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Investment Securities

9 Months Ended

Sep. 30, 2019

Schedule of Investments [Abstract]

Investment Securities

Note 2 – Investment Securities

Investment securities available for sale are carried in the consolidated balance sheets at their fair value and investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost. The amortized cost and fair values of investment securities at September 30, 2019 and December 31, 2018 are as follows:

		September 30, 2019
(In thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
U.S. Treasury and agencies		$	3,375			$	2			$	46			$	3,331
Mortgage backed securities			110,220				1,640				70				111,790
Corporate bonds			6,553				68				2				6,619
		$	120,148			$	1,710			$	118			$	121,740
Held to maturity
State and municipal		$	13,117			$	506			$	8			$	13,615
		$	13,117			$	506			$	8			$	13,615
Total Investment Securities		$	133,265			$	2,216			$	126			$	135,355
		December 31, 2018
(In thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
State and municipal		$	1,000			$	3			$	—			$	1,003
U.S. Treasury and agencies			3,375				—				208				3,167
Mortgage backed securities			28,976				22				628				28,370
Corporate bonds			5,477				78				48				5,507
		$	38,828			$	103			$	884			$	38,047
Held to maturity
State and municipal		$	15,565			$	78			$	140			$	15,503
		$	15,565			$	78			$	140			$	15,503
Total Investment Securities		$	54,393			$	181			$	1,024			$	53,550

The amortized cost and fair value of securities at September 30, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		September 30, 2019
		Securities Available for Sale								Securities Held to Maturity
(In thousands)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	—			$	—			$	461			$	463
Due after one year through five years			2,500				2,499				2,590				2,641
Due after five years			8,794				8,781				3,761				3,863
Due after ten years			108,854				110,460				6,305				6,648
Total		$	120,148			$	121,740			$	13,117			$	13,615

A summary of unrealized losses (in thousands) and the length of time in a continuous loss position, by security type at September 30, 2019 and December 31, 2018 is as follows:

September 30, 2019		Less than 12 Months								12 Months or Greater								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
State and Municipal		$	1,667			$	(8	)		$	—			$	—			$	1,667			$	(8	)
U.S. Treasury and Agency			—				—				2,829				(46	)			2,829				(46	)
Mortgage backed			6,251				(4	)			6,986				(66	)			13,237				(70	)
Corporate bonds			250				—				898				(2	)			1,148				(2	)
Total		$	8,168			$	(12	)		$	10,713			$	(114	)		$	18,881			$	(126	)

December 31, 2018		Less than 12 Months								12 Months or Greater								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
State and Municipal		$	6,278			$	(105	)		$	2,402			$	(35	)		$	8,680			$	(140	)
U.S. Treasury and Agency			—				—				3,167				(208	)			3,167				(208	)
Mortgage backed			10,031				(51	)			17,173				(577	)			27,204				(628	)
Corporate bonds			2,114				(36	)			488				(12	)			2,602				(48	)
Total		$	18,423			$	(192	)		$	23,230			$	(832	)		$	41,653			$	(1,024	)

Other investments (in thousands) consist of stock in the Federal Home Loan Bank (carrying basis $5,993), Federal Reserve stock (carrying basis $963), and various other investments (carrying basis $899).

The Company had pledged securities (in thousands) of $97,265 and $26,408 at September 30, 2019 and December 31, 2018, respectively.

X

- Definition

The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611133-123010

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611282-123010

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-12C)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611225-123010

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- References

No definition available.

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