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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Marketable Securities [Abstract]  
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
September 30, 2019
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$187,400



$1,155



$55



$188,500

Municipal securities
3,372


8


—


3,380

Corporate bonds
42,219


243


2


42,460

Collateralized loan obligations
22,980

 
—

 
50

 
22,930

Total securities available for sale

$255,971



$1,406



$107



$257,270

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 September 30, 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
September 30, 2019:
 
 
 
 
 
 
Securities available for sale
 
 
 
 
 
 
     U.S. Treasury and government sponsored entities

$24,943


$30


$16,970


$25


$41,913


$55

     Corporate bonds
1,998

2

—

—

1,998

2

     Collateralized loan obligations
17,930

50

—

—

17,930

50

          Total

$44,871


$82


$16,970


$25


$61,841


$107

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 obligations
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 September 30, 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

$58,533



$58,570


2.01
%
1-5 years
128,867


129,930


2.28
%
Total

$187,400



$188,500


2.20
%
Corporate bonds
 

 

 
Within 1 year

$19,456



$19,503


3.11
%
1-5 years
17,767


17,927


3.21
%
5-10 years
4,996


5,030


3.21
%
Total

$42,219



$42,460


3.16
%
Collateralized loan obligations
 
 
 
 
 
5-10 years

$6,000

 

$5,992

 
3.88
%
Over 10 years
16,980

 
16,938

 
3.71
%
Total

$22,980

 

$22,930

 
3.75
%
Municipal securities
 

 

 
Within 1 year

$1,897



$1,900


2.51
%
1-5 years
1,475


1,480


4.92
%
Total

$3,372



$3,380


3.56
%
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 and nine-month periods ending September 30, 2019 and 2018, are as follows: 
(In Thousands)
Proceeds

Gross Gains

Gross Losses
Three Months Ended September 30, 2019
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Three Months Ended September 30, 2018
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Nine Months Ended September 30, 2019
 

 

 
Available for sale securities

$4,219



$23



$—

Nine Months Ended September 30, 2018
 

 

 
Available for sale securities

$—



$—



$—
Summary of Interest Income On Available-For-Sale Investment Securities
A summary of interest income for the three and nine-month periods ending September 30, 2019 and 2018, on available for sale investment securities are as follows:
 
Three Months Ended September 30,
Nine Months Ended September 30,
(In Thousands)
2019
 
2018
2019

2018
US Treasury and government sponsored entities

$943

 

$867


$3,085



$2,652

Other
573

 
383

1,671


1,004

Total taxable interest income

$1,516

 

$1,250


$4,756



$3,656

Municipal securities

$12

 

$64


$94



$214

Total tax-exempt interest income

$12

 

$64


$94



$214

Total

$1,528

 

$1,314


$4,850



$3,870