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Investments (Tables)

3 Months Ended

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			$	-

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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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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

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