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Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities | A summary of investment securities available-for-sale is as follows:
|  | As of March 31, 2020 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
(Dollars in thousands) |  | cost |  |  | gains |  |  | losses |  |  | fair value |
U. S. treasury securities |  | $ | 2,000 |  |  | $ | 57 |  |  | $ | - |  |  | $ | 2,057 |
U. S. federal agency obligations |  |  | 2,015 |  |  |  | 148 |  |  |  | - |  |  |  | 2,163 |
Municipal obligations, tax exempt |  |  | 138,118 |  |  |  | 3,626 |  |  |  | (61 | ) |  |  | 141,683 |
Municipal obligations, taxable |  |  | 48,307 |  |  |  | 1,822 |  |  |  | (72 | ) |  |  | 50,057 |
Agency mortgage-backed securities |  |  | 112,570 |  |  |  | 4,054 |  |  |  | - |  |  |  | 116,624 |
Certificates of deposit |  |  | 1,905 |  |  |  | - |  |  |  | - |  |  |  | 1,905 |
Total available-for-sale |  | $ | 304,915 |  |  | $ | 9,707 |  |  | $ | (133 | ) |  | $ | 314,489 |
|  | As of December 31, 2019 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
(Dollars in thousands) |  | cost |  |  | gains |  |  | losses |  |  | fair value |
U. S. treasury securities |  | $ | 2,300 |  |  | $ | 16 |  |  | $ | - |  |  | $ | 2,316 |
U. S. federal agency obligations |  |  | 4,015 |  |  |  | 91 |  |  |  | - |  |  |  | 4,106 |
Municipal obligations, tax exempt |  |  | 142,391 |  |  |  | 3,513 |  |  |  | (42 | ) |  |  | 145,862 |
Municipal obligations, taxable |  |  | 45,541 |  |  |  | 1,293 |  |  |  | (55 | ) |  |  | 46,779 |
Agency mortgage-backed securities |  |  | 159,908 |  |  |  | 2,353 |  |  |  | (230 | ) |  |  | 162,031 |
Certificates of deposit |  |  | 1,904 |  |  |  | - |  |  |  | - |  |  |  | 1,904 |
Total available-for-sale |  | $ | 356,059 |  |  | $ | 7,266 |  |  | $ | (327 | ) |  | $ | 362,998 |
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.
|  |  |  |  | As of March 31, 2020 |
(Dollars in thousands) |  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
Municipal obligations, tax exempt |  |  | 19 |  |  |  | 5,220 |  |  |  | (60 | ) |  |  | 436 |  |  |  | (1 | ) |  |  | 5,656 |  |  |  | (61 | )
Municipal obligations, taxable |  |  | 6 |  |  |  | 3,307 |  |  |  | (72 | ) |  |  | - |  |  |  | - |  |  |  | 3,307 |  |  |  | (72 | )
Total |  |  | 25 |  |  | $ | 8,527 |  |  | $ | (132 | ) |  | $ | 436 |  |  | $ | (1 | ) |  | $ | 8,963 |  |  | $ | (133 | )
|  |  |  |  | As of December 31, 2019 |
(Dollars in thousands) |  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
Municipal obligations, tax exempt |  |  | 23 |  |  |  | 5,676 |  |  |  | (16 | ) |  |  | 3,473 |  |  |  | (26 | ) |  |  | 9,149 |  |  |  | (42 | )
Municipal obligations, taxable |  |  | 4 |  |  |  | 2,563 |  |  |  | (55 | ) |  |  | - |  |  |  | - |  |  |  | 2,563 |  |  |  | (55 | )
Agency mortgage-backed securities |  |  | 21 |  |  |  | 15,735 |  |  |  | (43 | ) |  |  | 17,137 |  |  |  | (187 | ) |  |  | 32,872 |  |  |  | (230 | )
Total |  |  | 48 |  |  | $ | 23,974 |  |  | $ | (114 | ) |  | $ | 20,610 |  |  | $ | (213 | ) |  | $ | 44,584 |  |  | $ | (327 | )
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 |  | $ | 8,256 |  |  | $ | 8,286 |
Due after one year but within five years |  |  | 139,382 |  |  |  | 143,620 |
Due after five years but within ten years |  |  | 81,323 |  |  |  | 84,067 |
Due after ten years |  |  | 75,954 |  |  |  | 78,516 |
Total |  | $ | 304,915 |  |  | $ | 314,489 |
Schedule of Realized Gain (loss) | Sales proceeds and gross realized gains and losses on sales of available-for-sale securities were as follows for the periods indicated:
(Dollars in thousands) |  | Three months ended March 31, |
|  | 2020 |  |  | 2019 |
Sales proceeds |  | $ | 44,508 |  |  | $ | - |
Realized gains |  | $ | 1,772 |  |  | $ | - |
Realized losses |  |  | (2 | ) |  |  | - |
Net realized gains |  | $ | 1,770 |  |  | $ | - |

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- Definition 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. + References No definition available. + Details
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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=121645371&loc=d3e27357-111563 + Details
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