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Investments (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019
						Gross				Gross
		Amortized				unrealized				unrealized				Estimated
		cost				gains				losses				fair value
U. S. treasury securities		$	2,297			$	13			$	-			$	2,310
U. S. federal agency obligations			6,516				84				(2	)			6,598
Municipal obligations, tax exempt			152,891				2,573				(227	)			155,237
Municipal obligations, taxable			52,606				1,170				(11	)			53,765
Agency mortgage-backed securities			156,939				2,013				(545	)			158,407
Certificates of deposit			5,978				-				-				5,978
Total		$	377,227			$	5,853			$	(785	)		$	382,295

(Dollars in thousands)		As of December 31, 2018
						Gross				Gross
		Amortized				unrealized				unrealized				Estimated
		cost				gains				losses				fair value
U. S. treasury securities		$	1,999			$	-			$	(28	)		$	1,971
U. S. federal agency obligations			10,370				32				(41	)			10,361
Municipal obligations, tax exempt			161,529				353				(2,770	)			159,112
Municipal obligations, taxable			53,178				180				(323	)			53,035
Agency mortgage-backed securities			158,765				264				(2,953	)			156,076
Certificates of deposit			7,790				-				-				7,790
Total		$	393,631			$	829			$	(6,115	)		$	388,345

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 June 30, 2019
						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. federal agency obligations			2			$	-			$	-			$	2,498			$	(2	)		$	2,498			$	(2	)
Municipal obligations, tax exempt			57				-				-				21,874				(227	)			21,874				(227	)
Municipal obligations, taxable			18				1,110				(1	)			5,760				(10	)			6,870				(11	)
Agency mortgage-backed securities			27				-				-				37,726				(545	)			37,726				(545	)
Total			104			$	1,110			$	(1	)		$	67,858			$	(784	)		$	68,968			$	(785	)

(Dollars in thousands)						As of December 31, 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			$	-			$	-			$	1,971			$	(28	)		$	1,971			$	(28	)
U. S. federal agency obligations			6				145				(1	)			7,970				(40	)			8,115				(41	)
Municipal obligations, tax exempt			296				35,898				(367	)			85,921				(2,403	)			121,819				(2,770	)
Municipal obligations, taxable			86				8,293				(22	)			28,984				(301	)			37,277				(323	)
Agency mortgage-backed securities			101				30,030				(146	)			96,155				(2,807	)			126,185				(2,953	)
Total			490			$	74,366			$	(536	)		$	221,001			$	(5,579	)		$	295,367			$	(6,115	)

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		$	24,551			$	24,556
Due after one year but within five years			170,996				172,120
Due after five years but within ten years			105,913				108,068
Due after ten years			75,767				77,551
Total		$	377,227			$	382,295

Schedule of Realized Gain (Loss)

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

(Dollars in thousands)		Three months ended June 30,								Six months ended June 30,
		2019				2018				2019				2018
Sales proceeds		$	9,491			$	-			$	9,491			$	1,535
Realized gains		$	2			$	-			$	2			$	35
Realized losses			(148	)			-				(148	)			-
Net realized losses		$	(146	)		$	-			$	(146	)		$	35

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- 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=118939692&loc=d3e27357-111563

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