SECURITIES (Tables)

6 Months Ended

Jun. 30, 2020

SECURITIES.

Schedule of amortized cost and fair value of the available for sale and held to maturity

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at June 30, 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses, respectively:

	June 30, 2020
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Available for sale:
U.S. Treasury securities	$	49,999	$	—	$	—	$	49,999
State and municipal obligations		36,009		1,470		—		37,479
U.S. GSE residential mortgage-backed securities		75,298		2,489		(10)		77,777
U.S. GSE residential collateralized mortgage obligations		179,542		3,089		(80)		182,551
U.S. GSE commercial mortgage-backed securities		16,611		305		—		16,916
U.S. GSE commercial collateralized mortgage obligations		98,073		4,194		(66)		102,201
Other asset backed securities		24,250		—		(375)		23,875
Corporate bonds		49,000		50		(2,102)		46,948
Total available for sale		528,782		11,597		(2,633)		537,746
			Gross		Gross		Estimated
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Held to maturity:
State and municipal obligations		26,926		1,291		—		28,217
U.S. GSE residential mortgage-backed securities		7,251		200		—		7,451
U.S. GSE residential collateralized mortgage obligations		33,800		1,286		—		35,086
U.S. GSE commercial mortgage-backed securities		16,871		704		—		17,575
U.S. GSE commercial collateralized mortgage obligations		26,459		957		—		27,416
Total held to maturity		111,307		4,438		—		115,745
Total securities	$	640,089	$	16,035	$	(2,633)	$	653,491

As of June 30, 2020, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. Additionally, the calculated allowance for credit losses on held to maturity securities was inconsequential given the high quality composition of the Company’s held to maturity portfolio and therefore no allowance for credit losses was recorded. Accrued interest receivable on securities totaling $1.9 million at June 30, 2020 was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at December 31, 2019 and the corresponding amounts of gross unrealized gains and losses therein:

	December 31, 2019
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Available for sale:
U.S. Treasury securities	$	50,833	$	—	$	(11)	$	50,822
U.S. GSE securities		5,000		—		(5)		4,995
State and municipal obligations		34,303		704		(43)		34,964
U.S. GSE residential mortgage-backed securities		84,550		609		(468)		84,691
U.S. GSE residential collateralized mortgage obligations		278,149		1,166		(1,464)		277,851
U.S. GSE commercial mortgage-backed securities		13,656		23		(70)		13,609
U.S. GSE commercial collateralized mortgage obligations		102,722		1,723		(289)		104,156
Other asset-backed securities		24,250		—		(849)		23,401
Corporate bonds		46,000		—		(2,198)		43,802
Total available for sale		639,463		4,225		(5,397)		638,291
Held to maturity:
State and municipal obligations		41,008		809		—		41,817
U.S. GSE residential mortgage-backed securities		8,142		5		(54)		8,093
U.S. GSE residential collateralized mortgage obligations		39,936		624		(62)		40,498
U.S. GSE commercial mortgage-backed securities		17,215		102		(82)		17,235
U.S. GSE commercial collateralized mortgage obligations		27,337		191		(144)		27,384
Total held to maturity		133,638		1,731		(342)		135,027
Total securities	$	773,101	$	5,956	$	(5,739)	$	773,318

Schedule of securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

The following table summarizes available for sale debt securities with gross unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2020, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

	June 30, 2020
	Less than 12 months				Greater than 12 months
	Estimated		Gross		Estimated		Gross
	Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses
Available for sale:
U.S. Treasury securities	$	—	$	—	$	—	$	—
U.S. GSE securities		—		—		—		—
State and municipal obligations		—		—		—		—
U.S. GSE residential mortgage-backed securities		—		—		2,402		(10)
U.S. GSE residential collateralized mortgage obligations		15,989		(80)		—		—
U.S. GSE commercial mortgage-backed securities		—		—		—		—
U.S. GSE commercial collateralized mortgage obligations		20,032		(66)		—		—
Other asset backed securities		—		—		3,375		(375)
Corporate bonds		7,797		(202)		29,100		(1,900)
Total available for sale	$	43,818	$	(348)	$	34,877	$	(2,285)

The following table summarizes securities with gross unrealized losses at December 31, 2019, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

	December 31, 2019
	Less than 12 months				Greater than 12 months
	Estimated		Gross		Estimated		Gross
	Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses
Available for sale:
U.S. Treasury securities	$	50,822	$	(11)	$	—	$	—
U.S. GSE securities		—		—		4,995		(5)
State and municipal obligations		4,982		(42)		76		(1)
U.S. GSE residential mortgage-backed securities		2,935		(30)		39,617		(438)
U.S. GSE residential collateralized mortgage obligations		81,377		(480)		93,403		(984)
U.S. GSE commercial mortgage-backed securities		6,648		(70)		—		—
U.S. GSE commercial collateralized mortgage obligations		28,710		(145)		9,614		(144)
Other asset-backed securities		—		—		23,401		(849)
Corporate bonds		—		—		43,802		(2,198)
Total available for sale	$	175,474	$	(778)	$	214,908	$	(4,619)
Held to maturity:
State and municipal obligations	$	—	$	—	$	—	$	—
U.S. GSE residential mortgage-backed securities		—		—		7,268		(54)
U.S. GSE residential collateralized mortgage obligations		6,750		(17)		6,105		(45)
U.S. GSE commercial mortgage-backed securities		—		—		5,034		(82)
U.S. GSE commercial collateralized mortgage obligations		13,038		(57)		4,300		(87)
Total held to maturity	$	19,788	$	(74)	$	22,707	$	(268)

Schedule of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio

	June 30, 2020
	Amortized		Estimated
(In thousands)	Cost		Fair Value
Maturity
Available for sale:
Within one year	$	54,145	$	54,168
One to five years		41,972		42,698
Five to ten years		59,075		58,277
Beyond ten years		373,590		382,603
Total	$	528,782	$	537,746
Held to maturity:
Within one year	$	1,669	$	1,681
One to five years		28,229		29,329
Five to ten years		14,959		15,739
Beyond ten years		66,450		68,996
Total	$	111,307	$	115,745