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Securities (Tables)
12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Value of Securities Available for Sale, with Unrealized Gains and Losses

 

The amortized cost and fair value of securities available for sale, are summarized as follows:

 

 

 

December 31, 2019

 

(In thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair

Value

 

Obligations of U.S. Government corporations and agencies

 

$

63,090

 

 

$

937

 

 

$

(86

)

 

$

63,941

 

Obligations of states and political subdivisions

 

 

15,054

 

 

 

802

 

 

 

(14

)

 

 

15,842

 

 

 

$

78,144

 

 

$

1,739

 

 

$

(100

)

 

$

79,783

 

 

 

 

December 31, 2018

 

(In thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair

Value

 

Obligations of U.S. Government corporations and agencies

 

$

57,673

 

 

$

26

 

 

$

(1,290

)

 

$

56,409

 

Obligations of states and political subdivisions

 

 

14,605

 

 

 

93

 

 

 

(118

)

 

 

14,580

 

Corporate bonds

 

 

680

 

 

 

215

 

 

 

-

 

 

 

895

 

 

 

$

72,958

 

 

$

334

 

 

$

(1,408

)

 

$

71,884

 

 

Summary of Amortized Cost and Fair Value of Securities Available for Sale, by Contractual Maturity

The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.

 

 

 

December 31, 2019

 

(In thousands)

 

Amortized

Cost

 

 

Fair

Value

 

Due in one year or less

 

$

1,007

 

 

$

1,007

 

Due after one year through five years

 

 

14,321

 

 

 

14,534

 

Due after five years through ten years

 

 

10,121

 

 

 

10,340

 

Due after ten years

 

 

52,695

 

 

 

53,902

 

 

 

$

78,144

 

 

$

79,783

 

 

Schedule of Securities with Gross Unrealized Losses and Fair value, Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position

 

The following table presents securities with 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, at December 31, 2019 and 2018, respectively.

 

(In thousands)

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2019

 

Fair

Value

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

Unrealized

(Losses)

 

Obligations of U.S. Government corporations and agencies

 

$

11,460

 

 

$

(42

)

 

$

5,651

 

 

$

(44

)

 

$

17,111

 

 

$

(86

)

Obligations of states and political subdivisions

 

 

2,049

 

 

 

(14

)

 

 

-

 

 

 

-

 

 

 

2,049

 

 

 

(14

)

Total temporarily impaired securities

 

$

13,509

 

 

$

(56

)

 

$

5,651

 

 

$

(44

)

 

$

19,160

 

 

$

(100

)

 

(In thousands)

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2018

 

Fair

Value

 

 

Unrealized

(Losses)

 

 

Fair Value

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

Unrealized

(Losses)

 

Obligations of U.S. Government corporations and agencies

 

$

14,901

 

 

$

(104

)

 

$

37,186

 

 

$

(1,186

)

 

$

52,087

 

 

$

(1,290

)

Obligations of states and political subdivisions

 

 

3,179

 

 

 

(31

)

 

 

4,086

 

 

 

(87

)

 

 

7,265

 

 

 

(118

)

Total temporarily impaired securities

 

$

18,080

 

 

$

(135

)

 

$

41,272

 

 

$

(1,273

)

 

$

59,352

 

 

$

(1,408

)