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Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

The amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

		As of June 30, 2020
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises		$	22,023			$	15			$	(68	)		$	21,970
Municipal securities		11,081				390				—				11,471
Residential mortgage-backed securities - government issued		12,296				587				—				12,883
Residential mortgage-backed securities - government-sponsored enterprises		101,005				3,084				—				104,089
Commercial mortgage-backed securities - government issued		6,161				205				—				6,366
Commercial mortgage-backed securities - government-sponsored enterprises		11,854				750				—				12,604
Other securities		2,205				92				—				2,297
		$	166,625			$	5,123			$	(68	)		$	171,680

		As of December 31, 2019
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises		$	23,616			$	152			$	(10	)		$	23,758
Municipal securities		160				—				—				160
Residential mortgage-backed securities - government issued		16,119				234				(5		)		16,348
Residential mortgage-backed securities - government-sponsored enterprises		111,561				847				(406		)		112,002
Commercial mortgage-backed securities - government issued		6,705				45				(87		)		6,663
Commercial mortgage-backed securities - government-sponsored enterprises		11,953				23				(9		)		11,967
Other securities		2,205				30				—				2,235
		$	172,319			$	1,331			$	(517	)		$	173,133

Schedule of Held-to-maturity Securities

The amortized cost and fair value of securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses were as follows:

		As of June 30, 2020
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In Thousands)
Held-to-maturity:
Municipal securities		$	18,608			$	480			$	(26	)		$	19,062
Residential mortgage-backed securities - government issued		4,789				148				—				4,937
Residential mortgage-backed securities - government-sponsored enterprises		4,416				163				—				4,579
Commercial mortgage-backed securities - government-sponsored enterprises		2,013				296				—				2,309
		$	29,826			$	1,087			$	(26	)		$	30,887

		As of December 31, 2019
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In Thousands)
Held-to-maturity:
Municipal securities		$	19,727			$	335			$	(8	)		$	20,054
Residential mortgage-backed securities - government issued		5,776				19				(9		)		5,786
Residential mortgage-backed securities - government-sponsored enterprises		5,183				51				(23		)		5,211
Commercial mortgage-backed securities - government-sponsored enterprises		2,014				123				—				2,137
		$	32,700			$	528			$	(40	)		$	33,188

Investments Classified by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity at June 30, 2020 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations with or without call or prepayment penalties.

		Available-for-Sale								Held-to-Maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(In Thousands)
Due in one year or less		$	1,000			$	1,003			$	2,556			$	2,578
Due in one year through five years		8,650				8,969				12,346				12,621
Due in five through ten years		35,048				36,655				11,283				11,904
Due in over ten years		121,927				125,053				3,641				3,784
		$	166,625			$	171,680			$	29,826			$	30,887

Schedule of Unrealized Loss on Investments

A summary of unrealized loss information for securities available-for-sale, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:

		As of June 30, 2020
		Less than 12 Months								12 Months or Longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises		$	16,403			$	68			$	—			$	—			$	16,403			$	68

		As of December 31, 2019
		Less than 12 Months								12 Months or Longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In Thousands)
Available-for-sale:
U.S. government agency securities - government-sponsored enterprises		$	4,363			$	10			$	—			$	—			$	4,363			$	10
Residential mortgage-backed securities - government issued		4,619				5				—				—				4,619				5
Residential mortgage-backed securities - government-sponsored enterprises		36,972				253				11,304				153				48,276				406
Commercial mortgage-backed securities - government issued		—				—				4,727				87				4,727				87
Commercial mortgage-backed securities - government-sponsored enterprises		2,245				4				1,047				5				3,292				9
		$	48,199			$	272			$	17,078			$	245			$	65,277			$	517

A summary of unrealized loss information for securities held-to-maturity, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:

		As of June 30, 2020
		Less than 12 Months								12 Months or Longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In Thousands)
Held-to-maturity:
Municipal securities		$	479			$	26			$	—			$	—			$	479			$	26

		As of December 31, 2019
		Less than 12 Months								12 Months or Longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In Thousands)
Held-to-maturity:
Municipal securities		$	499			$	8			$	—			$	—			$	499			$	8
Residential mortgage-backed securities - government issued		—				—				1,887				9				1,887				9
Residential mortgage-backed securities - government-sponsored enterprises		1,364				5				2,144				18				3,508				23
		$	1,863			$	13			$	4,031			$	27			$	5,894			$	40

X

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27232-111563

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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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=118939692&loc=d3e27290-111563

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