Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Marketable Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost 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, 2020
Securities available for sale
U.S. Treasury and government sponsored entities	$155,971	$1,629	($48)	$157,552
Municipal securities	2,295	41	—	2,336
Corporate bonds	26,750	465	—	27,215
Collateralized loan obligations	28,526	7	(267)	28,266
Total securities available for sale	$213,542	$2,142	($315)	$215,369
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 September 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
September 30, 2020:
Securities available for sale
U.S. Treasury and government sponsored entities	$36,286	($48)	$—	$—	$36,286	($48)
Collateralized loan obligations	21,812	(223)	2,947	(44)	24,759	(267)
Total	$58,098	($271)	$2,947	($44)	$61,045	($315)
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 September 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	$69,006	$69,784	2.22	%
1-5 years	86,965	87,768	1.15	%
Total	$155,971	$157,552	1.63	%
Corporate bonds
1-5 years	$26,750	$27,215	1.45	%
Total	$26,750	$27,215	1.45	%
Collateralized loan obligations
5-10 years	$5,090	$5,053	1.89	%
Over 10 years	23,436	23,213	1.70	%
Total	$28,526	$28,266	1.73	%
Municipal securities
1-5 years	$2,295	$2,336	3.92	%
Total	$2,295	$2,336	3.92	%

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, 2020 and 2019, are as follows: 

(In Thousands)	Proceeds	Gross Gains	Gross Losses
Three Months Ended September 30, 2020
Available for sale securities	$—	$—	$—
Three Months Ended September 30, 2019
Available for sale securities	$—	$—	$—
Nine Months Ended September 30, 2020
Available for sale securities	$—	$—	$—
Nine Months Ended September 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 nine-month periods ending September 30, 2020 and 2019, on available for sale investment securities are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In Thousands)	2020	2019	2020	2019
US Treasury and government sponsored entities	$680	$943	$2,839	$3,085
Other	237	573	1,040	1,671
Total taxable interest income	$917	$1,516	$3,879	$4,756
Municipal securities	$23	$12	$72	$94
Total tax-exempt interest income	$23	$12	$72	$94
Total	$940	$1,528	$3,951	$4,850