SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

SECURITIES.

Schedule of amortized cost and fair value of the available for sale and held to maturity

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at September 30, 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses, respectively:

	September 30, 2020
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Available for sale:
State and municipal obligations	$	34,874	$	1,639	$	(9)	$	36,504
U.S. GSE residential mortgage-backed securities		117,323		1,595		(42)		118,876
U.S. GSE residential collateralized mortgage obligations		159,501		2,156		(75)		161,582
U.S. GSE commercial mortgage-backed securities		13,179		189		—		13,368
U.S. GSE commercial collateralized mortgage obligations		63,464		1,386		(58)		64,792
Other asset backed securities		24,250		—		(356)		23,894
Corporate bonds		49,000		—		(1,935)		47,065
Total available for sale		461,591		6,965		(2,475)		466,081
			Gross		Gross		Estimated
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Held to maturity:
State and municipal obligations		26,886		1,497		(9)		28,374
U.S. GSE residential mortgage-backed securities		6,822		229		—		7,051
U.S. GSE residential collateralized mortgage obligations		25,413		671		—		26,084
U.S. GSE commercial mortgage-backed securities		16,742		695		—		17,437
U.S. GSE commercial collateralized mortgage obligations		25,071		894		—		25,965
Total held to maturity		100,934		3,986		(9)		104,911
Total securities	$	562,525	$	10,951	$	(2,484)	$	570,992

As of September 30, 2020, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. Additionally, the calculated allowance for credit losses on held to maturity securities was inconsequential given the high quality composition of the Company’s held to maturity portfolio and therefore no allowance for credit losses was recorded. Accrued interest receivable on securities totaling $1.8 million at September 30, 2020 was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity investment securities portfolio at December 31, 2019 and the corresponding amounts of gross unrealized gains and losses therein:

	December 31, 2019
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Available for sale:
U.S. Treasury securities	$	50,833	$	—	$	(11)	$	50,822
U.S. GSE securities		5,000		—		(5)		4,995
State and municipal obligations		34,303		704		(43)		34,964
U.S. GSE residential mortgage-backed securities		84,550		609		(468)		84,691
U.S. GSE residential collateralized mortgage obligations		278,149		1,166		(1,464)		277,851
U.S. GSE commercial mortgage-backed securities		13,656		23		(70)		13,609
U.S. GSE commercial collateralized mortgage obligations		102,722		1,723		(289)		104,156
Other asset-backed securities		24,250		—		(849)		23,401
Corporate bonds		46,000		—		(2,198)		43,802
Total available for sale		639,463		4,225		(5,397)		638,291
Held to maturity:
State and municipal obligations		41,008		809		—		41,817
U.S. GSE residential mortgage-backed securities		8,142		5		(54)		8,093
U.S. GSE residential collateralized mortgage obligations		39,936		624		(62)		40,498
U.S. GSE commercial mortgage-backed securities		17,215		102		(82)		17,235
U.S. GSE commercial collateralized mortgage obligations		27,337		191		(144)		27,384
Total held to maturity		133,638		1,731		(342)		135,027
Total securities	$	773,101	$	5,956	$	(5,739)	$	773,318

Schedule of securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

The following table summarizes available for sale debt securities with gross unrealized losses for which an allowance for credit losses has not been recorded at September 30, 2020, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

	September 30, 2020
	Less than 12 months				Greater than 12 months
	Estimated		Gross		Estimated		Gross
	Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses
Available for sale:
State and municipal obligations	$	1,513	$	(9)	$	—	$	—
U.S. GSE residential mortgage-backed securities		50,124		(36)		154		(6)
U.S. GSE residential collateralized mortgage obligations		22,831		(75)		—		—
U.S. GSE commercial collateralized mortgage obligations		17,575		(58)		—		—
Other asset backed securities		—		—		3,394		(356)
Corporate bonds		12,805		(194)		29,259		(1,741)
Total available for sale	$	104,848	$	(372)	$	32,807	$	(2,103)

The following table summarizes securities with gross unrealized losses at December 31, 2019, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position:

	December 31, 2019
	Less than 12 months				Greater than 12 months
	Estimated		Gross		Estimated		Gross
	Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses
Available for sale:
U.S. Treasury securities	$	50,822	$	(11)	$	—	$	—
U.S. GSE securities		—		—		4,995		(5)
State and municipal obligations		4,982		(42)		76		(1)
U.S. GSE residential mortgage-backed securities		2,935		(30)		39,617		(438)
U.S. GSE residential collateralized mortgage obligations		81,377		(480)		93,403		(984)
U.S. GSE commercial mortgage-backed securities		6,648		(70)		—		—
U.S. GSE commercial collateralized mortgage obligations		28,710		(145)		9,614		(144)
Other asset-backed securities		—		—		23,401		(849)
Corporate bonds		—		—		43,802		(2,198)
Total available for sale	$	175,474	$	(778)	$	214,908	$	(4,619)
Held to maturity:
U.S. GSE residential mortgage-backed securities		—		—		7,268		(54)
U.S. GSE residential collateralized mortgage obligations		6,750		(17)		6,105		(45)
U.S. GSE commercial mortgage-backed securities		—		—		5,034		(82)
U.S. GSE commercial collateralized mortgage obligations		13,038		(57)		4,300		(87)
Total held to maturity	$	19,788	$	(74)	$	22,707	$	(268)

Schedule of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio

	September 30, 2020
	Amortized		Estimated
(In thousands)	Cost		Fair Value
Maturity
Available for sale:
Within one year	$	4,133	$	4,138
One to five years		46,363		46,402
Five to ten years		43,556		43,457
Beyond ten years		367,539		372,084
Total	$	461,591	$	466,081
Held to maturity:
Within one year	$	1,670	$	1,676
One to five years		28,305		29,522
Five to ten years		14,216		15,081
Beyond ten years		56,743		58,632
Total	$	100,934	$	104,911