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INVESTMENT SECURITIES AVAILABLE FOR SALE
 9 Months Ended
Sep. 30, 2019
Investment Securities Available For Sale [Abstract]  
INVESTMENT SECURITIES AVAILABLE FOR SALE

2.  INVESTMENT SECURITIES AVAILABLE FOR SALE

A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of September 30, 2019 and December 31, 2018 follows:

 

 

 

September 30, 2019

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. government-sponsored agencies

 

$

34,986

 

 

$

78

 

 

$

(17

)

 

$

35,047

 

Mortgage-backed securities –residential

 

 

294,800

 

 

 

2,599

 

 

 

(770

)

 

 

296,629

 

SBA pool securities

 

 

3,071

 

 

 

—

 

 

 

(14

)

 

 

3,057

 

State and political subdivisions

 

 

12,178

 

 

 

31

 

 

 

(13

)

 

 

12,196

 

Corporate bond

 

 

3,000

 

 

 

60

 

 

 

—

 

 

 

3,060

 

Total

 

$

348,035

 

 

$

2,768

 

 

$

(814

)

 

$

349,989

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. government-sponsored agencies

 

$

102,915

 

 

$

82

 

 

$

(984

)

 

$

102,013

 

Mortgage-backed securities – residential

 

 

254,383

 

 

 

418

 

 

 

(3,439

)

 

 

251,362

 

SBA pool securities

 

 

3,883

 

 

 

—

 

 

 

(44

)

 

 

3,839

 

State and political subdivisions

 

 

17,729

 

 

 

27

 

 

 

(146

)

 

 

17,610

 

Corporate bond

 

 

3,000

 

 

 

112

 

 

 

—

 

 

 

3,112

 

Total

 

$

381,910

 

 

$

639

 

 

$

(4,613

)

 

$

377,936

 

 

The following tables present the Company’s available for sale securities in a continuous unrealized loss position and the approximate fair value of these investments as of September 30, 2019 and December 31, 2018.

 

 

 

September 30, 2019

 

 

 

Duration of Unrealized Loss

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(In thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. government-sponsored agencies

 

$

9,981

 

 

$

(17

)

 

$

—

 

 

$

—

 

 

$

9,981

 

 

$

(17

)

Mortgage-backed securities-residential

 

 

34,091

 

 

 

(79

)

 

 

76,218

 

 

 

(691

)

 

 

110,309

 

 

 

(770

)

SBA pool securities

 

 

—

 

 

 

—

 

 

 

3,057

 

 

 

(14

)

 

 

3,057

 

 

 

(14

)

State and political subdivisions

 

 

5,117

 

 

 

(13

)

 

 

—

 

 

 

—

 

 

 

5,117

 

 

 

(13

)

Total

 

$

49,189

 

 

$

(109

)

 

$

79,275

 

 

$

(705

)

 

$

128,464

 

 

$

(814

)

 

 

 

 

December 31, 2018

 

 

 

Duration of Unrealized Loss

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

Approximate

 

 

 

 

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(In thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. government-sponsored agencies

 

$

18,840

 

 

$

(103

)

 

$

33,600

 

 

$

(881

)

 

$

52,440

 

 

$

(984

)

Mortgage-backed securities-residential

 

 

51,697

 

 

 

(303

)

 

 

136,130

 

 

 

(3,136

)

 

 

187,827

 

 

 

(3,439

)

SBA pool securities

 

 

—

 

 

 

—

 

 

 

3,839

 

 

 

(44

)

 

 

3,839

 

 

 

(44

)

State and political subdivisions

 

 

421

 

 

 

(1

)

 

 

7,274

 

 

 

(145

)

 

 

7,695

 

 

 

(146

)

Total

 

$

70,958

 

 

$

(407

)

 

$

180,843

 

 

$

(4,206

)

 

$

251,801

 

 

$

(4,613

)

 

Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the credit worthiness of the issuers.  As of September 30, 2019, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired.

During the first quarter of 2018, the Company adopted ASU 2016-01 “Financial Instruments” which resulted in the reclassification of the Company’s investment in the CRA investment fund from available for sale to an equity security. This security had a gain of $34 thousand and $162 thousand for the three and nine months ended September 30, 2019, respectively.  This amount is included in securities gains/(losses) on the Consolidated Statements of Income.