Securities (Tables)

12 Months Ended

Dec. 31, 2019

Securities Available for Sale [Abstract]

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

The amortized cost and fair value of the Company’s investment in securities follow:

	December 31, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In Thousands)
Mortgage-backed securities	$	33,773		422		(45	)		34,150
Collateralized mortgage obligations
Government sponsored enterprise issued		81,232		776		(254	)		81,754
Mortgage related securities		115,005		1,198		(299	)		115,904
Municipal securities		51,898		1,795		(1	)		53,692
Other debt securities		10,000		-		(1,120	)		8,880
Debt securities		61,898		1,795		(1,121	)		62,572
	$	176,903		2,993		(1,420	)		178,476

	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 value of securities at December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers or borrowers may have the right to prepay obligations with or without prepayment penalties.

	December 31, 2019
	Amortized cost			Fair value
	(In Thousands)
Debt securities:
Due within one year		$	3,449		3,454
Due after one year through five years			33,200		33,843
Due after five years through ten years			14,615		15,618
Due after ten years			10,634		9,657
Mortgage-related securities			115,005		115,904
		$	176,903		178,476

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

Total proceeds and gross gains and losses from sales of investment securities available for sale for each of periods listed below.

	December 31,
	2019			2018		2017
	(In Thousands)
Gross gains		$	-		-		-
Gross losses			-		-		(107	)
Losses on sale of investment securities, net		$	-		-		(107	)
Proceeds from sales of investment securities		$	-		-		448

Fair value and gross unrealized losses on securities available for sale and in a continuous unrealized loss position

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:

	December 31, 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		$	2,929		(20	)		2,849		(25	)		5,778		(45	)
Collateralized mortgage obligations
Government sponsored enterprise issued			21,723		(136	)		7,180		(118	)		28,903		(254	)
Municipal securities			100		(1	)		–		–			100		(1	)
Other debt securities			-		-			8,880		(1,120	)		8,880		(1,120	)
		$	24,752		(157	)		18,909		(1,263	)		43,661		(1,420	)

	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	)