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 December 31, 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: | | | | | | | | | | | | | | | December 31, 2020 | | | | | Gross | | Gross | | Estimated | | | Amortized | | Unrealized | | Unrealized | | Fair | (In thousands) | | Cost | | Gains | | Losses | | Value | Available for sale: | | | | | | | | | | | | | State and municipal obligations | | $ | 40,448 | | $ | 1,650 | | $ | (10) | | $ | 42,088 | U.S. GSE residential mortgage-backed securities | | | 111,398 | | | 1,843 | | | (6) | | | 113,235 | U.S. GSE residential collateralized mortgage obligations | | | 127,369 | | | 1,661 | | | (226) | | | 128,804 | U.S. GSE commercial mortgage-backed securities | | | 24,920 | | | 140 | | | (253) | | | 24,807 | U.S. GSE commercial collateralized mortgage obligations | | | 61,102 | | | 1,286 | | | (52) | | | 62,336 | Other asset backed securities | | | 24,250 | | | — | | | (300) | | | 23,950 | Corporate bonds | | | 56,500 | | | 195 | | | (1,555) | | | 55,140 | Total available for sale | | | 445,987 | | | 6,775 | | | (2,402) | | | 450,360 | | | | | | | | | | | | | | | | | | Gross | | Gross | | Estimated | | | Amortized | | Unrecognized | | Unrecognized | | Fair | (In thousands) | | Cost | | Gains | | Losses | | Value | Held to maturity: | | | | | | | | | | | | | State and municipal obligations | | | 23,715 | | | 1,406 | | | — | | | 25,121 | U.S. GSE residential mortgage-backed securities | | | 6,272 | | | 227 | | | — | | | 6,499 | U.S. GSE residential collateralized mortgage obligations | | | 18,511 | | | 489 | | | (9) | | | 18,991 | U.S. GSE commercial mortgage-backed securities | | | 13,069 | | | 625 | | | — | | | 13,694 | U.S. GSE commercial collateralized mortgage obligations | | | 24,133 | | | 887 | | | — | | | 25,020 | Total held to maturity | | | 85,700 | | | 3,634 | | | (9) | | | 89,325 | Total securities | | $ | 531,687 | | $ | 10,409 | | $ | (2,411) | | $ | 539,685 |
As of December 31, 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 $1.4 million at December 31, 2020 was included in accrued interest receivable 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 |
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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 December 31, 2020, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | December 31, 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 | | $ | 5,310 | | $ | (10) | | $ | — | | $ | — | U.S. GSE residential mortgage-backed securities | | | — | | | — | | | 152 | | | (6) | U.S. GSE residential collateralized mortgage obligations | | | 55,832 | | | (226) | | | — | | | — | U.S. GSE commercial mortgage-backed securities | | | 14,994 | | | (253) | | | — | | | — | U.S. GSE commercial collateralized mortgage obligations | | | 11,755 | | | (52) | | | — | | | — | Other asset backed securities | | | — | | | — | | | 3,450 | | | (300) | Corporate bonds | | | 7,927 | | | (73) | | | 29,518 | | | (1,482) | Total available for sale | | $ | 95,818 | | $ | (614) | | $ | 33,120 | | $ | (1,788) |
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) |
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Schedule of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio |
| | | | | | | | | December 31, 2020 | | | Amortized | | Estimated | (In thousands) | | Cost | | Fair Value | Maturity | | | | | | | Available for sale: | | | | | | | Within one year | | $ | 4,131 | | $ | 4,116 | One to five years | | | 58,608 | | | 58,861 | Five to ten years | | | 38,415 | | | 38,597 | Beyond ten years | | | 344,833 | | | 348,786 | Total | | $ | 445,987 | | $ | 450,360 | | | | | | | | Held to maturity: | | | | | | | Within one year | | $ | 1,885 | | $ | 1,902 | One to five years | | | 23,140 | | | 24,452 | Five to ten years | | | 11,535 | | | 12,144 | Beyond ten years | | | 49,140 | | | 50,827 | Total | | $ | 85,700 | | $ | 89,325 |
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