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Investment Securities
 3 Months Ended
Mar. 31, 2020
Marketable Securities [Abstract]  
Investment Securities Investment Securities
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, 2020
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$209,183



$2,745



($19
)


$211,909

Municipal securities
2,295


28


—


2,323

Corporate bonds
31,762


78


(1,273
)

30,567

Collateralized loan obligations
25,700

 
—

 
(1,540
)
 
24,160

Total securities available for sale

$268,940



$2,851



($2,832
)


$268,959

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



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, 2020 and December 31, 2019 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, 2020:
 
 
 
 
 
 
Securities available for sale
 
 
 
 
 
 
     U.S. Treasury and government sponsored entities

$9,981


($19
)

$—


$—


$9,981


($19
)
     Corporate bonds
28,487

(1,273
)
—

—

28,487

(1,273
)
     Collateralized loan obligations
21,316

(1,393
)
2,844

(147
)
24,160

(1,540
)
          Total

$59,784


($2,685
)

$2,844


($147
)

$62,628


($2,832
)
December 31, 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
)


The unrealized losses on investments in U.S. treasury and government sponsored entities, corporate bonds, collateralized loan obligations, and municipal securities in both periods were caused by changes in interest rates. At March 31, 2020 and December 31, 2019, there were 17 and 8 available-for-sale securities with unrealized losses that have been in a loss position for less than twelve months, respectively. There were 1 and 3 securities as of March 31, 2020 and December 31, 2019 that have been in an unrealized loss position for more than twelve months, respectively.  The contractual terms of the investments in a loss position do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because it is more likely than not that the Company will hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

At March 31, 2020 and December 31, 2019, $38.2 million and $30.6 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at March 31, 2020, 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

$60,009



$60,653


2.20
%
1-5 years
149,174


151,256


1.93
%
Total

$209,183



$211,909


2.00
%
Corporate bonds
 

 

 
Within 1 year

$7,002



$6,968


2.59
%
1-5 years
22,758


21,776


2.68
%
5-10 years
2,002


1,823


2.80
%
Total

$31,762



$30,567


2.67
%
Collateralized loan obligations
 
 
 
 
 
5-10 years

$5,719

 

$5,564

 
3.45
%
Over 10 years
19,981

 
18,596

 
3.19
%
Total

$25,700

 

$24,160

 
3.25
%
Municipal securities
 

 

 
1-5 years

$2,295



$2,323


3.94
%
Total

$2,295



$2,323


3.94
%


The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the three-month periods ending March 31, 2020 and 2019, are as follows: 
(In Thousands)
Proceeds

Gross Gains

Gross Losses
Three Months Ended March 31, 2020
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Three Months Ended March 31, 2019
 
 
 
 
 
Available for sale securities

$4,219

 

$23

 

$—


    
A summary of interest income for the three-month periods ending March 31, 2020 and 2019, on available for sale investment securities are as follows:
 
Three Months Ended March 31,
(In Thousands)
2020
 
2019
US Treasury and government sponsored entities

$1,161

 

$1,071

Other
434

 
509

Total taxable interest income

$1,595

 

$1,580

Municipal securities

$27

 

$52

Total tax-exempt interest income

$27

 

$52

Total

$1,622

 

$1,632