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Securities (Tables)
6 Months Ended
Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses The amortized cost and fair value of securities, with gross unrealized gains and losses at June 30, 2020 and December 31, 2019, are as follows

 

 

 

(In Thousands)

 

 

 

June 30, 2020

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

8,004

 

 

$

26

 

 

$

-

 

 

$

8,030

 

U.S. Government agencies

 

 

70,535

 

 

 

1,850

 

 

 

(16

)

 

 

72,369

 

Mortgage-backed securities

 

 

100,864

 

 

 

2,839

 

 

 

(4

)

 

 

103,699

 

State and local governments

 

 

50,111

 

 

 

2,085

 

 

 

(2

)

 

 

52,194

 

Total available-for-sale securities

 

$

229,514

 

 

$

6,800

 

 

$

(22

)

 

$

236,292

 

 

 

 

 

(In Thousands)

 

 

 

December 31, 2019

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

10,023

 

 

$

10

 

 

$

(12

)

 

$

10,021

 

U.S. Government agencies

 

 

61,882

 

 

 

584

 

 

 

(21

)

 

 

62,445

 

Mortgage-backed securities

 

 

94,998

 

 

 

426

 

 

 

(227

)

 

 

95,197

 

State and local governments

 

 

54,001

 

 

 

749

 

 

 

(120

)

 

 

54,630

 

Total available-for-sale securities

 

$

220,904

 

 

$

1,769

 

 

$

(380

)

 

$

222,293

 

Gross Unrealized Losses, Aggregated by Investment Category and Length of Time

Information pertaining to securities with gross unrealized losses at June 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:    

 

 

 

(In Thousands)

 

 

 

June 30, 2020

 

 

 

Less Than Twelve Months

 

 

Twelve Months & Over

 

 

Total

 

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

U.S. Treasury

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

U.S. Government agencies

 

 

(16

)

 

 

18,593

 

 

 

-

 

 

 

-

 

 

 

(16

)

 

 

18,593

 

Mortgage-backed securities

 

 

(4

)

 

 

6,254

 

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

6,254

 

State and local governments

 

 

(2

)

 

 

789

 

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

789

 

Total available-for-sale securities

 

$

(22

)

 

$

25,636

 

 

$

-

 

 

$

-

 

 

$

(22

)

 

$

25,636

 

 

 

 

(In Thousands)

 

 

 

December 31, 2019

 

 

 

Less Than Twelve Months

 

 

Twelve Months & Over

 

 

Total

 

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

Gross Unrealized

 

 

Fair

 

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

U.S. Treasury

 

$

-

 

 

$

-

 

 

$

(12

)

 

$

5,030

 

 

$

(12

)

 

$

5,030

 

U.S. Government agencies

 

 

(16

)

 

 

10,549

 

 

 

(5

)

 

 

10,745

 

 

 

(21

)

 

 

21,294

 

Mortgage-backed securities

 

 

(102

)

 

 

27,696

 

 

 

(125

)

 

 

11,332

 

 

 

(227

)

 

 

39,028

 

State and local governments

 

 

(120

)

 

 

16,845

 

 

 

-

 

 

 

-

 

 

 

(120

)

 

 

16,845

 

Total available-for-sale securities

 

$

(238

)

 

$

55,090

 

 

$

(142

)

 

$

27,107

 

 

$

(380

)

 

$

82,197

 

Gross Realized Gains and Losses

Below are the gross realized gains and losses for the three and six months ended June 30, 2020 and June 30, 2019.

 

 

 

Three Months

 

 

Six Months

 

 

 

(In Thousands)

 

 

(In Thousands)

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gross realized gains

 

$

-

 

 

$

-

 

 

$

270

 

 

$

16

 

Gross realized losses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(42

)

Net realized gains (losses)

 

$

-

 

 

$

-

 

 

$

270

 

 

$

(26

)

Tax expense (benefit) related to net realized gains (losses)

 

$

-

 

 

$

-

 

 

$

57

 

 

$

(5

)

Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity

The amortized cost and fair value of debt securities at June 30, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

 

(In Thousands)

 

 

 

Amortized

 

 

 

 

 

 

 

Cost

 

 

Fair Value

 

One year or less

 

$

14,403

 

 

$

14,462

 

After one year through five years

 

 

47,971

 

 

 

49,006

 

After five years through ten years

 

 

59,979

 

 

 

62,574

 

After ten years

 

 

6,297

 

 

 

6,551

 

Total

 

$

128,650

 

 

$

132,593

 

Mortgage-backed securities

 

 

100,864

 

 

 

103,699

 

Total

 

$

229,514

 

 

$

236,292