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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
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
June 30, 2020
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$137,908



$2,095



$—



$140,003

Municipal securities
2,295


32


—


2,327

Corporate bonds
31,752


323


(32
)

32,043

Collateralized loan obligations
28,619

 
43

 
(688
)
 
27,974

Total securities available for sale

$200,574



$2,493



($720
)


$202,347

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 June 30, 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
June 30, 2020:
 
 
 
 
 
 
Securities available for sale
 
 
 
 
 
 
     Corporate bonds

$10,056


($32
)

$—


$—


$10,056


($32
)
     Collateralized loan obligations
21,518

(610
)
2,913

(78
)
24,431

(688
)
          Total

$31,574


($642
)

$2,913


($78
)

$34,487


($720
)
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 June 30, 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

$64,003



$64,772


2.27
%
1-5 years
73,905


75,231


1.80
%
Total

$137,908



$140,003


2.02
%
Corporate bonds
 

 

 
Within 1 year

$5,000



$5,002


1.87
%
1-5 years
26,752


27,041


1.79
%
Total

$31,752



$32,043


1.80
%
Collateralized loan obligations
 
 
 
 
 
5-10 years

$5,167

 

$5,081

 
3.40
%
Over 10 years
23,452

 
22,893

 
2.70
%
Total

$28,619

 

$27,974

 
2.83
%
Municipal securities
 

 

 
1-5 years

$2,295



$2,327


3.94
%
Total

$2,295



$2,327


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 and six-month periods ending June 30, 2020 and 2019, are as follows: 
(In Thousands)
Proceeds

Gross Gains

Gross Losses
Three Months Ended June 30, 2020
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Three Months Ended June 30, 2019
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Six Months Ended June 30, 2020
 

 

 
Available for sale securities

$—



$—



$—

Six Months Ended June 30, 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 and six-month periods ending June 30, 2020 and 2019, on available for sale investment securities are as follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
(In Thousands)
2020
 
2019
2020

2019
US Treasury and government sponsored entities

$998

 

$1,071


$2,159



$2,142

Other
369

 
589

803


1,098

Total taxable interest income

$1,367

 

$1,660


$2,962



$3,240

Municipal securities

$22

 

$30


$49



$82

Total tax-exempt interest income

$22

 

$30


$49



$82

Total

$1,389

 

$1,690


$3,011



$3,322