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Securities | 6 Months Ended
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Jun. 30, 2020
Securities [Abstract] |
Securities | Note 6 - Securities Equity Securities Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices. The Company follows ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities," which requires an entity to disaggregate the net gains and losses on the equity investments recognized in the income statement during a reporting period into realized and unrealized gains and losses. As a result, equity securities are no longer carried at fair value through other comprehensive income (OCI) or by applying the cost method to those equity securities that do not have readily determinable values. Equity securities are generally required to be measured at fair value with unrealized holding gains and losses reflected in net income. The Company adopted this standard as of January 1, 2018. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2020 and 2019:
| For the three months ended June 30, |  | For the six months ended June 30,
(In Thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Net gains (losses) recognized during the period on equity securities | $ | 482 |  | $ | (47) |  | $ | 42 |  | $ | 286
Less: Net gains recognized during the period on equity securities sold during the period |  | 40 |  |  | 21 |  |  | 40 |  |  | 21
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date | $ | 442 |  | $ | (26) |  | $ | 2 |  | $ | 265
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 June 30, 2020 and December 31, 2019:
| June 30, 2020
|  |  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  |  |
| Cost |  | Gains |  | Losses |  | Fair Value
| (In Thousands)
Residential Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
More than one to five years | $ | 3,328 |  | $ | 28 |  | $ | 55 |  | $ | 3,301
More than five to ten years |  | 4,672 |  |  | 349 |  |  | - |  |  | 5,021
More than ten years |  | 74,173 |  |  | 2,423 |  |  | 19 |  |  | 76,577
|  | 82,173 |  |  | 2,800 |  |  | 74 |  |  | 84,899
Corporate Debt securities: |  |  |  |  |  |  |  |  |  |  |
More than five to ten years | $ | 25,778 |  | $ | 314 |  | $ | - |  | $ | 26,092
Municipal obligations: |  |  |  |  |  |  |  |  |  |  |
Less than one year | $ | 12,048 |  | $ | - |  | $ | - |  | $ | 12,048
More than ten years |  | 4,260 |  |  | 219 |  |  | - |  |  | 4,479
| $ | 16,308 |  | $ | 219 |  | $ | - |  | $ | 16,527
Total securities | $ | 124,259 |  | $ | 3,333 |  | $ | 74 |  | $ | 127,518
| 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)
June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 1,670 |  | $ | 19 |  | $ | 1,945 |  | $ | 55 |  | $ | 3,615 |  | $ | 74
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 June 30, 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 June 30, 2020 and December 31, 2019, to be temporary.

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