Investment Securities

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

2. INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:

	June 30, 2021
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	—	$	—	$	—		$	—
Mortgage backed securities, residential		3,313		85		—			3,398
Total available-for-sale securities	$	3,313	$	85	$	—		$	3,398
	December 31, 2020
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. treasury securities	$	75,000	$	—	$	(1	)	$	74,999
Mortgage backed securities, residential		4,063		143		—			4,206
Total available-for-sale securities	$	79,063	$	143	$	(1	)	$	79,205

The investments in U.S. treasury securities at December 31, 2020 are made of up two U.S. treasury securities that have been in a continuous loss position for less than 12 months. The unrealized loss position relates principally to changes in interest rates subsequent to the acquisition of the securities. The securities were made up of U.S. treasuries and management believe there is no credit risk and therefore, no other-than-temporary impairment.

All mortgage-backed security investments are government sponsored enterprises (“GSE”) pass-through instruments issued by the Federal National Mortgage Association (“FNMA”), or Federal Home Loan Mortgage Corporation (“FHLMC”), which guarantee the timely payment of principal on acquisition of the specific securities.

Amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty. 

(In Thousands)	June 30, 2021
	Amortized Cost		Fair Value
Available for Sale:
1 year or less	$	—	$	—
Mortgage-backed securities, residential		3,313		3,398
	$	3,313	$	3,398
(In Thousands)	December 31, 2020
	Amortized Cost		Fair Value
Available for Sale:
1 year or less	$	75,000	$	74,999
Mortgage-backed securities, residential		4,063		4,206
	$	79,063	$	79,205