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Debt Securities Available for Sale | 3 Months Ended
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Mar. 31, 2020
Debt Securities Available for Sale [Abstract] |
Debt Securities Available for Sale | Note 6 –Debt Securities Available for Sale The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of March 31, 2020 and December 31, 2019:
| March 31, 2020
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
More than one to five years | $ | 3,378 |  | $ | 28 |  | $ | 56 |  | $ | 3,350
More than five to ten years |  | 1,470 |  |  | 73 |  |  | - |  |  | 1,543
More than ten years |  | 83,639 |  |  | 2,472 |  |  | 3 |  |  | 86,108
Municipal obligations: |  |  |  |  |  |  |  |  |  |  |
More than ten years |  | 4,286 |  |  | 142 |  |  | - |  |  | 4,428
| $ | 92,773 |  | $ | 2,715 |  | $ | 59 |  | $ | 95,429
| December 31, 2019
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
More than one to five years | $ | 3,431 |  | $ | 8 |  | $ | 72 |  | $ | 3,367
More than five to ten years |  | 1,566 |  |  | 33 |  |  | - |  |  | 1,599
More than ten years |  | 87,269 |  |  | 574 |  |  | 1,196 |  |  | 86,647
| $ | 92,266 |  | $ | 615 |  | $ | 1,268 |  | $ | 91,613
The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:
| 12 Months or Less |  | More than 12 Months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
| (In Thousands)
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | - |  | $ | - |  | $ | 2,297 |  | $ | 59 |  | $ | 2,297 |  | $ | 59
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 13,073 |  | $ | 656 |  | $ | 23,212 |  | $ | 612 |  | $ | 36,285 |  | $ | 1,268
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At March 31, 2020 and December 31, 2019, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at March 31, 2020 and December 31, 2019, to be temporary.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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