Investment Securities (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Investment Security Carrying and Fair Value

The carrying values and estimated fair values of investment securities at the periods indicated are presented below:



(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2019
Securities available for sale
U.S. Treasury and government sponsored entities		$212,502		$634		$839		$212,297
Municipal securities	3,906		9		17		3,898
Corporate bonds	40,137		246		46		40,337
Collateralized loan obligations	17,979		1		71		17,909
Total securities available for sale		$274,524		$890		$973		$274,441
December 31, 2018
Securities available for sale
U.S. Treasury and government sponsored entities		$209,908		$391		$1,439		$208,860
Municipal securities	9,089		17		22		9,084
Corporate bonds	40,139		38		397		39,780
Collateralized loan obligations	13,990		—		104		13,886
Total securities available for sale		$273,126		$446		$1,962		$271,610

Unrealized Gain (Loss) on Investments

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019 and December 31, 2018 were as follows:



	Less Than 12 Months				More Than 12 Months				Total
(In Thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2019:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$6,380		$3		$133,117		$836		$139,497		$839
Corporate bonds	11,963		46		—		—		11,963		46
Collateralized loan obligations	10,919		71		—		—		10,919		71
Municipal securities	—		—		1,410		17		1,410		17
Total		$29,262		$120		$134,527		$853		$163,789		$973
December 31, 2018:
Securities Available for Sale
U.S. Treasury and government sponsored entities		$5,030		$6		$135,807		$1,433		$140,837		$1,439
Corporate bonds	22,285		397		—		—		22,285		397
Collateralized Loan Obligation	13,886		104		—		—		13,886		104
Municipal securities	—		—		1,673		22		1,673		22
Total		$41,201		$507		$137,480		$1,455		$178,681		$1,962

Schedule of Amortized Cost and Fair Value by Contractual Maturity

The amortized cost and estimated fair values of debt securities at March 31, 2019, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



(In Thousands)	Amortized Cost		Fair Value		Weighted Average Yield
US Treasury and government sponsored entities
Within 1 year		$75,030		$74,731	1.48	%
1-5 years	137,472		137,566		2.41	%
Total		$212,502		$212,297	2.08	%
Corporate bonds
Within 1 year		$12,449		$12,520	3.64	%
1-5 years	20,678		20,842		3.72	%
5-10 years	7,010		6,975		3.74	%
Total		$40,137		$40,337	3.70	%
Collateralized loan obligations
5-10 years		$3,000		$2,999	4.28	%
Over 10 years	14,979		14,910		4.01	%
Total		$17,979		$17,909	4.06	%
Municipal securities
Within 1 year		$1,913		$1,914	1.81	%
1-5 years	1,993		1,984		4.31	%
Total		$3,906		$3,898	3.08	%

Schedule of Available-For-Sale Securities Proceeds, Gains, and Losses

The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the three-month periods ending March 31, 2019 and 2018, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
Three Months Ended March 31, 2019
Available for sale securities		$4,219		$23		$—
Three Months Ended March 31, 2018
Available for sale securities		$—		$—		$—

Summary of Interest Income On Available-For-Sale Investment Securities

A summary of interest income for the three-month periods ending March 31, 2019 and 2018, on available for sale investment securities are as follows:



	Three Months Ended March 31,
(In Thousands)	2019		2018
US Treasury and government sponsored entities		$1,071		$890
Other	509		278
Total taxable interest income		$1,580		$1,168
Municipal securities		$52		$86
Total tax-exempt interest income		$52		$86
Total		$1,632		$1,254