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Investments (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

A summary of investment securities available-for-sale is as follows:

(Dollars in thousands)		As of September 30, 2018
						Gross				Gross
		Amortized				unrealized				unrealized				Estimated
		cost				gains				losses				fair value
U. S. treasury securities		$	1,999			$	-			$	(56	)		$	1,943
U. S. federal agency obligations			15,177				2				(90	)			15,089
Municipal obligations, tax exempt			161,474				148				(4,365	)			157,257
Municipal obligations, taxable			53,834				81				(924	)			52,991
Agency mortgage-backed securities			145,569				4				(4,594	)			140,979
Certificates of deposit			7,780				-				-				7,780
Total		$	385,833			$	235			$	(10,029	)		$	376,039

(Dollars in thousands)		As of December 31, 2017
						Gross				Gross
		Amortized				unrealized				unrealized				Estimated
		cost				gains				losses				fair value
U. S. treasury securities		$	1,999			$	-			$	(9	)		$	1,990
U. S. federal agency obligations			16,572				5				(85	)			16,492
Municipal obligations, tax exempt			183,846				1,972				(1,080	)			184,738
Municipal obligations, taxable			57,783				409				(216	)			57,976
Agency mortgage-backed securities			119,096				92				(1,633	)			117,555
Certificates of deposit			9,224				-				-				9,224
Common stocks			-				8				-				8
Total		$	388,520			$	2,486			$	(3,023	)		$	387,983

Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value

Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position.

(Dollars in thousands)						As of September 30, 2018
						Less than 12 months								12 months or longer								Total
		No. of				Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		securities				value				losses				value				losses				value				losses
U.S. treasury securities			1			$	1,943			$	(56	)		$	-			$	-			$	1,943			$	(56	)
U.S. federal agency obligations			11				5,135				(42	)			9,733				(48	)			14,868				(90	)
Municipal obligations, tax exempt			333				91,206				(1,981	)			45,530				(2,384	)			136,736				(4,365	)
Municipal obligations, taxable			110				31,740				(553	)			15,644				(371	)			47,384				(924	)
Agency mortgage-backed securities			103				67,726				(1,468	)			68,115				(3,126	)			135,841				(4,594	)
Total			558			$	197,750			$	(4,100	)		$	139,022			$	(5,929	)		$	336,772			$	(10,029	)

(Dollars in thousands)						As of December 31, 2017
						Less than 12 months								12 months or longer								Total
		No. of				Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		securities				value				losses				value				losses				value				losses
U.S. treasury securities			1			$	1,990			$	(9	)		$	-			$	-			$	1,990			$	(9	)
U. S. federal agency obligations			14				7,989				(24	)			8,272				(61	)			16,261				(85	)
Municipal obligations, tax exempt			178				37,299				(273	)			31,930				(807	)			69,229				(1,080	)
Municipal obligations, taxable			73				18,792				(96	)			9,744				(120	)			28,536				(216	)
Agency mortgage-backed securities			79				68,630				(620	)			39,844				(1,013	)			108,474				(1,633	)
Total			345			$	134,700			$	(1,022	)		$	89,790			$	(2,001	)		$	224,490			$	(3,023	)

Schedule of Investments Classified by Contractual Maturity Date

Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

(Dollars in thousands)		Amortized				Estimated
		cost				fair value
Due in less than one year		$	36,142			$	36,019
Due after one year but within five years			171,631				166,709
Due after five years but within ten years			97,947				95,324
Due after ten years			80,113				77,987
Total		$	385,833			$	376,039

Schedule of Realized Gain (loss)

Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows:

		Three months ended								Nine months ended
(Dollars in thousands)		September 30,								September 30,
		2018				2017				2018				2017
Sales proceeds		$	19,591			$	54			$	21,125			$	13,513
Realized gains		$	49			$	39			$	84			$	387
Realized losses			(64	)			-				(64	)			(24	)
Net realized losses		$	(15	)		$	39			$	20			$	363

X

- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563

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