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Investment Securities
9 Months Ended
Sep. 30, 2020
Schedule Of Investments [Abstract]  
Investment Securities

(3) INVESTMENT SECURITIES

Fixed maturity securities available for sale as of September 30, 2020 and December 31, 2019 consisted of the following:

 

September 30, 2020

(Dollars in thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

Mortgage-backed securities, principally obligations of US

   federal agencies

 

$

35,965

 

 

$

1,571

 

 

$

(8

)

 

$

37,528

 

State and municipalities

 

 

8,226

 

 

 

237

 

 

 

 

 

 

8,463

 

Total

 

$

44,191

 

 

$

1,808

 

 

$

(8

)

 

$

45,991

 

 

December 31, 2019

(Dollars in thousands)

 

Amortized Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

Mortgage-backed securities, principally obligations of

   US federal agencies

 

$

36,335

 

 

$

411

 

 

$

(112

)

 

$

36,634

 

State and municipalities

 

 

12,279

 

 

 

186

 

 

 

(101

)

 

 

12,364

 

Total

 

$

48,614

 

 

$

597

 

 

$

(213

)

 

$

48,998

 

 

The amortized cost and estimated market value of investment securities as of September 30, 2020 by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

(Dollars in thousands)

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

$

25

 

 

$

25

 

Due after one year through five years

 

 

12,480

 

 

 

12,946

 

Due after five years through ten years

 

 

12,452

 

 

 

13,221

 

Due after ten years

 

 

19,234

 

 

 

19,799

 

Total

 

$

44,191

 

 

$

45,991

 

 

The following tables show information pertaining to securities with gross unrealized losses at September 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

September 30, 2020

(Dollars in thousands)

 

Gross Unrealized

Losses

 

 

Fair Value

 

 

Gross Unrealized

Losses

 

 

Fair Value

 

Mortgage-backed securities, principally obligations

   of US federal agencies

 

$

(8

)

 

$

4,073

 

 

$

 

 

$

 

State and municipalities

 

 

 

 

 

 

 

 

 

 

 

197

 

Total

 

$

(8

)

 

$

4,073

 

 

$

 

 

$

197

 

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

December 31, 2019

(Dollars in thousands)

 

Gross Unrealized

Losses

 

 

Fair Value

 

 

Gross Unrealized

Losses

 

 

Fair Value

 

Mortgage-backed securities, principally obligations of

   US federal agencies

 

$

(74

)

 

$

8,291

 

 

$

(38

)

 

$

4,939

 

State and municipalities

 

 

(17

)

 

 

2,099

 

 

 

(84

)

 

 

2,739

 

Total

 

$

(91

)

 

$

10,390

 

 

$

(122

)

 

$

7,678

 

 

Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date.