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Securities | 9 Months Ended
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Sep. 30, 2021
Securities |
Securities | (3) Securities The amortized cost and fair value of securities as of September 30, 2021 and December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | # of Securities
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Fair | ​ | in unrealized
(dollars in thousands) |  | cost |  | gains |  | losses |  | value | ​ | loss position
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. asset backed securities | ​ | $ | 21,120 | ​ | 199 | ​ | (26) | ​ | 21,293 | ​ | 4
U.S. government agency mortgage-backed securities | ​ | ​ | 5,351 | ​ | 137 | ​ | (29) | ​ | 5,459 | ​ | 1
U.S. government agency collateralized mortgage obligations | ​ | ​ | 23,712 | ​ | 483 | ​ | (142) | ​ | 24,053 | ​ | 7
State and municipal securities | ​ | ​ | 72,415 | ​ | 874 | ​ | (461) | ​ | 72,828 | ​ | 23
U.S. Treasuries | ​ | ​ | 15,082 | ​ | 6 | ​ | (78) | ​ | 15,010 | ​ | 11
Non-U.S. government agency collateralized mortgage obligations | ​ | ​ | 999 | ​ | — | ​ | — | ​ | 999 | ​ | 1
Corporate bonds | ​ | ​ | 6,450 | ​ | 73 | ​ | (16) | ​ | 6,507 | ​ | 4
Total securities available-for-sale | ​ | $ | 145,129 | ​ | 1,772 | ​ | (752) | ​ | 146,149 | ​ | 51
Securities held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and municipal securities | ​ | ​ | 6,406 | ​ | 254 | ​ | ─ | ​ | 6,660 | ​ | —
Total securities held-to-maturity | ​ | $ | 6,406 | ​ | 254 | ​ | — | ​ | 6,660 | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | # of Securities
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Fair | ​ | in unrealized
(dollars in thousands) |  | cost |  | gains |  | losses |  | value | ​ | loss position
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. asset backed securities | ​ | $ | 25,303 | ​ | 364 | ​ | (75) | ​ | 25,592 | ​ | 8
U.S. government agency mortgage-backed securities | ​ | ​ | 3,854 | ​ | 192 | ​ | — | ​ | 4,046 | ​ | —
U.S. government agency collateralized mortgage obligations | ​ | ​ | 23,010 | ​ | 916 | ​ | (17) | ​ | 23,909 | ​ | 1
State and municipal securities | ​ | ​ | 63,848 | ​ | 2,025 | ​ | (63) | ​ | 65,810 | ​ | 3
Corporate bonds | ​ | ​ | 4,200 | ​ | 7 | ​ | (2) | ​ | 4,205 | ​ | 2
Total securities available-for-sale | ​ | $ | 120,215 | ​ | 3,504 | ​ | (157) | ​ | 123,562 | ​ | 14
Securities held-to-maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and municipal securities | ​ | ​ | 6,510 | ​ | 347 | ​ | — | ​ | 6,857 | ​ | —
Total securities held-to-maturity | ​ | $ | 6,510 | ​ | 347 | ​ | — | ​ | 6,857 | ​ | —
​ Although the Corporation’s investment portfolio overall is in a net unrealized gain position at September 30, 2021, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and the Corporation does not intend to sell these securities prior to recovery and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other-than-temporarily impaired. ​ As of September 30, 2021 and December 31, 2020, securities having a fair value of $63.6 million and $55.9 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB. The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at September 30, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | Less than 12 Months | ​ | 12 Months or more | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(dollars in thousands) |  | value |  | losses |  | value |  | losses |  | value |  | losses
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. asset backed securities | ​ | $ | 4,158 | ​ | (26) | ​ | — | ​ | — | ​ | 4,158 | ​ | (26)
U.S. government agency mortgage-backed securities | ​ | ​ | 1,614 | ​ | (29) | ​ | — | ​ | — | ​ | 1,614 | ​ | (29)
U.S. government agency collateralized mortgage obligations | ​ | ​ | 7,315 | ​ | (142) | ​ | — | ​ | — | ​ | 7,315 | ​ | (142)
State and municipal securities | ​ | ​ | 34,808 | ​ | (451) | ​ | 568 | ​ | (10) | ​ | 35,376 | ​ | (461)
U.S. Treasuries | ​ | ​ | 12,049 | ​ | (78) | ​ | — | ​ | — | ​ | 12,049 | ​ | (78)
Corporate bonds | ​ | ​ | 2,244 | ​ | (6) | ​ | 439 | ​ | (10) | ​ | 2,683 | ​ | (16)
Total securities available-for-sale | ​ | $ | 62,188 | ​ | (732) | ​ | 1,007 | ​ | (20) | ​ | 63,195 | ​ | (752)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Less than 12 Months | ​ | 12 Months or more | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(dollars in thousands) |  | value |  | losses |  | value |  | losses |  | value |  | losses
Securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. asset backed securities | ​ | $ | 2,884 | ​ | (4) | ​ | 7,443 | ​ | (71) | ​ | 10,327 | ​ | (75)
U.S. government agency collateralized mortgage obligations | ​ | ​ | 2,284 | ​ | (17) | ​ | — | ​ | — | ​ | 2,284 | ​ | (17)
State and municipal securities | ​ | ​ | 4,163 | ​ | (63) | ​ | — | ​ | — | ​ | 4,163 | ​ | (63)
Corporate bonds | ​ | ​ | 1,198 | ​ | (2) | ​ | — | ​ | — | ​ | 1,198 | ​ | (2)
Total securities available-for-sale | ​ | $ | 10,529 | ​ | (86) | ​ | 7,443 | ​ | (71) | ​ | 17,972 | ​ | (157)
​ The amortized cost and carrying value of securities at September 30, 2021 and December 31, 2020 are shown below by contractual maturities. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021 | ​ | December 31, 2020
​ | ​ | Available-for-sale | ​ | Held-to-maturity | ​ | Available-for-sale | ​ | Held-to-maturity
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair
(dollars in thousands) |  | cost |  | value |  | cost |  | value |  | cost |  | value |  | cost |  | value
Investment securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | — | ​ | — | ​ | — | ​ | — | ​ | $ | — | ​ | — | ​ | — | ​ | —
Due after one year through five years | ​ | ​ | — | ​ | — | ​ | 3,133 | ​ | 3,197 | ​ | ​ | — | ​ | — | ​ | 3,181 | ​ | 3,288
Due after five years through ten years | ​ | ​ | 28,999 | ​ | 29,010 | ​ | 3,273 | ​ | 3,463 | ​ | ​ | 12,035 | ​ | 12,095 | ​ | 3,329 | ​ | 3,569
Due after ten years | ​ | ​ | 86,068 | ​ | 86,628 | ​ | — | ​ | — | ​ | ​ | 81,316 | ​ | 83,512 | ​ | — | ​ | —
Subtotal | ​ | ​ | 115,067 | ​ | 115,638 | ​ | 6,406 | ​ | 6,660 | ​ | ​ | 93,351 | ​ | 95,607 | ​ | 6,510 | ​ | 6,857
Mortgage-related securities | ​ | ​ | 30,062 | ​ | 30,511 | ​ | — | ​ | — | ​ | ​ | 26,864 | ​ | 27,955 | ​ | — | ​ | —
Total | ​ | $ | 145,129 | ​ | 146,149 | ​ | 6,406 | ​ | 6,660 | ​ | $ | 120,215 | ​ | 123,562 | ​ | 6,510 | ​ | 6,857
​ ​ Proceeds from the sale of available for sale investment securities totaled $7.3 million for the three months ended September 30, 2021 and $20.9 million for the nine months ended September 30, 2021, resulting in a gross gain on sale of $314 thousand and no gross loss on sale for the three months ended September 30, 2021, and a gross gain on sale of $562 thousand and a gross loss on sale of $200 thousand for the nine months ended September 30, 2021. Proceeds from the sale of available for sale investment securities totaled $26.4 million and $44.6 million for the three and nine months ended September 30, 2020, respectively, resulting in a gross gain on sale of $1.3 million and no gross loss on sale for the three months ended September 30, 2020, and a gross gain on sale of $1.5 million and a gross loss on sale of $202 thousand for the nine months ended September 30, 2020.

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