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Securities (Tables)

9 Months Ended

Sep. 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 September 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						$	21,601					$	10					$	(74)					$	21,537
Municipal securities						13,520						462						(19)						13,963
Residential mortgage-backed securities - government issued						11,018						527						—						11,545
Residential mortgage-backed securities - government-sponsored enterprises						107,765						2,691						(9)						110,447
Commercial mortgage-backed securities - government issued						5,848						194						—						6,042
Commercial mortgage-backed securities - government-sponsored enterprises						12,639						811						—						13,450
Other securities						2,205						85						—						2,290
						$	174,596					$	4,780					$	(102)					$	179,274

						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 September 30, 2020
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(In Thousands)
Held-to-maturity:
Municipal securities						$	18,591					$	470					$	(21)					$	19,040
Residential mortgage-backed securities - government issued						4,121						131						—						4,252
Residential mortgage-backed securities - government-sponsored enterprises						4,173						180						—						4,353
Commercial mortgage-backed securities - government-sponsored enterprises						2,012						307						—						2,319
						$	28,897					$	1,088					$	(21)					$	29,964

						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 September 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						$	—					$	—					$	2,804					$	2,823
Due in one year through five years						8,148						8,439						12,085						12,344
Due in five through ten years						33,651						35,229						10,872						11,513
Due in over ten years						132,797						135,606						3,136						3,284
						$	174,596					$	179,274					$	28,897					$	29,964

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 September 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						$	12,933					$	41					$	4,086					$	33					$	17,019					$	74
Municipal securities						$	2,460					$	19					$	—					$	—					$	2,460					$	19
Residential mortgage-backed securities - government-sponsored enterprises						15,115						9						—						—						15,115						9
						$	30,508					$	69					$	4,086					$	33					$	34,594					$	102

						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 September 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						$	271					$	18					$	213					$	3					$	484					$	21

						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

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27232-111563

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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