Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Amortized Cost and Fair Values of Investment Securities

Investment securities available for sale are carried in the consolidated balance sheets at their fair value and investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost. The amortized cost and fair values of investment securities at March 31, 2020 and December 31, 2019 are as follows:

	March 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
U.S. Treasury and agencies	$	1,000	$	—	$	15	$	985
Mortgage backed securities		87,255		2,276		1,951		87,580
Corporate bonds		10,754		46		433		10,367

	$	99,009	$	2,322	$	2,399	$	98,932
Held to maturity
State and municipal	$	11,219	$	499	$	3	$	11,715
Total Investment Securities	$	110,228	$	2,821	$	2,402	$	110,647

	December 31, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
U.S. Treasury and agencies	$	2,500	$	—	$	51	$	2,449
Mortgage backed securities		94,983		654		152		95,485
Corporate bonds		10,554		87		4		10,637
	$	108,037	$	741	$	207	$	108,571
Held to maturity
State and municipal	$	12,192	$	464	$	2	$	12,654
Total Investment Securities	$	120,229	$	1,205	$	209	$	121,225

Summary of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of securities at March 31, 2020, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2020
	Securities Available for Sale				Securities Held to Maturity
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	451	$	453
Due after one year through five years		2,000		1,969		1,627		1,677
Due after five years through ten years		19,682		17,648		3,763		4,026
Due after ten years		77,327		79,315		5,378		5,559
Total	$	99,009	$	98,932	$	11,219	$	11,715

Summary of Unrealized Losses

A summary of unrealized losses (in thousands) and the length of time in a continuous loss position, by security type at March 31, 2020 and December 31, 2019 is as follows:

March 31, 2020	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and Municipal	$	424	$	(3	)	$	—	$	—		$	424	$	(3	)
U.S. Treasury and Agency		—		—			985		(15	)		985		(15	)
Mortgage backed		9,630		(1,934	)		942		(17	)		10,572		(1,951	)
Corporate bonds		4,071		(429	)		396		(4	)		4,467		(433	)
Total	$	14,125	$	(2,366	)	$	2,323	$	(36	)	$	16,448	$	(2,402	)

December 31, 2019	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and Municipal	$	333	$	(2	)	$	—	$	—		$	333	$	(2	)
U.S. Treasury and Agency		—		—			1,949		(51	)		1,949		(51	)
Mortgage backed		27,901		(82	)		5,348		(70	)		33,249		(152	)
Corporate bonds		—		—			896		(4	)		896		(4	)
Total	$	28,234	$	(84	)	$	8,193	$	(125	)	$	36,427	$	(209	)