Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale Investments Reconciliation

The amortized cost and fair values of debt securities at the dates specified are summarized as follows:



	March 31, 2020
(Dollars in thousands)	Amortized cost		Unrealized gains		Unrealized losses		Fair Value
Federal agency obligations⁽¹⁾	$	1,000	$	6	$	—	$	1,006
Residential federal agency MBS⁽¹⁾	181,399		7,361		47		188,713
Commercial federal agency MBS⁽¹⁾	110,441		6,372		—		116,813
Taxable municipal securities	84,034		4,077		237		87,874
Tax-exempt municipal securities	91,554		4,991		1		96,544
Corporate bonds	13,817		467		19		14,265
Certificate of deposits⁽²⁾("CDs")	454		2		—		456
Total debt securities, at fair value	$	482,699	$	23,276	$	304	$	505,671



	December 31, 2019
(Dollars in thousands)	Amortized cost		Unrealized gains		Unrealized losses		Fair Value
Federal agency obligations⁽¹⁾	$	999	$	5	$	—	$	1,004
Residential federal agency MBS⁽¹⁾	190,392		2,599		333		192,658
Commercial federal agency MBS⁽¹⁾	111,182		3,453		—		114,635
Taxable municipal securities	79,095		2,726		134		81,687
Tax-exempt municipal securities	95,342		4,696		—		100,038
Corporate bonds	13,826		485		—		14,311
CDs⁽²⁾	454		1		—		455
Total debt securities, at fair value	$	491,290	$	13,965	$	467	$	504,788

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(1)	These categories may include investments issued or guaranteed by government sponsored enterprises such as Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), Federal Farm Credit Bank ("FFCB"), or one of several Federal Home Loan Banks, as well as, investments guaranteed by Ginnie Mae ("GNMA"), a wholly-owned government entity.


(2)	CDs represent term deposits issued by banks that are subject to FDIC insurance and purchased on the open market.

Schedule of Unrealized Loss on Debt Securities, Available-for-Sale Investments

The following tables summarize debt securities with unrealized losses, due to the fair values having declined below the amortized costs of the individual investments, by the duration of their continuous unrealized loss positions at March 31, 2020 and December 31, 2019:



	March 31, 2020
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of holdings
Residential federal agency MBS	$	9,392	$	47	$	—	$	—	$	9,392	$	47	3
Taxable municipal securities	6,804		237		—		—		6,804		237		7
Tax-exempt municipal securities	582		1		—		—		582		1		1
Corporate bonds	2,304		19		—		—		2,304		19		17
Total temporarily impaired debt securities	$	19,082	$	304	$	—	$	—	$	19,082	$	304	28



	December 31, 2019
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of holdings
Residential federal agency MBS	$	36,464	$	263	$	5,060	$	70	$	41,524	$	333	11
Taxable municipal securities	16,826		134		—		—		16,826		134		15
Total temporarily impaired debt securities	$	53,290	$	397	$	5,060	$	70	$	58,350	$	467	26

Debt Securities, Available-for-Sale Investments Classified by Contractual Maturity Date

The contractual maturity distribution at March 31, 2020 of debt securities was as follows:



(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	11,425	$	11,478
Due after one, but within five years	85,244		89,501
Due after five, but within ten years	165,531		174,885
Due after ten years	220,499		229,807
Total debt securities	$	482,699	$	505,671

Schedule of Realized Gain (Loss) on Sales of Debt Securities, Available-for-Sale Investments

Sales of debt securities for the three months ended March 31, 2020 and March 31, 2019 are summarized as follows:



	Three months ended March 31,
(Dollars in thousands)	2020		2019
Amortized cost of debt securities sold ⁽¹⁾	$	2,527	$	1,793
Gross realized gains on sales	100		2
Gross realized losses on sales	—		(3		)
Total proceeds from sales of debt securities	$	2,627	$	1,792

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(1)Amortized cost of investments sold is determined on a specific identification basis and includes pending trades based on trade date, if applicable.