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Securities (Tables)

6 Months Ended

Jun. 30, 2020

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
June 30, 2020		Cost			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	4,012		$	135		$	-		$	4,147
U.S. government agencies			7,450			-			(174)			7,276
U.S. government agencies mortgage-backed			15,505			1,274			-			16,779
States and political subdivisions			235,111			16,388			(1,135)			250,364
Collateralized mortgage obligations			55,391			1,672			(950)			56,113
Asset-backed securities			82,004			430			(2,408)			80,026
Collateralized loan obligations			33,794			46			(1,109)			32,731
Total securities available-for-sale		$	433,267		$	19,945		$	(5,776)		$	447,436


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2019		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	4,010		$	26		$	-		$	4,036
U.S. government agencies			8,502			-			(165)			8,337
U.S. government agencies mortgage-backed			16,164			443			(19)			16,588
States and political subdivisions			240,399			11,207			(2,431)			249,175
Collateralized mortgage obligations			57,059			963			(38)			57,984
Asset-backed securities			82,114			617			(887)			81,844
Collateralized loan obligations			66,898			29			(243)			66,684
Total securities available-for-sale		$	475,146		$	13,285		$	(3,783)		$	484,648

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations


					Weighted
		Amortized			Average			Fair
Securities available-for-sale		Cost			Yield			Value
Due in one year or less		$	416		2.01	%		$	420
Due after one year through five years			6,066		2.11				6,326
Due after five years through ten years			15,770		2.43				16,211
Due after ten years			224,321		2.98				238,830
			246,573		2.93				261,787
Mortgage-backed and collateralized mortgage obligations			70,896		3.10				72,892
Asset-backed securities			82,004		1.60				80,026
Collateralized loan obligations			33,794		2.44				32,731
Total securities available-for-sale		$	433,267		2.66	%		$	447,436

Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity

The Company has invested in securities issued from one originator that individually amount to over 10% of the Company’s stockholders equity. Information regarding this issuer and the value of the securities issued follows:


		June 30, 2020
(in thousands)		Amortized			Fair
Issuer		Cost			Value
Towd Point Mortgage Trust		$	33,298		$	34,394

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position


		Less than 12 months								12 months or more
June 30, 2020		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized			Fair			Number of		Unrealized			Fair			Number of		Unrealized			Fair
Securities available-for-sale		Securities		Losses			Value			Securities		Losses			Value			Securities		Losses			Value
U.S. government agencies		-		$	-		$	-		4		$	174		$	7,276		4		$	174		$	7,276
States and political subdivisions		1			7			890		2			1,128			5,466		3			1,135			6,356
Collateralized mortgage obligations		8			944			11,867		1			6			522		9			950			12,389
Asset-backed securities		9			1,223			36,955		2			1,185			30,055		11			2,408			67,010
Collateralized loan obligations		3			646			16,343		2			463			11,703		5			1,109			28,046
Total securities available-for-sale		21		$	2,820		$	66,055		11		$	2,956		$	55,022		32		$	5,776		$	121,077


		Less than 12 months								12 months or more
December 31, 2019		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized				Fair		Number of		Unrealized				Fair		Number of		Unrealized				Fair
Securities available-for-sale		Securities		Losses				Value		Securities		Losses				Value		Securities		Losses				Value
U.S. government agencies		-		$	-		$	-		4		$	165		$	8,337		4		$	165		$	8,337
U.S. government agencies mortgage-backed		3			10			3,018		2			9			843		5			19			3,861
States and political subdivisions		6			1,665			41,043		2			766			6,593		8			2,431			47,636
Collateralized mortgage obligations		2			26			9,054		2			12			1,209		4			38			10,263
Asset-backed securities		4			839			54,540		1			48			3,238		5			887			57,778
Collateralized loan obligations		4			62			21,927		4			181			25,020		8			243			46,947
Total securities available-for-sale		19		$	2,602		$	129,582		15		$	1,181		$	45,240		34		$	3,783		$	174,822

Schedule of proceeds from sale and gross realized gains and losses on sale of securities

Three Months Ended

Six Months Ended

June 30,

June 30,

Securities available-for-sale		2020			2019			2020			2019
Proceeds from sales of securities		$	-		$	39,072		$	18,006		$	120,596
Gross realized gains on securities			-			986			17			1,591
Gross realized losses on securities			-			-			(41)			(578)
Net realized gains (losses)		$	-		$	986		$	(24)		$	1,013
Income tax (expense) benefit on net realized gains (losses)		$	-		$	(276)		$	7		$	(284)
Effective tax rate applied			0.0	%		28.0	%		29.2	%		28.0	%