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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Marketable Securities [Abstract]  
Summary of Investment Security Carrying and Fair Value
The carrying values and approximate fair values of investment securities at the periods indicated are presented below:
(In Thousands)
Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value
December 31, 2019
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$210,756



$1,133



($37
)


$211,852

Municipal securities
3,288


9


—


3,297

Corporate bonds
34,764


302


—


35,066

Collateralized loan obligations
25,980

 
—

 
(57
)
 
25,923

Total securities available for sale

$274,788



$1,444



($94
)


$276,138

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
Schedule of Gross Unrealized Losses on Investment Securities
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 December 31, 2019 and 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
2019
 
 
 
 
 
 
Securities Available for Sale
 
 
 
 
 
 
U.S. Treasury and government sponsored entities

$39,797


($33
)

$2,996


($4
)

$42,793


($37
)
Collateralized loan obligations
14,972

(17
)
7,951

(40
)
22,923

(57
)
Total

$54,769


($50
)

$10,947


($44
)

$65,716


($94
)
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
—

—

1,673

(22
)
1,673

(22
)
Mortgage-backed securities
22,285

(397
)
—

—

22,285

(397
)
Collateralized loan obligations
13,886

(104
)
—

—

13,886

(104
)
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 fair values of debt securities at December 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
U.S. Treasury and government sponsored entities
 

 

 
Within 1 year

$52,417



$52,668


2.30
%
1-5 years
158,339


159,184


2.07
%
Total

$210,756



$211,852


2.13
%
Corporate bonds
 

 

 
Within 1 year

$12,004



$12,027


2.74
%
1-5 years
17,764


17,975


2.95
%
5-10 years
4,996


5,064


2.91
%
Total

$34,764



$35,066


2.87
%
Collateralized loan obligations
 
 
 
 
 
5-10 years

$6,000

 

$5,999

 
3.88
%
Over 10 years
19,980

 
19,924

 
3.64
%
Total

$25,980

 

$25,923

 
3.70
%
Municipal securities
 

 

 
Within 1 year

$993



$994


2.15
%
1-5 years
2,295


2,303


3.97
%
Total

$3,288



$3,297


3.42
%
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 years ending December 31, 2019, 2018, and 2017, respectively, are as follows: 
(In Thousands)
Proceeds

Gross Gains

Gross Losses
2019
 

 

 
Available for sale securities

$4,219



$23



$—

2018
 

 

 
Available for sale securities

$—



$—



$—

2017
 

 

 
Available for sale securities

$25,006



$14



($3
)
Summary of Interest Income on Available-For-Sale Investment Securities
A summary of interest income for the years ending December 31, 2019, 2018, and 2017 on available for sale investment securities is as follows:
(In Thousands)
2019

2018
 
2017
U.S. Treasury and government sponsored entities

$4,170



$3,682

 

$2,983

Other
2,282


1,532

 
880

Total taxable interest income

$6,452



$5,214

 

$3,863

Municipal securities

$120



$267

 

$367

Total tax-exempt interest income

$120



$267

 

$367

Total

$6,572



$5,481

 

$4,230