Securities (Tables)

9 Months Ended

Sep. 30, 2020

Securities [Abstract]

Securities Available for Sale

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
September 30, 2020
U.S. agency	$	10,820	$	332	$	22	$	11,130
U.S. agency residential mortgage-backed		330,914		5,167		521		335,560
U.S. agency commercial mortgage-backed		8,039		382		-		8,421
Private label mortgage-backed		43,190		1,415		320		44,285
Other asset backed		262,435		1,392		456		263,371
Obligations of states and political subdivisions		238,479		6,635		136		244,978
Corporate		71,691		3,558		232		75,017
Trust preferred		1,970		-		200		1,770
Foreign government		500		18		-		518
Total	$	968,038	$	18,899	$	1,887	$	985,050
December 31, 2019
U.S. agency	$	14,591	$	89	$	19	$	14,661
U.S. agency residential mortgage-backed		226,130		1,910		278		227,762
U.S. agency commercial mortgage-backed		10,671		113		28		10,756
Private label mortgage-backed		39,248		544		99		39,693
Other asset backed		94,158		103		375		93,886
Obligations of states and political subdivisions		94,499		1,724		121		96,102
Corporate		31,904		1,296		5		33,195
Trust preferred		1,968		-		125		1,843
Foreign government		499		3		-		502
Total	$	513,668	$	5,782	$	1,050	$	518,400

Investments in a Continuous Unrealized Loss Position

Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
September 30, 2020
U.S. agency	$	1,788	$	5	$	2,262	$	17	$	4,050	$	22
U.S. agency residential mortgage-backed		81,400		519		1,298		2		82,698		521
Private label mortgage-backed		14,269		268		749		52		15,018		320
Other asset backed		28,630		129		22,210		327		50,840		456
Obligations of states and political subdivisions		19,075		110		2,003		26		21,078		136
Corporate		10,628		232		-		-		10,628		232
Trust preferred		-		-		1,770		200		1,770		200
Total	$	155,790	$	1,263	$	30,292	$	624	$	186,082	$	1,887
December 31, 2019
U.S. agency	$	2,782	$	8	$	2,712	$	11	$	5,494	$	19
U.S. agency residential mortgage-backed		56,377		126		13,551		152		69,928		278
U.S. agency commercial mortgage-backed		3,284		24		659		4		3,943		28
Private label mortgage-backed		16,387		55		343		44		16,730		99
Other asset backed		34,027		233		13,839		142		47,866		375
Obligations of states and political subdivisions		15,666		84		5,396		37		21,062		121
Corporate		2,125		5		-		-		2,125		5
Trust preferred		-		-		1,843		125		1,843		125
Total	$	130,648	$	535	$	38,343	$	515	$	168,991	$	1,050

Private Label Mortgage Backed Securities Below Investment Grade

At September 30, 2020, two private label mortgage-backed securities had credit related OTTI and are summarized as follows:

	Senior Security		Super Senior Security		Total
	(In thousands)
Fair value	$	403	$	536	$	939
Amortized cost		386		368		754
Non-credit unrealized loss		-		-		-
Unrealized gain		17		168		185
Cumulative credit related OTTI		757		457		1,214

Credit Losses Recognized in Earnings on Securities Available for Sale

A roll forward of credit losses recognized in earnings on securities available for sale follows:

	Three months ended September 30,					Nine months ended September 30,
	2020		2019			2020		2019
	(In thousands)					(In thousands)
Balance at beginning of period	$	1,214	$	1,594		$	1,214	$	1,594
Additions to credit losses on securities for which no previous OTTI was recognized		-		-			-		-
Increases to credit losses on securities for which OTTI was previously recognized		-		-			-		-
Reduction (1)		-		(380	)		-		(380	)
Balance at end of period	$	1,214	$	1,214		$	1,214	$	1,214

⁽¹⁾During the third quarter of 2019 one security with previously recorded OTTI was settled and balance is now zero.

Amortized Cost and Fair Value of Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of securities available for sale at September 30, 2020, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	18,967	$	19,048
Maturing after one year but within five years		80,229		83,042
Maturing after five years but within ten years		63,308		66,592
Maturing after ten years		160,956		164,731
		323,460		333,413
U.S. agency residential mortgage-backed		330,914		335,560
U.S. agency commercial mortgage-backed		8,039		8,421
Private label mortgage-backed		43,190		44,285
Other asset backed		262,435		263,371
Total	$	968,038	$	985,050

Gains and Losses Realized on Sale of Securities Available for Sale

Gains and losses realized on the sale of securities available for sale are determined using the specific identification method and are recognized on a trade-date basis.  A summary of proceeds from the sale of securities available for sale and gains and losses for the nine month periods ending September 30, follows:

			Realized
	Proceeds		Gains		Losses
	(In thousands)
2020	$	36,593	$	253	$	-
2019		44,305		169		32