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Investment Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Summary information regarding the Company’s investment securities classified as available for sale and held to maturity as of December 31, 2019 and 2018 follows.
(dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
|  |  |  |  |  | Less Than 1 Year |  | Over 1 Year |  |
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 94,446 |  |  | $ | 1,081 |  |  | $ | 292 |  |  | $ | 63 |  |  | $ | 95,172 |
Collateralized mortgage obligations |  | 142,408 |  |  | 701 |  |  | 300 |  |  | 358 |  |  | 142,451 |
Municipal bonds |  | 15,895 |  |  | 166 |  |  | 56 |  |  | — |  |  | 16,005 |
U.S. government agency |  | 3,696 |  |  | 11 |  |  | 4 |  |  | 10 |  |  | 3,693 |
Total available for sale |  | $ | 256,445 |  |  | $ | 1,959 |  |  | $ | 652 |  |  | $ | 431 |  |  | $ | 257,321 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 7,149 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,194 |
Total held to maturity |  | $ | 7,149 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,194 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
December 31, 2018 |  |  |  |  |  | Less Than 1 Year |  | Over 1 Year |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 86,487 |  |  | $ | 485 |  |  | $ | 171 |  |  | $ | 892 |  |  | $ | 85,909 |
Collateralized mortgage obligations |  | 145,814 |  |  | 129 |  |  | 161 |  |  | 2,191 |  |  | 143,591 |
Municipal bonds |  | 21,453 |  |  | 52 |  |  | 16 |  |  | 12 |  |  | 21,477 |
U.S. government agency |  | 9,169 |  |  | 29 |  |  | 19 |  |  | 25 |  |  | 9,154 |
Total available for sale |  | $ | 262,923 |  |  | $ | 695 |  |  | $ | 367 |  |  | $ | 3,120 |  |  | $ | 260,131 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 10,872 |  |  | $ | 11 |  |  | $ | 5 |  |  | $ | 37 |  |  | $ | 10,841 |
Total held to maturity |  | $ | 10,872 |  |  | $ | 11 |  |  | $ | 5 |  |  | $ | 37 |  |  | $ | 10,841 |
Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in value; (3) the Company’s intent to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost, which may extend to maturity and our ability and intent to hold the security for a period of time that allows for the recovery in value in the case of equity securities. The Company performs a process to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. When the Company determines that a security is deemed to be other than temporarily impaired, an impairment loss is recognized. The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.
(dollars in thousands) |  | Less Than 1 Year |  |  |  | Over 1 Year |  |  |  | Total |  |
December 31, 2019 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 28,847 |  |  | $ | 292 |  |  | $ | 5,148 |  |  | $ | 63 |  |  | $ | 33,995 |  |  | $ | 355 |
Collateralized mortgage obligations |  | 50,004 |  |  | 300 |  |  | 37,131 |  |  | 358 |  |  | 87,135 |  |  | 658 |
Municipal bonds |  | 3,044 |  |  | 56 |  |  | — |  |  | — |  |  | 3,044 |  |  | 56 |
U.S. government agency |  | 1,213 |  |  | 4 |  |  | 466 |  |  | 10 |  |  | 1,679 |  |  | 14 |
Total available for sale |  | $ | 83,108 |  |  | $ | 652 |  |  | $ | 42,745 |  |  | $ | 431 |  |  | $ | 125,853 |  |  | $ | 1,083 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total held to maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(dollars in thousands) |  | Less Than 1 Year |  |  |  | Over 1 Year |  |  |  | Total |  |
December 31, 2018 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 23,086 |  |  | $ | 171 |  |  | $ | 36,690 |  |  | $ | 892 |  |  | $ | 59,776 |  |  | $ | 1,063 |
Collateralized mortgage obligations |  | 24,941 |  |  | 161 |  |  | 81,442 |  |  | 2,191 |  |  | 106,383 |  |  | 2,352 |
Municipal bonds |  | 5,018 |  |  | 16 |  |  | 2,833 |  |  | 12 |  |  | 7,851 |  |  | 28 |
U.S. government agency |  | 849 |  |  | 19 |  |  | 3,974 |  |  | 25 |  |  | 4,823 |  |  | 44 |
Total available for sale |  | $ | 53,894 |  |  | $ | 367 |  |  | $ | 124,939 |  |  | $ | 3,120 |  |  | $ | 178,833 |  |  | $ | 3,487 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 4,018 |  |  | $ | 5 |  |  | $ | 2,839 |  |  | $ | 37 |  |  | $ | 6,857 |  |  | $ | 42 |
Total held to maturity |  | $ | 4,018 |  |  | $ | 5 |  |  | $ | 2,839 |  |  | $ | 37 |  |  | $ | 6,857 |  |  | $ | 42 |
As of December 31, 2019, 66 of the Company’s debt securities had unrealized losses totaling 0.9% of the individual securities’ amortized cost basis and 0.4% of the Company’s total amortized cost basis of the investment securities portfolio. Of the 66 securities, 34 had been in a continuous loss position for over 12 months at such date. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. No declines in these 66 securities were deemed to be other-than-temporary. The amortized cost and estimated fair value by maturity of the Company’s investment securities as of December 31, 2019 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities.
(dollars in thousands) |  | One Year or Less |  | After One Year through Five Years |  | After Five Years through Ten Years |  | After Ten Years |  | Total
Fair Value |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 66 |  |  | $ | 16,306 |  |  | $ | 50,888 |  |  | $ | 27,912 |  |  | $ | 95,172 |
Collateralized mortgage obligations |  | 1,689 |  |  | 5,356 |  |  | 34,269 |  |  | 101,137 |  |  | 142,451 |
Municipal bonds |  | 1,208 |  |  | 7,209 |  |  | 6,180 |  |  | 1,408 |  |  | 16,005 |
U.S. government agency |  | — |  |  | — |  |  | 3,227 |  |  | 466 |  |  | 3,693 |
Total securities available for sale |  | $ | 2,963 |  |  | $ | 28,871 |  |  | $ | 94,564 |  |  | $ | 130,923 |  |  | $ | 257,321 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | 2,970 |  |  | $ | 4,224 |  |  | $ | — |  |  | $ | 7,194 |
Total securities held to maturity |  | $ | — |  |  | $ | 2,970 |  |  | $ | 4,224 |  |  | $ | — |  |  | $ | 7,194 |
(dollars in thousands) |  | One Year or Less |  | After One Year through Five Years |  | After Five Years through Ten Years |  | After Ten Years |  | Total
Amortized Cost |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 64 |  |  | $ | 16,222 |  |  | $ | 50,789 |  |  | $ | 27,371 |  |  | $ | 94,446 |
Collateralized mortgage obligations |  | 1,688 |  |  | 5,356 |  |  | 33,894 |  |  | 101,470 |  |  | 142,408 |
Municipal bonds |  | 1,207 |  |  | 7,173 |  |  | 6,162 |  |  | 1,353 |  |  | 15,895 |
U.S. government agency |  | — |  |  | — |  |  | 3,220 |  |  | 476 |  |  | 3,696 |
Total securities available for sale |  | $ | 2,959 |  |  | $ | 28,751 |  |  | $ | 94,065 |  |  | $ | 130,670 |  |  | $ | 256,445 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | 2,961 |  |  | $ | 4,188 |  |  | $ | — |  |  | $ | 7,149 |
Total securities held to maturity |  | $ | — |  |  | $ | 2,961 |  |  | $ | 4,188 |  |  | $ | — |  |  | $ | 7,149 |
For the years ended December 31, 2019, 2018 and 2017, the Company recorded no gross gains or losses related to the sale of investment securities. As of December 31, 2019 and 2018, the Company had accrued interest receivable for investment securities of $894,000 and $1,076,000, respectively. As of December 31, 2019 and 2018, the Company had $157,091,000 and $157,198,000, respectively, of securities pledged to secure public deposits.

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