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INVESTMENT SECURITIES AVAILABLE FOR SALE
 9 Months Ended
Sep. 30, 2020
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, 2020 and December 31, 2019 follows:

 

 

 

September 30, 2020

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. treasuries

 

$

2,886

 

 

$

2

 

 

$

—

 

 

$

2,888

 

U.S government-sponsored agencies

 

 

79,424

 

 

 

62

 

 

 

(540

)

 

 

78,946

 

Mortgage-backed securities–residential

 

 

457,597

 

 

 

9,114

 

 

 

(416

)

 

 

466,295

 

SBA pool securities

 

 

37,312

 

 

 

17

 

 

 

(259

)

 

 

37,070

 

State and political subdivisions

 

 

8,578

 

 

 

116

 

 

 

—

 

 

 

8,694

 

Corporate bond

 

 

3,000

 

 

 

36

 

 

 

—

 

 

 

3,036

 

Total

 

$

588,797

 

 

$

9,347

 

 

$

(1,215

)

 

$

596,929

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. government-sponsored agencies

 

$

34,961

 

 

$

37

 

 

$

(214

)

 

$

34,784

 

Mortgage-backed securities–residential

 

 

337,489

 

 

 

2,365

 

 

 

(950

)

 

 

338,904

 

SBA pool securities

 

 

2,799

 

 

 

—

 

 

 

(15

)

 

 

2,784

 

State and political subdivisions

 

 

11,175

 

 

 

41

 

 

 

(1

)

 

 

11,215

 

Corporate bond

 

 

3,000

 

 

 

68

 

 

 

—

 

 

 

3,068

 

Total

 

$

389,424

 

 

$

2,511

 

 

$

(1,180

)

 

$

390,755

 

 

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, 2020 and December 31, 2019.

 

 

 

September 30, 2020

 

 

 

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

 

$

49,411

 

 

$

(540

)

 

$

—

 

 

$

—

 

 

$

49,411

 

 

$

(540

)

Mortgage-backed securities-residential

 

 

47,995

 

 

 

(381

)

 

 

15,623

 

 

 

(35

)

 

 

63,618

 

 

 

(416

)

SBA pool securities

 

 

26,160

 

 

 

(241

)

 

 

2,458

 

 

 

(18

)

 

 

28,618

 

 

 

(259

)

Total

 

$

123,566

 

 

$

(1,162

)

 

$

18,081

 

 

$

(53

)

 

$

141,647

 

 

$

(1,215

)

 

 

 

December 31, 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

 

$

19,758

 

 

$

(214

)

 

$

—

 

 

$

—

 

 

$

19,758

 

 

$

(214

)

Mortgage-backed securities-residential

 

 

78,982

 

 

 

(382

)

 

 

69,142

 

 

 

(568

)

 

 

148,124

 

 

 

(950

)

SBA pool securities

 

 

—

 

 

 

—

 

 

 

2,784

 

 

 

(15

)

 

 

2,784

 

 

 

(15

)

State and political subdivisions

 

 

783

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

783

 

 

 

(1

)

Total

 

$

99,523

 

 

$

(597

)

 

$

71,926

 

 

$

(583

)

 

$

171,449

 

 

$

(1,180

)

 

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, 2020, 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.

The Company has an investment in a CRA investment fund with a fair value of $15.2 million at September 30, 2020. The investment is classified as an equity security in our Consolidated Statements of Condition.  This security had a gain of $323,000 for the nine months ended September 30, 2020.  This amount is included in securities gains/(losses), net on the Consolidated Statements of Income.