Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In Thousands)
Mortgage-backed securities	$	24,872	$	1,228	$	-		$	26,100
Collateralized mortgage obligations:
Government sponsored enterprise issued		57,424		2,095		-			59,519
Private-label issued		3,595		55		-			3,650
Mortgage-related securities		85,891		3,378		-			89,269
Government sponsered enterprise bonds		2,500		-		(1	)		2,499
Municipal securities		47,970		2,192		-			50,162
Other debt securities		12,500		-		(1,229	)		11,271
Debt securities		62,970		2,192		(1,230	)		63,932
	$	148,861	$	5,570	$	(1,230	)	$	153,201

	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

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, 2020 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	$	5,512	$	5,556
Due after one year through five years		36,877		37,925
Due after five years through ten years		20,581		20,451
Due after ten years		-		-
Mortgage-related securities		85,891		89,269
	$	148,861	$	153,201

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, 2020
	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	$	-	$	-		$	-	$	-		$	-	$	-
Collateralized mortgage obligations:
Government sponsored enterprise issued		-		-			-		-			-		-
Private label issued		-		-			-		-			-		-
Government sponsored enterprise bonds		2,499		(1	)		-		-			2,499		(1	)
Municipal securities		-		-			-		-			-		-
Other debt securities		2,476		(24	)		8,795		(1,205	)		11,271		(1,229	)
	$	4,975	$	(25	)	$	8,795	$	(1,205	)	$	13,770	$	(1,230	)

	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	)