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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2020
Marketable Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of 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 |
Unrealized Gain (Loss) on Investments | 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) |
Schedule of Amortized Cost and Fair Value by Contractual Maturity | 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 | %
Schedule of Available-For-Sale Securities Proceeds, Gains, and Losses | 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 |  |  | $— |
Summary of Interest Income On Available-For-Sale Investment Securities | 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 |

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