Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020 and December 31, 2019 are as follows:

	June 30, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
State and municipal	$	12,150	$	115	$	—	$	12,265
Mortgage backed securities		80,713		1,254		1,366		80,601
Corporate bonds		11,754		79		218		11,615

	$	104,617	$	1,448	$	1,584	$	104,481

	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 June 30, 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.

	June 30, 2020
	Securities Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	595	$	596
Due after one year through five years		4,629		4,551
Due after five years through ten years		24,492		23,448
Due after ten years		74,901		75,886
Total	$	104,617	$	104,481

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 June 30, 2020 and December 31, 2019 is as follows:

June 30, 2020	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed	$	27,815	$	(1,349	)	$	936	$	(17	)	$	28,751	$	(1,366	)
Corporate bonds		5,284		(216	)		398		(2	)		5,682		(218	)
Total	$	33,099	$	(1,565	)	$	1,334	$	(19	)	$	34,433	$	(1,584	)

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	)