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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities
The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at March 31, 2021 were as follows:
March 31, 2021
Amortized CostGross UnrealizedFair Value
GainsLosses
(In thousands)
Available for sale securities:
U.S. Government and agency obligations
Less than one year$9,982 $130 $— $10,112 
Due from five through ten years7,993 572 — 8,565 
Due after ten years51,237 1,842 (93)52,986 
Total U.S. Government and agency obligations69,212 2,544 (93)71,663 
Corporate bonds
Due from five through ten years10,000 93 (41)10,052 
Due after ten years1,500 — 1,503 
Total corporate bonds11,500 96 (41)11,555 
Total available for sale securities$80,712 $2,640 $(134)$83,218 
Held to maturity securities:
State agency and municipal obligations
Due after ten years$16,169 $2,580 $(264)$18,485 
Government-sponsored mortgage backed securities
No contractual maturity56 — 65 
Total held to maturity securities$16,225 $2,589 $(264)$18,550 
The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2020 were as follows:
December 31, 2020
Amortized CostGross UnrealizedFair Value
GainsLosses
(In thousands)
Available for sale securities:
U.S. Government and agency obligations
Less than one year$9,976 $172 $— $10,148 
Due from five through ten years8,038 848 — 8,886 
Due after ten years55,560 2,284 — 57,844 
Total U.S. Government and agency obligations73,574 3,304 — 76,878 
Corporate bonds
Due from one through five years4,000 57 — 4,057 
Due from five through ten years6,000 163 — 6,163 
Due after ten years1,500 — 1,507 
Total corporate bonds11,500 227 — 11,727 
Total available for sale securities$85,074 $3,531 $— $88,605 
Held to maturity securities:
State agency and municipal obligations
Due after ten years$16,018 $3,944 $— $19,962 
Government-sponsored mortgage backed securities
No contractual maturity60 10 — 70 
Total held to maturity securities$16,078 $3,954 $— $20,032 
Schedule of fair value and related unrealized losses of temporarily impaired investment securities, aggregated by investment category
The following table provides information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021:

Length of Time in Continuous Unrealized Loss Position
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss
Percent
Decline from
Amortized Cost
Fair ValueUnrealized
Loss
Percent
Decline from
Amortized Cost
Fair ValueUnrealized
Loss
Percent
Decline from
Amortized Cost
(Dollars in thousands)
March 31, 2021
U.S. Government and agency obligations$8,710 $(93)1.05 %$— $— — %$8,710 $(93)1.05 %
Corporate bonds5,959 (41)0.68 — — — 5,959 (41)0.68 
State agency and municipal obligations4,430 (264)5.63 — — — 4,430 (264)5.63 
Total investment securities$19,099 $(398)2.04 %$— $— — %$19,099 $(398)2.04 %

There were six investment securities as of March 31, 2021, in which the fair value of the security was less than the amortized cost of the security.

The U.S. Government and agency obligations owned are either direct obligations of the U.S. Government or guaranteed by the U.S. Government, therefore the contractual cash flows are guaranteed and as a result the unrealized losses in this portfolio are considered to be only temporarily impaired.

The Company continually monitors its state agency, municipal and corporate bond portfolios and at this time these portfolios have minimal default risk because state agency, municipal and corporate bonds are all rated investment grade or deemed to be of investment grade quality.

The Company has the intent and ability to retain its investment securities in an unrealized loss position at March 31, 2021 until the decline in value has recovered or the security has matured.