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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
INVESTMENT SECURITIES |
Schedule of cost basis and fair values of investment securities | The cost basis and fair values of investment securities are summarized as follows: Investment securities available for sale:
|  | AT DECEMBER 31, 2019
|  |  |  |  | GROSS |  | GROSS |  |  |
|  |  |  |  | UNREALIZED |  | UNREALIZED |  | FAIR
|  | COST BASIS |  | GAINS |  | LOSSES |  | VALUE
|  | (IN THOUSANDS)
U.S. Agency |  | $ | 5,084 |  | $ | 32 |  | $ | — |  | $ | 5,116
Municipal |  |  | 14,678 |  |  | 509 |  |  | (17) |  |  | 15,170
Corporate bonds |  |  | 39,769 |  |  | 342 |  |  | (281) |  |  | 39,830
U.S. Agency mortgage-backed securities |  |  | 80,046 |  |  | 1,681 |  |  | (94) |  |  | 81,633
Total |  | $ | 139,577 |  | $ | 2,564 |  | $ | (392) |  | $ | 141,749
Investment securities held to maturity:
|  | AT DECEMBER 31, 2019
|  |  |  |  | GROSS |  | GROSS |  |  |
|  |  |  |  | UNREALIZED |  | UNREALIZED |  | FAIR
|  | COST BASIS |  | GAINS |  | LOSSES |  | VALUE
|  | (IN THOUSANDS)
U.S. Agency mortgage-backed securities |  | $ | 9,466 |  | $ | 251 |  | $ | (4) |  | $ | 9,713
Municipal |  |  | 24,438 |  |  | 941 |  |  | (53) |  |  | 25,326
Corporate bonds and other securities |  |  | 6,032 |  |  | 58 |  |  | (47) |  |  | 6,043
Total |  | $ | 39,936 |  | $ | 1,250 |  | $ | (104) |  | $ | 41,082
Investment securities available for sale:
|  | AT DECEMBER 31, 2018
|  |  |  |  | GROSS |  | GROSS |  |  |
|  |  |  |  | UNREALIZED |  | UNREALIZED |  | FAIR
|  | COST BASIS |  | GAINS |  | LOSSES |  | VALUE
|  | (IN THOUSANDS)
U.S. Agency |  | $ | 7,685 |  | $ | 4 |  | $ | (160) |  | $ | 7,529
Municipal |  |  | 13,301 |  |  | 114 |  |  | (234) |  |  | 13,181
Corporate bonds |  |  | 37,359 |  |  | 131 |  |  | (996) |  |  | 36,494
U.S. Agency mortgage-backed securities |  |  | 90,169 |  |  | 516 |  |  | (1,158) |  |  | 89,527
Total |  | $ | 148,514 |  | $ | 765 |  | $ | (2,548) |  | $ | 146,731
Investment securities held to maturity:
|  | AT DECEMBER 31, 2018
|  |  |  |  | GROSS |  | GROSS |  |  |
|  |  |  |  | UNREALIZED |  | UNREALIZED |  | FAIR
|  | COST BASIS |  | GAINS |  | LOSSES |  | VALUE
|  | (IN THOUSANDS)
U.S. Agency mortgage-backed securities |  | $ | 9,983 |  | $ | 78 |  | $ | (132) |  | $ | 9,929
Municipal |  |  | 24,740 |  |  | 131 |  |  | (404) |  |  | 24,467
Corporate bonds and other securities |  |  | 6,037 |  |  | 13 |  |  | (122) |  |  | 5,928
Total |  | $ | 40,760 |  | $ | 222 |  | $ | (658) |  | $ | 40,324
Schedule of investment securities | Investment securities available for sale:
|  | AT DECEMBER 31, 2019 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | TOTAL |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | U.S. AGENCY |  | INVESTMENT |
|  |  |  |  |  |  |  |  |  |  |  |  |  | MORTGAGE- |  | SECURITIES |
|  |  |  |  |  |  |  |  | CORPORATE |  | BACKED |  | AVAILABLE FOR |
|  | U. S. AGENCY |  | MUNICIPAL |  | BONDS |  | SECURITIES |  | SALE |
|  | (IN THOUSANDS, EXCEPT YIELDS) |
COST BASIS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | — |  | — | % | $ | 500 |  | 2.25 | % | $ | 1,500 |  | 3.10 | % | $ | — |  | — | % | $ | 2,000 |  | 2.89 | %
After 1 year but within 5 years |  |  | — |  | — |  |  | 3,121 |  | 3.09 |  |  | 18,695 |  | 3.43 |  |  | 1,200 |  | 2.46 |  |  | 23,016 |  | 3.33 |
After 5 years but within 10 years |  |  | 2,557 |  | 2.93 |  |  | 11,057 |  | 3.26 |  |  | 19,574 |  | 4.11 |  |  | 7,882 |  | 2.99 |  |  | 41,070 |  | 3.59 |
After 10 years but within15 years |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | 23,018 |  | 2.83 |  |  | 23,018 |  | 2.83 |
Over 15 years |  |  | 2,527 |  | 2.68 |  |  | — |  | — |  |  | — |  | — |  |  | 47,946 |  | 2.90 |  |  | 50,473 |  | 2.89 |
Total |  | $ | 5,084 |  | 2.81 |  | $ | 14,678 |  | 3.19 |  | $ | 39,769 |  | 3.75 |  | $ | 80,046 |  | 2.88 |  | $ | 139,577 |  | 3.16 |
FAIR VALUE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | — |  |  |  | $ | 500 |  |  |  | $ | 1,503 |  |  |  | $ | — |  |  |  | $ | 2,003 |  |  |
After 1 year but within 5 years |  |  | — |  |  |  |  | 3,179 |  |  |  |  | 18,755 |  |  |  |  | 1,213 |  |  |  |  | 23,147 |  |  |
After 5 years but within 10 years |  |  | 2,570 |  |  |  |  | 11,491 |  |  |  |  | 19,572 |  |  |  |  | 8,075 |  |  |  |  | 41,708 |  |  |
After 10 years but within15 years |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 23,538 |  |  |  |  | 23,538 |  |  |
Over 15 years |  |  | 2,546 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 48,807 |  |  |  |  | 51,353 |  |  |
Total |  | $ | 5,116 |  |  |  | $ | 15,170 |  |  |  | $ | 39,830 |  |  |  | $ | 81,633 |  |  |  | $ | 141,749 |  |  |
Investment securities held to maturity:
|  | AT DECEMBER 31, 2019 |
|  | U.S. AGENCY |  |  |  |  |  |  |  |  |  |  |  |  |
|  | MORTGAGE- |  |  |  |  |  |  |  |  |  |  |  | TOTAL INVESTMENT |
|  | BACKED |  |  |  | CORPORATE |  | SECURITIES |
|  | SECURITIES |  | MUNICIPAL |  | BONDS AND OTHER |  | HELD TO MATURITY |
|  | (IN THOUSANDS, EXCEPT YIELDS) |
COST BASIS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | — |  | — | % | $ | — |  | — | % | $ | — |  | — | % | $ | — |  | — | %
After 1 year but within 5 years |  |  | 1,977 |  | 2.50 |  |  | 2,567 |  | 3.33 |  |  | 3,000 |  | 2.95 |  |  | 7,544 |  | 2.96 |
After 5 years but within 10 years |  |  | — |  | — |  |  | 16,506 |  | 3.37 |  |  | 3,032 |  | 4.40 |  |  | 19,538 |  | 3.53 |
After 10 years but within15 years |  |  | 2,232 |  | 3.62 |  |  | 5,050 |  | 4.10 |  |  | — |  | — |  |  | 7,282 |  | 3.95 |
Over 15 years |  |  | 5,257 |  | 3.30 |  |  | 315 |  | 3.50 |  |  | — |  | — |  |  | 5,572 |  | 3.31 |
Total |  | $ | 9,466 |  | 3.21 |  | $ | 24,438 |  | 3.52 |  | $ | 6,032 |  | 3.68 |  | $ | 39,936 |  | 3.47 |
FAIR VALUE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |
After 1 year but within 5 years |  |  | 2,009 |  |  |  |  | 2,644 |  |  |  |  | 2,953 |  |  |  |  | 7,606 |  |  |
After 5 years but within 10 years |  |  | — |  |  |  |  | 17,153 |  |  |  |  | 3,090 |  |  |  |  | 20,243 |  |  |
After 10 years but within15 years |  |  | 2,353 |  |  |  |  | 5,209 |  |  |  |  | — |  |  |  |  | 7,562 |  |  |
Over 15 years |  |  | 5,351 |  |  |  |  | 320 |  |  |  |  | — |  |  |  |  | 5,671 |  |  |
Total |  | $ | 9,713 |  |  |  | $ | 25,326 |  |  |  | $ | 6,043 |  |  |  | $ | 41,082 |  |  |
Schedule of investments with unrealized losses | The following table presents information concerning investments with unrealized losses as of December 31, 2019 (in thousands):
Total investment securities: |  | LESS THAN 12 MONTHS |  | 12 MONTHS OR LONGER |  | TOTAL
|  | FAIR |  | UNREALIZED |  | FAIR |  | UNREALIZED |  | FAIR |  | UNREALIZED
|  | VALUE |  | LOSSES |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES
U.S. Agency |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. Agency mortgage-backed securities |  |  | 7,084 |  |  | (23) |  |  | 8,562 |  |  | (75) |  |  | 15,646 |  |  | (98)
Municipal |  |  | 2,269 |  |  | (18) |  |  | 1,123 |  |  | (52) |  |  | 3,392 |  |  | (70)
Corporate bonds and other securities |  |  | 7,797 |  |  | (85) |  |  | 11,783 |  |  | (243) |  |  | 19,580 |  |  | (328)
Total |  | $ | 17,150 |  | $ | (126) |  | $ | 21,468 |  | $ | (370) |  | $ | 38,618 |  | $ | (496)
The following table presents information concerning investments with unrealized losses as of December 31, 2018 (in thousands):
Total investment securities: |  | LESS THAN 12 MONTHS |  | 12 MONTHS OR LONGER |  | TOTAL
|  | FAIR |  | UNREALIZED |  | FAIR |  | UNREALIZED |  | FAIR |  | UNREALIZED
|  | VALUE |  | LOSSES |  | VALUE |  | LOSSES |  | VALUE |  | LOSSES
U.S. Agency |  | $ | 244 |  | $ | (6) |  | $ | 5,631 |  | $ | (154) |  | $ | 5,875 |  | $ | (160)
U.S. Agency mortgage-backed securities |  |  | 17,718 |  |  | (177) |  |  | 39,983 |  |  | (1,113) |  |  | 57,701 |  |  | (1,290)
Municipal |  |  | 6,601 |  |  | (71) |  |  | 15,880 |  |  | (567) |  |  | 22,481 |  |  | (638)
Corporate bonds and other securities |  |  | 15,221 |  |  | (440) |  |  | 17,038 |  |  | (678) |  |  | 32,259 |  |  | (1,118)
Total |  | $ | 39,784 |  | $ | (694) |  | $ | 78,532 |  | $ | (2,512) |  | $ | 118,316 |  | $ | (3,206)

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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