Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized as follows:

	March 31, 2020
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs	$	19,645	$	25	$	(25	)	$	19,645
State and political subdivisions		7,395		-		(515	)		6,880
Corporate		12,303		244		(337	)		12,210
Asset backed securities		14,227		-		(1,811	)		12,416
Residential mortgage-backed - US agency		20,112		173		(139	)		20,146
Collateralized mortgage obligations - US agency		35,843		62		(805	)		35,100
Collateralized mortgage obligations - Private label		15,680		7		(832	)		14,855
Total		125,205		511		(4,464	)		121,252
Equity investment securities:
Common stock - financial services industry		206		-		-			206
Total		206		-		-			206
Total available-for-sale	$	125,411	$	511	$	(4,464	)	$	121,458

Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs	$	1,999	$	13	$	-		$	2,012
State and political subdivisions		8,484		75		(81	)		8,478
Corporate		24,780		210		(1,012	)		23,978
Asset backed securities		26,016		-		(1,992	)		24,024
Residential mortgage-backed - US agency		13,157		320		(66	)		13,411
Collateralized mortgage obligations - US agency		22,950		378		(177	)		23,151
Collateralized mortgage obligations - Private label		23,163		-		(1,129	)		22,034
Total held-to-maturity	$	120,549	$	996	$	(4,457	)	$	117,088

	December 31, 2019
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs	$	16,850	$	-	$	(30	)	$	16,820
State and political subdivisions		1,735		1		-			1,736
Corporate		12,347		230		(23	)		12,554
Asset backed securities		13,190		61		(19	)		13,232
Residential mortgage-backed - US agency		19,012		56		(88	)		18,980
Collateralized mortgage obligations - US agency		31,320		35		(570	)		30,785
Collateralized mortgage obligations - Private label		16,767		97		(43	)		16,821
Total		111,221		480		(773	)		110,928
Equity investment securities:
Common stock - financial services industry		206		-		-			206
Total		206		-		-			206
Total available-for-sale	$	111,427	$	480	$	(773	)	$	111,134

Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs	$	1,998	$	2	$	-		$	2,000
State and political subdivisions		8,534		124		(4	)		8,654
Corporate		25,779		584		(29	)		26,334
Asset backed securities		23,099		101		(115	)		23,085
Residential mortgage-backed - US agency		13,715		247		(3	)		13,959
Collateralized mortgage obligations - US agency		19,607		300		(29	)		19,878
Collateralized mortgage obligations - Private label		30,256		35		(53	)		30,238
Total held-to-maturity	$	122,988	$	1,393	$	(233	)	$	124,148

Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity

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

	Available-for-Sale				Held-to-Maturity
	Amortized		Estimated		Amortized		Estimated
(In thousands)	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	13,259	$	13,276	$	2,812	$	2,818
Due after one year through five years		12,485		12,359		20,137		19,536
Due after five years through ten years		13,858		13,201		20,762		20,032
Due after ten years		13,968		12,315		17,568		16,106
Sub-total		53,570		51,151		61,279		58,492
Residential mortgage-backed - US agency		20,112		20,146		13,157		13,411
Collateralized mortgage obligations - US agency		35,843		35,100		22,950		23,151
Collateralized mortgage obligations - Private label		15,680		14,855		23,163		22,034
Totals	$	125,205	$	121,252	$	120,549	$	117,088

Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position

The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:

	March 31, 2020
	Less than Twelve Months							Twelve Months or More							Total
	Number of							Number of							Number of
	Individual		Unrealized			Fair		Individual		Unrealized			Fair		Individual		Unrealized			Fair
(Dollars in thousands)	Securities		Losses			Value		Securities		Losses			Value		Securities		Losses			Value
Available-for-Sale Portfolio
US Treasury, agencies and GSE's		1	$	(25	)	$	4,952		-	$	-		$	-		1	$	(25	)	$	4,952
State and political subdivisions		5		(515	)		5,390		-		-			-		5		(515	)		5,390
Corporate		8		(337	)		5,143		-		-			-		8		(337	)		5,143
Asset backed securities		11		(1,797	)		12,027		1		(14	)		367		12		(1,811	)		12,394
Residential mortgage-backed - US agency		7		(133	)		7,989		1		(6	)		1,483		8		(139	)		9,472
Collateralized mortgage obligations - US agency		11		(212	)		18,524		8		(593	)		7,132		19		(805	)		25,656
Collateralized mortgage obligations - Private label		9		(477	)		9,434		4		(355	)		4,339		13		(832	)		13,773
Totals		52	$	(3,496	)	$	63,459		14	$	(968	)	$	13,321		66	$	(4,464	)	$	76,780
Held-to-Maturity Portfolio
State and political subdivisions		2	$	(81	)	$	3,046		-	$	-		$	-		2	$	(81	)	$	3,046
Corporate		12		(1,012	)		12,236		-		-			-		12		(1,012	)		12,236
Asset backed securities		12		(1,992	)		22,048		-		-			-		12		(1,992	)		22,048
Residential mortgage-backed - US agency		3		(66	)		4,021		-		-			-		3		(66	)		4,021
Collateralized mortgage obligations - US agency		3		(177	)		5,623		-		-			-		3		(177	)		5,623
Collateralized mortgage obligations - Private label		11		(1,089	)		14,214		2		(40	)		811		13		(1,129	)		15,025
Totals		43	$	(4,417	)	$	61,188		2	$	(40	)	$	811		45	$	(4,457	)	$	61,999

	December 31, 2019
	Less than Twelve Months							Twelve Months or More							Total
	Number of							Number of							Number of
	Individual		Unrealized			Fair		Individual		Unrealized			Fair		Individual		Unrealized			Fair
(Dollars in thousands)	Securities		Losses			Value		Securities		Losses			Value		Securities		Losses			Value
Available-for-Sale Portfolio
US Treasury, agencies and GSE's		4	$	(30	)	$	16,820		-	$	-		$	-		4	$	(30	)	$	16,820
Corporate		1		(23	)		786		-		-			-		1		(23	)		786
Asset backed securities		3		(7	)		5,211		1		(12	)		594		4		(19	)		5,805
Residential mortgage-backed - US agency		10		(77	)		10,709		4		(11	)		2,543		14		(88	)		13,252
Collateralized mortgage obligations - US agency		10		(67	)		15,791		10		(503	)		10,034		20		(570	)		25,825
Collateralized mortgage obligations - Private label		2		(7	)		3,818		5		(36	)		3,959		7		(43	)		7,777
Totals		30	$	(211	)	$	53,135		20	$	(562	)	$	17,130		50	$	(773	)	$	70,265
Held-to-Maturity Portfolio
State and political subdivisions		1	$	(4	)	$	3,027		-	$	-		$	-		1	$	(4	)	$	3,027
Corporate		2		(29	)		2,974		-		-			-		2		(29	)		2,974
Asset backed securities		6		(115	)		11,091		-		-			-		6		(115	)		11,091
Residential mortgage-backed - US agency		-		-			-		1		(3	)		198		1		(3	)		198
Collateralized mortgage obligations - US agency		2		(29	)		4,907		-		-			-		2		(29	)		4,907
Collateralized mortgage obligations - Private label		6		(49	)		9,396		2		(4	)		1,132		8		(53	)		10,528
Totals		17	$	(226	)	$	31,395		3	$	(7	)	$	1,330		20	$	(233	)	$	32,725

Gross Realized Gains (Losses) on Sale of Securities

Gross realized gains (losses) on sales of securities for the indicated periods are detailed below:

	For the three months
	ended March 31,
(In thousands)	2020			2019
Realized gains on investments	$	33		$	222
Realized losses on investments		(7	)		(143	)
	$	26		$	79