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Securities
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities
Securities

The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2020 are summarized as follows:
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Estimated
Fair Value
 
(In thousands)
Available for Sale
 
 
 
 
 
 
 
Municipal bonds
$
52,238

 
$
708

 
$
(692
)
 
$
52,254

U.S. government agency issued asset-backed securities (ABS agency)
46,495

 
403

 
(4,773
)
 
42,125

Corporate issued asset-backed securities (ABS corporate)
41,716

 
—

 
(7,643
)
 
34,073

Corporate issued debt securities (Corporate debt)
9,986

 
49

 
(596
)
 
9,439

U.S. Small Business Administration securities (SBA)
25,185

 
190

 
(12
)
 
25,363

Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agency issued mortgage-backed securities (MBS agency)
142,881

 
2,806

 
(548
)
 
145,139

Corporate issued mortgage-backed securities (MBS corporate)
9,469

 
—

 
(342
)
 
9,127

 
 
 
 
 
 
 
 
Total securities available for sale
$
327,970

 
$
4,156

 
$
(14,606
)
 
$
317,520





The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2019, are summarized as follows:
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Estimated
Fair Value
 
(In thousands)
Available for Sale
 
 
 
 
 
 
 
Municipal bonds
$
39,524

 
$
125

 
$
(367
)
 
$
39,282

ABS agency
29,796

 
—

 
(938
)
 
28,858

ABS corporate
41,728

 
—

 
(873
)
 
40,855

Corporate debt
9,986

 
—

 
(343
)
 
9,643

SBA
28,423

 
72

 
(36
)
 
28,459

Mortgage-backed securities:
 
 
 
 
 
 
 
MBS agency
159,697

 
811

 
(341
)
 
160,167

MBS corporate
8,374

 
—

 
(58
)
 
8,316

 
 
 
 
 
 
 
 
Total securities available for sale
$
317,528

 
$
1,008

 
$
(2,956
)
 
$
315,580


The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of March 31, 2020:
 
Less Than Twelve Months
 
Twelve Months or Longer
 
Total
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
(In thousands)
Available for Sale
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
(692
)
 
$
20,954

 
$
—

 
$
—

 
$
(692
)
 
$
20,954

ABS agency
(450
)
 
9,536

 
(4,323
)
 
21,499

 
(4,773
)
 
31,035

ABS corporate
(202
)
 
3,678

 
(7,441
)
 
30,395

 
(7,643
)
 
34,073

Corporate debt
—

 
—

 
(596
)
 
4,404

 
(596
)
 
4,404

SBA
—

 
—

 
(12
)
 
4,101

 
(12
)
 
4,101

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
MBS agency
(547
)
 
32,889

 
(1
)
 
807

 
(548
)
 
33,696

MBS corporate
(62
)
 
2,216

 
(280
)
 
6,911

 
(342
)
 
9,127

 
 
 
 
 
 
 
 
 
 
 
 
Total available for sale
$
(1,953
)
 
$
69,273

 
$
(12,653
)
 
$
68,117

 
$
(14,606
)
 
$
137,390



The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2019:
 
Less Than Twelve Months
 
Twelve Months or Longer
 
Total
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
(In thousands)
Available for Sale
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
(367
)
 
$
29,928

 
$
—

 
$
—

 
$
(367
)
 
$
29,928

ABS agency
(59
)
 
3,855

 
(879
)
 
25,002

 
(938
)
 
28,857

ABS corporate
(31
)
 
3,848

 
(842
)
 
37,007

 
(873
)
 
40,855

Corporate debt
(17
)
 
4,983

 
(326
)
 
4,660

 
(343
)
 
9,643

SBA
—

 
—

 
(36
)
 
15,034

 
(36
)
 
15,034

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
MBS agency
(166
)
 
18,744

 
(175
)
 
47,463

 
(341
)
 
66,207

MBS corporate
—

 
—

 
(58
)
 
8,316

 
(58
)
 
8,316

 
 
 
 
 
 
 
 
 
 
 
 
Total available for sale
$
(640
)
 
$
61,358

 
$
(2,316
)
 
$
137,482

 
$
(2,956
)
 
$
198,840



The Company may hold certain investment securities in an unrealized loss position that are not considered other than temporarily impaired ("OTTI"). At March 31, 2020 and December 31, 2019, there were 41 and 62 investment securities in an unrealized loss position, respectively.

We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates, market demand, and related volatility, rather than credit quality, that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level and market fluctuations in the future. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company does not intend to sell the securities in an unrealized loss position and believes it is not likely it will be required to sell these investments prior to a market price recovery or maturity.

There were no OTTI losses during the three months ended March 31, 2020 and 2019.

The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately.
 
March 31, 2020
 
Available-for-Sale
 
Amortized Cost
 
Estimated Fair Value
 
(In thousands)
Mortgage-backed securities:
 
 
 
Due within one year
$
—

 
$
—

Due after one through five years
6,179

 
6,264

Due after five through ten years
7,077

 
7,404

Due after ten years
139,094

 
140,598

 
 
 
 
Total mortgage-backed securities
152,350

 
154,266

 
 
 
 
All other investment securities:
 
 
 
Due within one year
—

 
—

Due after one through five years
3,040

 
3,096

Due after five through ten years
49,249

 
44,707

Due after ten years
123,331

 
115,451

 
 
 
 
Total all other investment securities
175,620

 
163,254

 
 
 
 
Total investment securities
$
327,970

 
$
317,520

 
 
 
 

 
December 31, 2019
 
Available-for-Sale
 
Amortized Cost
 
Estimated Fair Value
 
(In thousands)
Mortgage-backed securities:
 
 
 
Due within one year
$
—

 
$
—

Due after one through five years
13,360

 
13,391

Due after five through ten years
6,261

 
6,257

Due after ten years
148,450

 
148,835

 
 
 
 
Total mortgage-backed securities
168,071

 
168,483

 
 
 
 
All other investment securities:
 
 
 
Due within one year
—

 
—

Due after one through five years
2,043

 
2,084

Due after five through ten years
58,460

 
57,680

Due after ten years
88,954

 
87,333

 
 
 
 
Total all other investment securities
149,457

 
147,097

 
 
 
 
Total investment securities
$
317,528

 
$
315,580

 
 
 
 



Sales of securities available-for-sale for the periods shown are summarized as follows:
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Proceeds from sales
$
40,073

 
$
—

Gross realized gains
637

 
—

Gross realized losses
(32
)
 
—