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Investment Securities
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES (In Thousands)
The following table is the schedule of Available-For-Sale Securities at September 30, 2020, December 31, 2019 and September 30, 2019:
Available-For-Sale Securities
U.S. Government & Agency
Obligations
State and
Municipal
Obligations
Mortgage-
Backed
Securities
Corporate
and Other
Debt
Securities
Total
Available-
For-Sale
Securities
September 30, 2020
Available-For-Sale Securities,
at Amortized Cost
$35,001 $593 $329,887 $1,000 $366,481 
Gross Unrealized Gains184 — 8,700 — 8,884 
Gross Unrealized Losses (18)— (219)(200)(437)
Available-For-Sale Securities,
at Fair Value
35,167 593 338,368 800 374,928 
Available-For-Sale Securities,
Pledged as Collateral, at Fair Value
308,879 
Maturities of Debt Securities,
at Amortized Cost:
Within One Year$— $68 $7,383 $— $7,451 
From 1 - 5 Years20,001 125 297,144 — 317,270 
From 5 - 10 Years15,000 400 25,360 1,000 41,760 
Over 10 Years— — — — — 
Maturities of Debt Securities,
at Fair Value:
Within One Year$— $68 $7,575 $— $7,643 
From 1 - 5 Years20,171 125 305,562 — 325,858 
From 5 - 10 Years14,996 400 25,231 800 41,427 
Over 10 Years— — — — — 
Securities in a Continuous
Loss Position, at Fair Value:
Less than 12 Months$29,982 $— $13,847 $— $43,829 
12 Months or Longer— — 54,239 800 55,039 
Total$29,982 $— $68,086 $800 $98,868 
Number of Securities in a
Continuous Loss Position
— 26 31 
Unrealized Losses on
Securities in a Continuous
Loss Position:
Less than 12 Months$18 $— $36 $— $54 
12 Months or Longer— — 183 200 383 
Total$18 $— $219 $200 $437 
Disaggregated Details:
US Agency Obligations,
at Amortized Cost
$35,001 
US Agency Obligations,
at Fair Value
35,167 
US Government Agency
Securities, at Amortized Cost
$69,575 
US Government Agency
Securities, at Fair Value
69,407 
Government Sponsored Entity
Securities, at Amortized Cost
260,312 
Government Sponsored Entity
Securities, at Fair Value
268,961 
Available-For-Sale Securities
U.S. Government & Agency
Obligations
State and
Municipal
Obligations
Mortgage-
Backed
Securities
Corporate
and Other
Debt
Securities
Total
Available-
For-Sale
Securities
December 31, 2019
Available-For-Sale Securities,
at Amortized Cost
$5,002 $764 $349,944 $1,000 $356,710 
Gross Unrealized Gains52 — 1,852 — 1,904 
Gross Unrealized Losses— — (1,080)(200)(1,280)
Available-For-Sale Securities,
at Fair Value
5,054 764 350,716 800 357,334 
Available-For-Sale Securities,
Pledged as Collateral,
at Fair Value
164,426 
Securities in a Continuous
Loss Position, at Fair Value:
Less than 12 Months$— $— $52,491 $— $52,491 
12 Months or Longer— — 97,164 800 97,964 
Total$— $— $149,655 $800 $150,455 
Number of Securities in a
Continuous Loss Position
— — 54 55 
Unrealized Losses on
Securities in a Continuous
Loss Position:
Less than 12 Months$— $— $317 $— $317 
12 Months or Longer— — 763 200 963 
Total$— $— $1,080 $200 $1,280 
Disaggregated Details:
US Agency Obligations,
at Amortized Cost
$5,002 
US Agency Obligations,
at Fair Value
5,054 
US Government Agency
Securities, at Amortized Cost
$61,102 
US Government Agency
Securities, at Fair Value
60,616 
Government Sponsored Entity
Securities, at Amortized Cost
288,842 
Government Sponsored Entity
Securities, at Fair Value
290,100 
Available-For-Sale Securities
U.S. Government & Agency
Obligations
State and
Municipal
Obligations
Mortgage-
Backed
Securities
Corporate
and Other
Debt
Securities
Total
Available-
For-Sale
Securities
September 30, 2019
Available-For-Sale Securities,
at Amortized Cost
$5,003 $965 $306,374 $1,000 $313,342 
Gross Unrealized Gains53 — 1,482 — 1,535 
Gross Unrealized Losses— — (495)(200)(695)
Available-For-Sale Securities,
at Fair Value
5,056 965 307,361 800 314,182 
Available-For-Sale Securities,
Pledged as Collateral, at Fair Value
232,043 
Securities in a Continuous
Loss Position, at Fair Value:
Less than 12 Months$— $— $4,763 $— $4,763 
12 Months or Longer— — 114,483 800 115,283 
Total$— $— $119,246 $800 $120,046 
Number of Securities in a
Continuous Loss Position
— — 48 49 
Unrealized Losses on Securities
in a Continuous Loss Position:
Less than 12 Months$— $— $70 $— $70 
12 Months or Longer— — 425 200 625 
Total$— $— $495 $200 $695 
Disaggregated Details:
US Agency Obligations,
at Amortized Cost
$5,003 
US Agency Obligations,
at Fair Value
5,056 
US Government Agency
Securities, at Amortized Cost
$64,455 
US Government Agency
Securities, at Fair Value
64,364 
Government Sponsored Entity
Securities, at Amortized Cost
241,919 
Government Sponsored Entity
Securities, at Fair Value
242,997 
The following table is the schedule of Held-To-Maturity Securities at September 30, 2020, December 31, 2019 and September 30, 2019:
Held-To-Maturity Securities
State and
Municipal
Obligations
Mortgage-
Backed
Securities
Total
Held-To
Maturity
Securities
September 30, 2020
Held-To-Maturity Securities,
at Amortized Cost
$195,735 $29,064 $224,799 
Gross Unrealized Gains7,488 1,257 8,745 
Gross Unrealized Losses(43)— (43)
Held-To-Maturity Securities,
at Fair Value
203,180 30,321 233,501 
Held-To-Maturity Securities,
Pledged as Collateral, at Fair Value
221,844 
Maturities of Debt Securities,
at Amortized Cost:
Within One Year$15,605 $4,685 $20,290 
From 1 - 5 Years138,412 24,379 162,791 
From 5 - 10 Years40,656 — 40,656 
Over 10 Years1,062 — 1,062 
Maturities of Debt Securities,
at Fair Value:
Within One Year$15,677 $4,812 $20,489 
From 1 - 5 Years143,598 25,509 169,107 
From 5 - 10 Years42,825 — 42,825 
Over 10 Years1,080 — 1,080 
Securities in a Continuous
Loss Position, at Fair Value:
Less than 12 Months$1,476 $— $1,476 
12 Months or Longer— — — 
Total$1,476 $— $1,476 
Number of Securities in a
Continuous Loss Position
— 
Unrealized Losses on Securities
in a Continuous Loss Position:
Less than 12 Months$42 $— $42 
12 Months or Longer— 
Total$43 $— $43 
Disaggregated Details:
US Government Agency
Securities, at Amortized Cost
$10,669 
US Government Agency
Securities, at Fair Value
11,049 
Government Sponsored Entity
Securities, at Amortized Cost
18,395 
Government Sponsored Entity
Securities, at Fair Value
19,272 
Held-To-Maturity Securities
State and
Municipal
Obligations
Mortgage-
Backed
Securities
Total
Held-To
Maturity
Securities
December 31, 2019
Held-To-Maturity Securities,
at Amortized Cost
$208,243 $36,822 $245,065 
Gross Unrealized Gains4,170 477 4,647 
Gross Unrealized Losses(94)— (94)
Held-To-Maturity Securities,
at Fair Value
212,319 37,299 249,618 
Held-To-Maturity Securities,
Pledged as Collateral, at Fair Value
237,969 
Securities in a Continuous
Loss Position, at Fair Value:
Less than 12 Months$1,438 $— $1,438 
12 Months or Longer1,994 — 1,994 
Total$3,432 $— $3,432 
Number of Securities in a
Continuous Loss Position
10 — 10 
Unrealized Losses on
Securities in a Continuous
Loss Position:
Less than 12 Months$85 $— $85 
12 Months or Longer— 
Total$94 $— $94 
Disaggregated Details:
US Government Agency
Securities, at Amortized Cost
$1,703 
US Government Agency
Securities, at Fair Value
1,720 
Government Sponsored Entity
Securities, at Amortized Cost
35,119 
Government Sponsored Entity
Securities, at Fair Value
35,579 
September 30, 2019
Held-To-Maturity Securities,
at Amortized Cost
$215,661 $39,434 $255,095 
Gross Unrealized Gains3,669 408 4,077 
Gross Unrealized Losses(34)(10)(44)
Held-To-Maturity Securities,
at Fair Value
219,296 39,832 259,128 
Held-To-Maturity Securities,
Pledged as Collateral, at Fair Value
244,373 
Securities in a Continuous
Loss Position, at Fair Value:
Less than 12 Months$763 $3,082 $3,845 
12 Months or Longer6,764 1,711 8,475 
Total$7,527 $4,793 $12,320 
Number of Securities in a
Continuous Loss Position
19 19 38 
Held-To-Maturity Securities
State and
Municipal
Obligations
Mortgage-
Backed
Securities
Total
Held-To
Maturity
Securities
Unrealized Losses on
Securities in a Continuous
Loss Position:
Less than 12 Months$$$10 
12 Months or Longer33 34 
Total$34 $10 $44 
Disaggregated Details:
US Government Agency
Securities, at Amortized Cost
$1,844 
US Government Agency
Securities, at Fair Value
1,854 
Government Sponsored Entity
Securities, at Amortized Cost
37,590 
Government Sponsored Entity
Securities, at Fair Value
37,978 

In the tables above, maturities of mortgage-backed securities are included based on their expected average lives. Actual maturities will differ because issuers may have the right to call or prepay obligations with or without prepayment penalties.
Securities in a continuous loss position, in the tables above for September 30, 2020, December 31, 2019 and September 30, 2019, do not reflect any deterioration of the credit worthiness of the issuing entities.
 U.S. government agency securities, including mortgage-backed securities, are all rated AAA by Moody's and AA+ by Standard and Poor's.  The state and municipal obligations are general obligations supported by the general taxing authority of the issuer, and in some cases are insured.  Obligations issued by school districts are supported by state aid.  Credit analysis is performed in-house based upon data that has been submitted by the issuers to the New York State Comptroller. That analysis shows no deterioration in the credit worthiness of the municipalities.  Subsequent to September 30, 2020, there were no securities downgraded below investment grade.  
The unrealized losses on these temporarily impaired securities are primarily the result of changes in interest rates for fixed rate securities where the interest rate received is less than the current rate available for new offerings of similar securities, changes in market spreads as a result of shifts in supply and demand, and/or changes in the level of prepayments for mortgage related securities. Because there is no current intention to sell any of our temporarily impaired securities, and because it is not more likely than not that it would be required to sell the securities prior to recovery, the impairment is considered temporary.
Pledged securities in the tables above are primarily used to collateralize state and municipal deposits, as required under New York State law. A portion of the pledged securities are used to collateralize repurchase agreements and pooled deposits of our trust customers.

The following table is the schedule of Equity Securities at September 30, 2020, December 31, 2019 and September 30, 2019:
Equity Securities
September 30, 2020December 31, 2019September 30, 2019
Equity Securities, at Fair Value$1,511$2,063$1,996

The following is a summary of realized and unrealized gains and losses recognized in net income on equity securities during the three and nine month periods ended September 30, 2020 and 2019:
Quarterly Period Ended:Year-to-Date Period Ended:
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net (Loss) Gain on Equity Securities$(72)$146 $(552)$222 
Less: Net gain (loss) recognized during the reporting period on equity securities sold during the period— — — — 
Unrealized net (loss) gain recognized during the reporting period on equity securities still held at the reporting date$(72)$146 $(552)$222