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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Securities Financing Transactions Disclosures [Abstract]

Unrealized Gain (Loss) on Investments

The amortized cost, fair value, and unrealized gains and losses on investment securities at September 30, 2020 and December 31, 2019 are as follows:

(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
September 30, 2020
Available-for-sale debt securities:
Mortgage-backed U.S. government agencies		$	2			$	—			$	—			$	2
Corporate debt securities			8,359				2				26				8,335
Total available-for-sale debt securities			8,361				2				26				8,337
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies		$	20,003			$	138			$	—			$	20,141
Mortgage-backed U.S. government agencies			45,793				1,005				21				46,777
State and political subdivision obligations			64,151				2,952				19				67,084
Corporate debt securities			10,527				196				17				10,706
Total held-to-maturity debt securities			140,474				4,291				57				144,708
Total		$	148,835			$	4,293			$	83			$	153,045

(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2019
Available-for-sale debt securities:
U.S. government agencies		$	22,894			$	6			$	70			$	22,830
Mortgage-backed U.S. government agencies			12,996				7				113				12,890
State and political subdivision obligations			30				—				—				30
Corporate debt securities			1,250				9				—				1,259
Total available-for-sale debt securities			37,170				22				183				37,009
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies		$	50,210			$	46			$	220			$	50,036
Mortgage-backed U.S. government agencies			42,098				95				102				42,091
State and political subdivision obligations			44,169				1,193				13				45,349
Total held-to-maturity debt securities			136,477				1,334				335				137,476
Total		$	173,647			$	1,356			$	518			$	174,485

Schedule of Fair Value and Unrealized Loss on Debt Security Investments in a Continuous Unrealized Loss Position

The following tables present gross unrealized losses and fair value of debt security investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2020 and December 31, 2019.

(Dollars in thousands)		Less Than 12 Months										12 Months or More										Total
		Number										Number										Number
		of		Fair				Unrealized				of		Fair				Unrealized				of		Fair				Unrealized
September 30, 2020		Securities		Value				Losses				Securities		Value				Losses				Securities		Value				Losses
Available-for-sale debt securities:
Corporate debt securities		3		$	4,048			$	26			0		$	—			$	—			3		$	4,048			$	26
Total temporarily impaired available-for-sale debt securities		3		$	4,048			$	26			0		$	—			$	—			3		$	4,048			$	26
Held-to-maturity debt securities:
Mortgage-backed U.S. government agencies		4		$	6,730			$	21			0		$	—			$	—			4		$	6,730			$	21
State and political subdivision obligations		7			2,515				19			0			—				—			7			2,515				19
Corporate debt securities		6			5,420				17			0			—				—			6			5,420				17
Total temporarily impaired held-to-maturity debt securities		17		$	14,665			$	57			0		$	—			$	—			17		$	14,665			$	57
Total		20		$	18,713			$	83			0		$	—			$	—			20		$	18,713			$	83

(Dollars in thousands)		Less Than 12 Months										12 Months or More										Total
		Number										Number										Number
		of		Fair				Unrealized				of		Fair			Unrealized					of		Fair				Unrealized
December 31, 2019		Securities		Value				Losses				Securities		Value			Losses					Securities		Value				Losses
Available-for-sale securities:
U.S. government agencies		4		$	4,652			$	24			7		$	11,982			$	46			11		$	16,634			$	70
Mortgage-backed U.S. government agencies		1			1,643				4			14			10,603				109			15			12,246				113
Total temporarily impaired available-for-sale securities		5		$	6,295			$	28			21		$	22,585			$	155			26		$	28,880			$	183
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies		18		$	29,024			$	219			1		$	2,999			$	1			19		$	32,023			$	220
Mortgage-backed U.S. government agencies		6			8,445				35			13			11,050				67			19			19,495				102
State and political subdivision obligations		3			1,383				13			0			—				—			3			1,383				13
Total temporarily impaired held to maturity securities		27		$	38,852			$	267			14		$	14,049			$	68			41		$	52,901			$	335
Total		32		$	45,147			$	295			35		$	36,634			$	223			67		$	81,781			$	518

Schedule of Gross Realized Gains (Losses) on Sales of Available-For-Sale Debt Securities

Gross realized gains and losses on sales of available-for-sale debt securities for the three and nine months ended September 30, 2020 and 2019 are shown in the table below.

(Dollars in thousands)	Three Months Ended September 30,										Nine Months Ended September 30,
	2020					2019					2020					2019
Realized gains		$	150				$	64				$	405				$	133
Realized losses			—					(18	)				(12	)				(63	)
Net gains		$	150				$	46				$	393				$	70

Investments Classified by Contractual Maturity Date

The table below illustrates the maturity distribution of investment securities at amortized cost and fair value as of September 30, 2020.

(Dollars in thousands)		Available-for-sale								Held-to-maturity
		Amortized				Fair				Amortized				Fair
September 30, 2020		Cost				Value				Cost				Value
Due in 1 year or less		$	—			$	—			$	3,159			$	3,176
Due after 1 year but within 5 years			2,250				2,250				26,249				27,288
Due after 5 years but within 10 years			6,109				6,085				62,051				64,196
Due after 10 years			—				—				3,222				3,271
			8,359				8,335				94,681				97,931
Mortgage-backed securities			2				2				45,793				46,777
		$	8,361			$	8,337			$	140,474			$	144,708

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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