XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Securities | 6 Months Ended
--- | ---
Jun. 30, 2020
Securities |
Securities | 4) Securities ​ The amortized cost and estimated fair value of securities were as follows for the periods indicated: ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | for Credit | ​ | Fair
June 30, 2020 |  | Cost |  | Gains |  | (Losses) | ​ | Losses |  | Value
​ | ​ | (Dollars in thousands)
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 225,429 | ​ | $ | 6,906 | ​ | $ | — | ​ | $ | — | ​ | $ | 232,335
U.S. Treasury | ​ | ​ | 89,476 | ​ | ​ | 1,754 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 91,230
Total | ​ | $ | 314,905 | ​ | $ | 8,660 | ​ | $ | — | ​ | $ | — | ​ | $ | 323,565
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated | ​ | Allowance
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair | ​ | for Credit
June 30, 2020 |  | Cost |  | Gains |  | (Losses) | ​ | Value |  | Losses
​ | ​ | (Dollars in thousands)
Securities held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 249,070 | ​ | $ | 7,895 | ​ | $ | (1) | ​ | $ | 256,964 | ​ | $ | —
Municipals - exempt from Federal tax | ​ | ​ | 73,662 | ​ | ​ | 1,826 | ​ | ​ | — | ​ | ​ | 75,488 | ​ | ​ | (55)
Total | ​ | $ | 322,732 | ​ | $ | 9,721 | ​ | $ | (1) | ​ | $ | 332,452 | ​ | $ | (55)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2019 |  | Cost |  | Gains |  | (Losses) | ​ | Value
​ | ​ | (Dollars in thousands)
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 283,598 | ​ | $ | 934 | ​ | $ | (171) | ​ | $ | 284,361
U.S. Treasury | ​ | ​ | 118,939 | ​ | ​ | 1,525 | ​ | ​ | — | ​ | ​ | 120,464
Total | ​ | $ | 402,537 | ​ | $ | 2,459 | ​ | $ | (171) | ​ | $ | 404,825
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrecognized | ​ | Unrecognized | ​ | Fair
December 31, 2019 |  | Cost |  | Gains |  | (Losses) | ​ | Value
​ | ​ | (Dollars in thousands)
Securities held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 285,344 | ​ | $ | 1,206 | ​ | $ | (968) | ​ | $ | 285,582
Municipals - exempt from Federal tax | ​ | ​ | 81,216 | ​ | ​ | 1,313 | ​ | ​ | (4) | ​ | ​ | 82,525
Total | ​ | $ | 366,560 | ​ | $ | 2,519 | ​ | $ | (972) | ​ | $ | 368,107
​ Securities with unrealized losses at June 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
June 30, 2020 |  | Value |  | (Losses) |  | Value |  | (Losses) |  | Value |  | (Losses)
​ | ​ | (Dollars in thousands)
Securities held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 512 | ​ | $ | (1) | ​ | $ | — | ​ | $ | — | ​ | $ | 512 | ​ | $ | (1)
Total | ​ | $ | 512 | ​ | $ | (1) | ​ | $ | — | ​ | $ | — | ​ | $ | 512 | ​ | $ | (1)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
December 31, 2019 |  | Value |  | (Losses) |  | Value |  | (Losses) |  | Value |  | (Losses)
​ | ​ | (Dollars in thousands)
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 100,816 | ​ | $ | (105) | ​ | $ | 27,534 | ​ | $ | (66) | ​ | $ | 128,350 | ​ | $ | (171)
Total | ​ | $ | 100,816 | ​ | $ | (105) | ​ | $ | 27,534 | ​ | $ | (66) | ​ | $ | 128,350 | ​ | $ | (171)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 50,060 | ​ | $ | (178) | ​ | $ | 88,128 | ​ | $ | (790) | ​ | $ | 138,188 | ​ | $ | (968)
Municipals - exempt from Federal tax | ​ | ​ | 1,556 | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,556 | ​ | ​ | (4)
Total | ​ | $ | 51,616 | ​ | $ | (182) | ​ | $ | 88,128 | ​ | $ | (790) | ​ | $ | 139,744 | ​ | $ | (972)
​ There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders’ equity. At June 30, 2020, the Company held 425 securities (122 available-for-sale and 303 held-to-maturity), of which one had fair value below amortized cost. At June 30, 2020, there were $512,000 of agency mortgage-backed securities held-to-maturity, carried with an unrealized loss for less than 12 months. The total unrealized loss for securities less than 12 months was $1,000 at June 30, 2020. The unrealized loss was due to higher interest rates in comparison to when the security was purchased. The issuer is of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. Therefore, the Company does not consider these debt securities to have credit related losses as of June 30, 2020. ​ The agency mortgage-backed securities and U.S. Treasury securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses.Therefore, for those securities, we do not record expected credit losses. ​ The proceeds from sales of securities and the resulting gains and losses were as follows for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
​ | ​ | (Dollars in thousands) | ​
Proceeds | ​ | $ | 30,085 | ​ | $ | 59,878 | ​ | $ | 56,598 | ​ | $ | 59,878 | ​
Gross gains | ​ |  | 170 | ​ |  | 608 | ​ |  | 270 | ​ |  | 608 | ​
Gross losses | ​ |  | — | ​ |  | (60) | ​ |  | — | ​ |  | (60) | ​
​ The amortized cost and estimated fair values of securities as of June 30, 2020 are shown by contractual maturity below. The expected maturities will differ from contractual maturities if borrowers have the right to call or pre-pay obligations with or without call or pre-payment penalties. Securities not due at a single maturity date are shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available-for-sale |
​ |  | Amortized |  | Estimated |
​ | ​ | Cost | ​ | Fair Value |
​ | ​ | (Dollars in thousands) |
Due after 3 months through one year | ​ | $ | 74,608 | ​ | ​ | 75,861 | ​
Due after one through five years | ​ | ​ | 14,868 | ​ | ​ | 15,369 | ​
Agency mortgage-backed securities | ​ | ​ | 225,429 | ​ | ​ | 232,335 | ​
Total | ​ | $ | 314,905 | ​ | $ | 323,565 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-to-maturity |
​ |  | Amortized |  | Estimated |
​ | ​ | Cost | ​ | Fair Value |
​ | ​ | (Dollars in thousands) |
Due 3 months or less | ​ | $ | 530 | ​ | $ | 531 | ​
Due after 3 months through one year | ​ | ​ | 914 | ​ | ​ | 917 | ​
Due after one through five years | ​ | ​ | 7,283 | ​ | ​ | 7,537 | ​
Due after five through ten years | ​ | ​ | 33,354 | ​ | ​ | 34,201 | ​
Due after ten years | ​ |  | 31,581 | ​ | ​ | 32,302 | ​
Agency mortgage-backed securities | ​ |  | 249,070 | ​ |  | 256,964 | ​
Total | ​ | $ | 322,732 | ​ | $ | 332,452 | ​
​ Securities with amortized cost of $43,398,000 and $32,773,000 as of June 30, 2020 and December 31, 2019 were pledged to secure public deposits and for other purposes as required or permitted by law or contract. ​ The table below presents a rollforward by major security type for the six months ended June 30, 2020 of the allowance for credit losses on debt securities held-to-maturity held at period end: ​
​ | ​ | ​
​ | ​ | Municipals
​ | ​ | (Dollars in thousands)
Beginning balance January 1, 2020 | $ | -
Impact of adopting Topic 326 | ​ | 58
Provision (credit) for credit loss | ​ | (3)
Ending balance June 30, 2020 | $ | 55
​

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration