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Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investment Securities

The book values and approximate fair values of investment securities at March 31, 2020 and December 31, 2019 are summarized as follows:

($ in thousands)	March 31, 2020													December 31, 2019
	Amortized Cost				Fair Value			Unrealized						Amortized Cost			Fair Value			Unrealized
								Gains			(Losses)									Gains			(Losses)
Securities available for sale:
Government-sponsored enterprise securities	$	5,000			5,032			32			—			20,000			20,009			17			(8	)
Mortgage-backed securities	727,261				756,926			29,892			(227	)		758,491			767,285			9,463			(669	)
Corporate bonds	43,701				44,512			866			(55	)		33,711			34,651			1,025			(85	)
Total available for sale	$	775,962			806,470			30,790			(282	)		812,202			821,945			10,505			(762	)
Securities held to maturity:
Mortgage-backed securities	$	39,113			39,992			879			—			41,423			41,542			125			(6	)
State and local governments	22,190				22,393			209			(6	)		26,509			26,791			285			(3	)
Total held to maturity	$	61,303			62,385			1,088			(6	)		67,932			68,333			410			(9	)

Schedule of Unrealized Losses on Investment Securities

The following table presents information regarding securities with unrealized losses at March 31, 2020:

($ in thousands)	Securities in an Unrealized Loss Position for Less than 12 Months							Securities in an Unrealized Loss Position for More than 12 Months						Total
	Fair Value				Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Government-sponsored enterprise securities	$	—			—			—			—			—			—
Mortgage-backed securities	3,389				28			10,570			199			13,959			227
Corporate bonds	3,949				50			995			5			4,944			55
State and local governments	3,615				6			—			—			3,615			6
Total temporarily impaired securities	$	10,953			84			11,565			204			22,518			288

The following table presents information regarding securities with unrealized losses at December 31, 2019:

($ in thousands)	Securities in an Unrealized Loss Position for Less than 12 Months							Securities in an Unrealized Loss Position for More than 12 Months						Total
	Fair Value				Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Government-sponsored enterprise securities	$	4,992			8			—			—			4,992			8
Mortgage-backed securities	77,274				293			50,851			382			128,125			675
Corporate bonds	—				—			915			85			915			85
State and local governments	—				—			934			3			934			3
Total temporarily impaired securities	$	82,266			301			52,700			470			134,966			771

Schedule of Contractual Maturity of Investment Securities

The book values and approximate fair values of investment securities at March 31, 2020, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities Available for Sale							Securities Held to Maturity
($ in thousands)	Amortized Cost				Fair Value			Amortized Cost			Fair Value
Securities
Due within one year	$	—			—			1,730			1,750
Due after one year but within five years	28,701				29,567			11,496			11,639
Due after five years but within ten years	15,000				15,032			5,342			5,389
Due after ten years	5,000				4,945			3,622			3,615
Mortgage-backed securities	727,261				756,926			39,113			39,992
Total securities	$	775,962			806,470			61,303			62,385

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- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563

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