |  |  | — |  |  | (57) |  |  | 25,923 |
Total securities available for sale | $274,788 |  |  | $1,444 |  |  | ($94) |  |  | $276,138 |
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019 were as follows:
| Less Than 12 Months | More Than 12 Months | Total
(In Thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
September 30, 2020: |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $36,286 |  | ($48) |  | $— |  | $— |  | $36,286 |  | ($48) |
Collateralized loan obligations | 21,812 |  | (223) |  | 2,947 |  | (44) |  | 24,759 |  | (267) |
Total | $58,098 |  | ($271) |  | $2,947 |  | ($44) |  | $61,045 |  | ($315) |
December 31, 2019: |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $39,797 |  | ($33) |  | $2,996 |  | ($4) |  | $42,793 |  | ($37) |
Collateralized loan obligations | 14,972 |  | (17) |  | 7,951 |  | (40) |  | 22,923 |  | (57) |
Total | $54,769 |  | ($50) |  | $10,947 |  | ($44) |  | $65,716 |  | ($94) |
The unrealized losses on investments in U.S. treasury and government sponsored entities and collateralized loan obligations in both periods were caused by changes in interest rates. At September 30, 2020 and December 31, 2019, there were 11 and 8 available-for-sale securities with unrealized losses that have been in a loss position for less than twelve months, respectively. There were 1 and 3 securities as of September 30, 2020 and December 31, 2019 that have been in an unrealized loss position for more than twelve months, respectively. The contractual terms of the investments in a loss position do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because it is more likely than not that the Company will hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. At September 30, 2020 and December 31, 2019, $85.0 million and $30.6 million in securities were pledged for deposits and borrowings, respectively. The amortized cost and estimated fair values of debt securities at September 30, 2020, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In Thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
US Treasury and government sponsored entities |  |  |  |  |
Within 1 year | $69,006 |  |  | $69,784 |  |  | 2.22 | %
1-5 years | 86,965 |  |  | 87,768 |  |  | 1.15 | %
Total | $155,971 |  |  | $157,552 |  |  | 1.63 | %
Corporate bonds |  |  |  |  |
1-5 years | $26,750 |  |  | $27,215 |  |  | 1.45 | %
Total | $26,750 |  |  | $27,215 |  |  | 1.45 | %
Collateralized loan obligations |  |  |  |  |
5-10 years | $5,090 |  |  | $5,053 |  |  | 1.89 | %
Over 10 years | 23,436 |  |  | 23,213 |  |  | 1.70 | %
Total | $28,526 |  |  | $28,266 |  |  | 1.73 | %
Municipal securities |  |  |  |  |
1-5 years | $2,295 |  |  | $2,336 |  |  | 3.92 | %
Total | $2,295 |  |  | $2,336 |  |  | 3.92 | %
The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the three and nine-month periods ending September 30, 2020 and 2019, are as follows:
(In Thousands) | Proceeds |  | Gross Gains |  | Gross Losses
Three Months Ended September 30, 2020 |  |  |  |  |
Available for sale securities | $— |  |  | $— |  |  | $— |
Three Months Ended September 30, 2019 |  |  |  |  |
Available for sale securities | $— |  |  | $— |  |  | $— |
Nine Months Ended September 30, 2020 |  |  |  |  |
Available for sale securities | $— |  |  | $— |  |  | $— |
Nine Months Ended September 30, 2019 |  |  |  |  |
Available for sale securities | $4,219 |  |  | $23 |  |  | $— |
A summary of interest income for the three and nine-month periods ending September 30, 2020 and 2019, on available for sale investment securities are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(In Thousands) | 2020 |  | 2019 | 2020 |  | 2019
US Treasury and government sponsored entities | $680 |  |  | $943 |  | $2,839 |  |  | $3,085 |
Other | 237 |  |  | 573 |  | 1,040 |  |  | 1,671 |
Total taxable interest income | $917 |  |  | $1,516 |  | $3,879 |  |  | $4,756 |
Municipal securities | $23 |  |  | $12 |  | $72 |  |  | $94 |
Total tax-exempt interest income | $23 |  |  | $12 |  | $72 |  |  | $94 |
Total | $940 |  |  | $1,528 |  | $3,951 |  |  | $4,850 |

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration