Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of HTM Securities and Available For Sale securities by Contractual Maturities

The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at June 30, 2021 and December 31, 2020, by contractual maturity within each type:


	At June 30, 2021
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securities Held-to-Maturity
U.S. government corporations and agencies:
Within 1 year	$	5,000	$	64	$	—	$	—	$	5,064
After 1 year to 5 years	1,999		41		—		—		2,040
	6,999		105		—		—		7,104
Residential mortgage-backed securities:
After 5 years to 10 years	5,076		212		—		—		5,288
Over 10 years	107,617		3,269		(159)		—		110,727
	112,693		3,481		(159)		—		116,015




Total	$	119,692	$	3,586	$	(159)	$	—	$	123,119
Securities Available-for-Sale









State and political subdivisions:

After 1 year to 5 years	$	3,297	$	15	$	—	$	—	$	3,312


	3,297		15		—		—		3,312
Residential mortgage-backed securities:

After 1 year to 5 years	243		8		—		—		251
After 5 years to 10 years	1,979		80		—		—		2,059
Over 10 years	173,750		1,254		(1,154)		—		173,850
	175,972		1,342		(1,154)		—		176,160
Collateralized mortgage obligations:

After 5 years to 10 years	576		16		—		—		592
Over 10 years	3,525		13		—		—		3,538
	4,101		29		—		—		4,130
Corporate bonds:
Within 1 year	3,998		25		—		—		4,023
After 1 year to 5 years	26,746		1,147		(9)		(16)		27,868
After 5 years to 10 years	60,499		98		(759)		(469)		59,369

	91,243		1,270		(768)		(485)		91,260
Total	$	274,613	$	2,656	$	(1,922)	$	(485)	$	274,862


	At December 31, 2020
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securities Held-to-Maturity
U.S. government corporations and agencies:
After 1 year to 5 years	$	6,998	$	171	$	—	$	—	$	7,169
	6,998		171		—		—		7,169
Residential mortgage-backed securities:
After 5 years to 10 years	6,325		253		—		—		6,578
Over 10 years	137,934		4,644		—		—		142,578
	144,259		4,897		—		—		149,156




Total	$	151,257	$	5,068	$	—	$	—	$	156,325
Securities Available-for-Sale









State and political subdivisions:

After 1 year to 5 years	$	3,560	$	33	$	—	$	—	$	3,593
After 5 years to 10 years	9,881		63		—		—		9,944

	13,441		96		—		—		13,537
Residential mortgage-backed securities:

After 1 year to 5 years	323		10		—		—		333
After 5 years to 10 years	1,664		58		—		—		1,722
Over 10 years	110,018		2,153		(63)		—		112,108
	112,005		2,221		(63)		—		114,163
Collateralized mortgage obligations:

After 5 years to 10 years	754		21		—		—		775
Over 10 years	4,561		—		(15)		—		4,546
	5,315		21		(15)		—		5,321
Corporate bonds:
Within 1 year	499		2		—		—		501
After 1 year to 5 years	29,498		1,440		—		(16)		30,922
After 5 years to 10 years	60,496		3		(5,450)		(853)		54,196

	90,493		1,445		(5,450)		(869)		85,619
Total	$	221,254	$	3,783	$	(5,528)	$	(869)	$	218,640

The following table presents information related to sales of securities available-for-sale during the six months ended June 30, 2021 and 2020:


	Six Months Ended June 30,
(Dollars in thousands)	2021		2020
Securities available-for-sale:
Proceeds from sales	$	3,115	$	63,565
Gross realized gains on sales	119		774
Gross realized losses on sales	—		14
Tax expense related to net realized gains on sales	25		160

Amount of Securities in Unrealized Loss Position

The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at June 30, 2021 and December 31, 2020, by the length of time those securities were in a continuous loss position.


	Less than Twelve Months				Twelve Months or Longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
At June 30, 2021
Securities Held-to-Maturity

Residential mortgage-backed securities	$	8,420	$	(159)	$	—	$	—	$	8,420	$	(159)

Total	$	8,420	$	(159)	$	—	$	—	$	8,420	$	(159)
Securities Available-for-Sale



Residential mortgage-backed securities	$	91,660	$	(1,154)	$	—	$	—	$	91,660	$	(1,154)

Corporate bonds	499		(1)		—		—		499		(1)
Total	$	92,159	$	(1,155)	$	—	$	—	$	92,159	$	(1,155)
At December 31, 2020
Securities Held-to-Maturity



Total	$	—	$	—	$	—	$	—	$	—	$	—
Securities Available-for-Sale



Residential mortgage-backed securities	$	13,677	$	(62)	$	31	$	(1)	$	13,708	$	(63)
Collateralized mortgage obligations	4,545		(15)		—		—		4,545		(15)

Total	$	18,222	$	(77)	$	31	$	(1)	$	18,253	$	(78)

Available-for-sale Securities, Allowance for Credit Loss Rollforward

The table below presents a rollforward by major security type for the three and six months ended June 30, 2021 of the allowance for credit losses on securities available-for-sale.


(Dollars in thousands)	Corporate Bonds
Six months ended June 30, 2021
Securities Available-for-Sale
Beginning balance	$	(869)
Additions for securities for which no previous expected credit losses were recognized	(19)
Change in securities for which a previous expected credit loss was recognized	403
Ending balance	$	(485)
Six months ended June 30, 2020
Securities Available-for-Sale
Beginning balance	$	—
Adjustment to initially apply ASU No. 2016-13 for CECL	(300)

Change in securities for which a previous expected credit loss was recognized	(569)
Ending balance	$	(869)