Securities (Tables)

6 Months Ended

Jun. 30, 2021

Securities

Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities

This table provides the major components of debt securities available for sale ("AFS"), held to maturity (“HTM”) and equity securities with readily determinable fair values ("equity securities") at amortized cost and estimated fair value at June 30, 2021 and December 31, 2020:

	June 30, 2021								December 31, 2020
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
(In thousands)	cost		gains		losses		fair value		cost		gains		losses		fair value
Available for sale:
U.S. Government sponsored entities	$	—	$	—	$	—	$	—	$	2,000	$	3	$	—	$	2,003
State and political subdivisions		1,293		19		—		1,312		2,935		34		—		2,969
Residential mortgage-backed securities		12,412		471		—		12,883		16,765		645		—		17,410
Corporate and other securities		19,183		196		(764)		18,615		24,221		132		(1,118)		23,235
Total debt securities available for sale	$	32,888	$	686	$	(764)	$	32,810	$	45,921	$	814	$	(1,118)	$	45,617
Held to maturity:
U.S. Government sponsored entities	$	2,000	$	9	$	—	$	2,009	$	—	$	—	$	—	$	—
Total securities held to maturity	$	2,000	$	9	$	—	$	2,009	$	—	$	—	$	—	$	—
Equity securities:
Total equity securities	$	2,112	$	205	$	(73)	$	2,244	$	2,112	$	—	$	(158)	$	1,954

Schedule of Marketable Securities By Contractual Maturity

This table provides the remaining contractual maturities and yields of securities within the investment portfolios. The carrying value of securities at June 30, 2021 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls.

					After one through				After five through								Total carrying
	Within one year				five years				ten years				After ten years				value
(In thousands, except percentages)	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
Available for sale at fair value:
State and political subdivisions	$	201	3.85	%	$	627	3.23	%	$	—	—	%	$	484	2.74	%	$	1,312	3.14	%
Residential mortgage-backed securities		3	4.68			452	2.88			1,286	2.25			11,142	1.89			12,883	1.96
Corporate and other securities		—	—			—	—			12,440	4.56			6,175	2.79			18,615	3.70
Total debt securities available for sale	$	204	3.86	%	$	1,079	3.08	%	$	13,726	4.34	%	$	17,801	2.22	%	$	32,810	3.15	%
Held to maturity at cost:
U.S. Government sponsored entities	$	—	—	%	$	—	—	%	$	—	—	%	$	2,000	2.49	%	$	2,000	2.49	%
Total securities held to maturity	$	—	—	%	$	—	—	%	$	—	—	%	$	2,000	2.49	%	$	2,000	2.49	%
Equity Securities at fair value:
Total equity securities	$	—	—	%	$	—	—	%	$	—	—	%	$	2,244	2.35	%	$	2,244	2.35	%

Schedule of Marketable Securities In Unrealized Loss Position

The fair value of securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020 are as follows:

	June 30, 2021
		Less than 12 months				12 months and greater				Total
	Total
	number in a	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands, except number in a loss position)	loss position	fair value		loss		fair value		loss		fair value		loss
Available for sale:
Corporate and other securities	6	$	2,396	$	(104)	$	7,892	$	(660)	$	10,288	$	(764)
Total temporarily impaired securities	6	$	2,396	$	(104)	$	7,892	$	(660)	$	10,288	$	(764)

	December 31, 2020
		Less than 12 months				12 months and greater				Total
	Total
	number in a	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands, except number in a loss position)	loss position	fair value		loss		fair value		loss		fair value		loss
Available for sale:
Corporate and other securities	9	$	4,793	$	(20)	$	9,157	$	(1,098)	$	13,950	$	(1,118)
Total temporarily impaired securities	9	$	4,793	$	(20)	$	9,157	$	(1,098)	$	13,950	$	(1,118)

Schedule of Realized Gains (Losses) for Marketable Securities

Gross realized gains and losses on securities for the three and six months ended June 30, 2021 and 2020 are detailed in the table below:

	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2021		2020		2021		2020
Available for sale:
Realized gains	$	—	$	5	$	43	$	301
Realized losses		—		—		—		—
Total debt securities available for sale		—		5		43		301
Net gains on sales of securities	$	—	$	5	$	43	$	301

Equity Securities, Gains and Losses

The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2021 and 2020:

	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2021		2020		2021		2020
Net gains (losses) recognized during the period on equity securities	$	(100)	$	74	$	290	$	(397)
Net gains recognized during the period on equity securities sold during the period		—		—		—		5
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	(100)	$	74	$	290	$	(392)