XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.19.1

2. Investment Securities | 3 Months Ended
--- | ---
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
2. Investment Securities | Investment securities available for sale at March 31, 2019 and December 31, 2018 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2019 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Mortgage-backed securities |  | $ | 53,390 |  |  |  | 635 |  |  |  | 394 |  |  |  | 53,631 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 34,045 |  |  |  | 138 |  |  |  | 569 |  |  |  | 33,614 |
State and political subdivisions |  |  | 94,566 |  |  |  | 2,379 |  |  |  | 12 |  |  |  | 96,933 |
Trust preferred securities |  |  | 250 |  |  |  | - |  |  |  | - |  |  |  | 250 |
Total |  | $ | 182,251 |  |  |  | 3,152 |  |  |  | 975 |  |  |  | 184,428 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2018 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Mortgage-backed securities |  | $ | 52,145 |  |  |  | 516 |  |  |  | 558 |  |  |  | 52,103 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 35,356 |  |  |  | 71 |  |  |  | 793 |  |  |  | 34,634 |
State and political subdivisions |  |  | 105,545 |  |  |  | 2,089 |  |  |  | 43 |  |  |  | 107,591 |
Trust preferred securities |  |  | 250 |  |  |  | - |  |  |  | - |  |  |  | 250 |
Total |  | $ | 193,296 |  |  |  | 2,676 |  |  |  | 1,394 |  |  |  | 194,578 |
The current fair value and associated unrealized losses on investments in securities with unrealized losses at March 31, 2019 and December 31, 2018 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2019 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Mortgage-backed securities |  | $ | 1,520 |  |  |  | 5 |  |  |  | 17,948 |  |  |  | 389 |  |  |  | 19,468 |  |  |  | 394 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 26,240 |  |  |  | 569 |  |  |  | 26,240 |  |  |  | 569 |
State and political subdivisions |  |  | 274 |  |  |  | 1 |  |  |  | 1,872 |  |  |  | 11 |  |  |  | 2,146 |  |  |  | 12 |
Total |  | $ | 1,794 |  |  |  | 6 |  |  |  | 46,060 |  |  |  | 969 |  |  |  | 47,854 |  |  |  | 975 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2018 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Mortgage-backed securities |  | $ | 6,932 |  |  |  | 56 |  |  |  | 17,670 |  |  |  | 502 |  |  |  | 24,602 |  |  |  | 558 |
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 1,784 |  |  |  | 69 |  |  |  | 25,172 |  |  |  | 724 |  |  |  | 26,956 |  |  |  | 793 |
State and political subdivisions |  |  | 4,815 |  |  |  | 26 |  |  |  | 1,578 |  |  |  | 17 |  |  |  | 6,393 |  |  |  | 43 |
Total |  | $ | 13,531 |  |  |  | 151 |  |  |  | 44,420 |  |  |  | 1,243 |  |  |  | 57,951 |  |  |  | 1,394 |
At March 31, 2019, unrealized losses in the investment securities portfolio relating to debt securities totaled $975,000. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the March 31, 2019 tables above, four out of 113 securities issued by state and political subdivisions contained unrealized losses and 29 out of 47 securities issued by U.S. Government sponsored enterprises contained unrealized losses. These unrealized losses are considered temporary because of acceptable financial condition and results of operations of entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities, are government backed. The amortized cost and estimated fair value of investment securities available for sale at March 31, 2019, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2019 |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |
|  | Amortized Cost |  |  | Estimated Fair Value |
Due within one year |  | $ | 21,274 |  |  |  | 21,360 |
Due from one to five years |  |  | 63,480 |  |  |  | 65,011 |
Due from five to ten years |  |  | 35,496 |  |  |  | 35,827 |
Due after ten years |  |  | 8,361 |  |  |  | 8,349 |
Mortgage-backed securities |  |  | 53,390 |  |  |  | 53,631 |
Trust preferred securities |  |  | 250 |  |  |  | 250 |
Total |  | $ | 182,251 |  |  |  | 184,428 |
Proceeds from sales of securities available for sale during the three months ended March 31, 2019 were $12.3 million and resulted in net gains of $231,000. No securities available for sale were sold during the three months ended March 31, 2018. Securities with a fair value of approximately $90.2 million and $93.0 million at March 31, 2019 and December 31, 2018, respectively, were pledged to secure public deposits and for other purposes as required by law.

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 Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration