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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses are summarized as follows:
(dollars in thousands)
June 30, 2020Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities Available for Sale:
U.S. treasury securities$245  $—  $—  $245  
State, county & municipal securities29,293  459  (52) 29,700  
Corporate debt securities3,002   —  3,006  
Mortgage-backed securities332,208  9,085  (634) 340,659  
$364,748  $9,548  $(686) $373,610  
December 31, 2019
Securities Available for Sale:
State, county & municipal securities$5,133  $36  $(54) $5,115  
Corporate debt securities2,811  11  (16) 2,806  
Mortgage-backed securities338,930  2,669  (2,188) 339,411  
$346,874  $2,716  $(2,258) $347,332  
Investments Classified by Contractual Maturity Date This is often the case with mortgage-backed securities, which are disclosed separately in the table below.
Securities Available for Sale
(dollars in thousands)Amortized CostFair Value
Due in one year or less$894  $897  
Due after one year through five years3,956  3,989  
Due after five years through ten years4,346  4,421  
Due after ten years23,344  23,644  
$32,540  $32,951  
Mortgage-backed securities332,208  340,659  
$364,748  $373,610  
Schedule of Unrealized Loss on Investments
Information pertaining to securities with gross unrealized losses at June 30, 2020 and December 31, 2019 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
June 30, 2020
State, county & municipal securities$7,840  $(52) $—  $—  $7,840  $(52) 
Mortgage-backed securities17,262  (116) 5,748  (518) 23,010  (634) 
$25,102  $(168) $5,748  $(518) $30,850  $(686) 
December 31, 2019
State, county & municipal securities$3,257  $(54) $—  $—  $3,257  $(54) 
Corporate debt securities—  —  784  (16) 784  (16) 
Mortgage-backed securities60,860  (277) 119,110  (1,911) 179,970  (2,188) 
$64,117  $(331) $119,894  $(1,927) $184,011  $(2,258)