Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

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, 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

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, 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	)

Schedule of Amortized Cost and Fair Value by Contractual Maturity

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	%

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, 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		$—

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

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