Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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, 2020 | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | Securities Available for Sale: | | | | | | | | | U.S. treasury securities | $ | 245 | | | $ | — | | | $ | — | | | $ | 245 | | | State, county & municipal securities | 29,293 | | | 459 | | | (52) | | | 29,700 | | | Corporate debt securities | 3,002 | | | 4 | | | — | | | 3,006 | | | Mortgage-backed securities | 332,208 | | | 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 securities | 2,811 | | | 11 | | | (16) | | | 2,806 | | | Mortgage-backed securities | 338,930 | | | 2,669 | | | (2,188) | | | 339,411 | | | $ | 346,874 | | | $ | 2,716 | | | $ | (2,258) | | | $ | 347,332 | |
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| 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 Cost | | Fair Value | | Due in one year or less | $ | 894 | | | $ | 897 | | | Due after one year through five years | 3,956 | | | 3,989 | | | Due after five years through ten years | 4,346 | | | 4,421 | | | Due after ten years | 23,344 | | | 23,644 | | | $ | 32,540 | | | $ | 32,951 | | | | | | | Mortgage-backed securities | 332,208 | | | 340,659 | | | $ | 364,748 | | | $ | 373,610 | |
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| 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 Months | | | | 12 Months or Greater | | | | Total | | | | (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 securities | 17,262 | | | (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 securities | 60,860 | | | (277) | | | 119,110 | | | (1,911) | | | 179,970 | | | (2,188) | | | $ | 64,117 | | | $ | (331) | | | $ | 119,894 | | | $ | (1,927) | | | $ | 184,011 | | | $ | (2,258) | |
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