Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2019

Securities Available for Sale [Abstract]

Amortized Cost and Fair Values of Investment in Securities Available for Sale

The amortized cost and fair values of the Company’s investment in securities available for sale follow:

	September 30, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In Thousands)
Mortgage-backed securities	$	34,828	$	448	$	(23	)	$	35,253
Collateralized mortgage obligations:
Government sponsored enterprise issued		73,439		1,177		(184	)		74,432
Mortgage-related securities		108,267		1,625		(207	)		109,685
Municipal securities		53,205		1,687		(1	)		54,891
Other debt securities		15,001		-		(1,521	)		13,480
Debt securities		68,206		1,687		(1,522	)		68,371
	$	176,473	$	3,312	$	(1,729	)	$	178,056

	December 31, 2018
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In Thousands)
Mortgage-backed securities	$	42,105	$	91	$	(565	)	$	41,631
Collateralized mortgage obligations:
Government sponsored enterprise issued		75,923		243		(1,211	)		74,955
Mortgage-related securities		118,028		334		(1,776	)		116,586
Municipal securities		55,242		825		(119	)		55,948
Other debt securities		15,002		-		(1,816	)		13,186
Debt securities		70,244		825		(1,935	)		69,134
	$	188,272	$	1,159	$	(3,711	)	$	185,720

Amortized Cost and Fair Values of Investment Securities by Contractual Maturity

The amortized cost and fair values of investment securities by contractual maturity at September 30, 2019 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
	(In Thousands)
Debt and other securities
Due within one year	$	8,509	$	8,512
Due after one year through five years		32,085		32,631
Due after five years through ten years		16,985		17,965
Due after ten years		10,627		9,263
Mortgage-related securities		108,267		109,685
	$	176,473	$	178,056

Total Proceeds and Gross Gains and Losses from Sales of Investment Securities Available for Sale

Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

	September 30, 2019
	Less than 12 months					12 months or longer					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(In Thousands)
Mortgage-backed securities	$	1,081	$	(1	)	$	3,325	$	(22	)	$	4,406	$	(23	)
Collateralized mortgage obligations:
Government sponsored enterprise issued		7,984		(69	)		9,758		(115	)		17,742		(184	)
Municipal securities		221		(1	)		-		-			221		(1	)
Other debt securities		-		-			8,479		(1,521	)		8,479		(1,521	)
	$	9,286	$	(71	)	$	21,562	$	(1,658	)	$	30,848	$	(1,729	)

	December 31, 2018
	Less than 12 months					12 months or longer					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(In Thousands)
Mortgage-backed securities	$	3,036	$	(9	)	$	33,029	$	(556	)	$	36,065	$	(565	)
Collateralized mortgage obligations:
Government sponsored enterprise issued		3,079		(13	)		47,279		(1,198	)		50,358		(1,211	)
Municipal securities		7,595		(17	)		11,272		(102	)		18,867		(119	)
Other debt securities		-		-			13,186		(1,816	)		13,186		(1,816	)
	$	13,710	$	(39	)	$	104,766	$	(3,672	)	$	118,476	$	(3,711	)