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Investments (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Investments [Abstract]

Schedule of Available-for-sale Securities

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

Schedule of Available-for-sale Securities

(Dollars in thousands)		As of September 30, 2020
						Gross				Gross
		Amortized				unrealized				unrealized				Estimated
		cost				gains				losses				fair value
U. S. treasury securities		$	2,000			$	47			$	-			$	2,047
U. S. federal agency obligations			18,860				146				(18	)			18,988
Municipal obligations, tax exempt			135,700				6,179				(2	)			141,877
Municipal obligations, taxable			45,414				2,965				-				48,379
Agency mortgage-backed securities			80,421				3,144				-				83,565
Certificates of deposit			4,674				-				-				4,674
Total		$	287,069			$	12,481			$	(20	)		$	299,530

(Dollars in thousands)		As of December 31, 2019
						Gross				Gross
		Amortized				unrealized				unrealized				Estimated
		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		$	356,059			$	7,266			$	(327	)		$	362,998

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

The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized losses, or were temporarily impaired, as of September 30, 2020 and December 31, 2019. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position.

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

(Dollars in thousands)						As of September 30, 2020
						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			5			$	13,848			$	(18	)		$	-			$	-			$	13,848			$	(18	)
Municipal obligations, tax exempt			3				1,329				(2	)			-				-				1,329				(2	)
Total			8			$	15,177			$	(20	)		$	-			$	-			$	15,177			$	(20	)

(Dollars in thousands)						As of December 31, 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
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

The table below sets forth amortized cost and fair value of investment securities at September 30, 2020. The table includes scheduled principal payments and estimated prepayments, based on observable market inputs, for agency mortgage-backed securities. Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

Schedule of Investments Classified by Contractual Maturity Date

(Dollars in thousands)		Amortized				Estimated
		cost				fair value
Due in less than one year		$	12,464			$	12,489
Due after one year but within five years			146,177				151,148
Due after five years but within ten years			63,935				67,775
Due after ten years			64,493				68,118
Total		$	287,069			$	299,530

Schedule of Realized Gain (loss)

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

Schedule of Realized Gain (loss)

		2020				2019				2020				2019
(Dollars in thousands)		Three months ended September 30,								Nine months ended September 30,
		2020				2019				2020				2019
Sales proceeds		$	16,655			$	-			$	61,164			$	9,491
Realized gains		$	678			$	-			$	2,450			$	2
Realized losses			-				-				(2	)			(148	)
Net realized losses		$	678			$	-			$	2,448			$	(146	)

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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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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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