Securities Available-for-Sale (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Unrealized Gain (Loss) on Investments [Table Text Block] |
The following tables present information related to the Company’s portfolio of securities available-for-sale as of September 30, 2020 and December 31, 2019.
|
|
|
|
|
|
Gross |
|
Gross |
|
|
| |
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair | |
|
|
Cost |
|
Gains |
|
Losses |
|
Value | |
September 30, 2020 |
|
(dollars in thousands) | |
Securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal agency obligations |
|
$ |
44,431 |
|
$ |
1,768 |
|
$ |
(54 |
) |
|
$ |
46,145 | |
Residential mortgage pass-through securities |
|
|
238,193 |
|
|
4,166 |
|
|
(135 |
) |
|
|
242,224 | |
Commercial mortgage pass-through securities |
|
|
6,176 |
|
|
213 |
|
|
(142 |
) |
|
|
6,247 | |
Obligations of U.S. states and political subdivisions |
|
|
124,790 |
|
|
3,649 |
|
|
(43 |
) |
|
|
128,396 | |
Corporate bonds and notes |
|
|
24,916 |
|
|
256 |
|
|
(369 |
) |
|
|
24,803 | |
Asset-backed securities |
|
|
5,023 |
|
|
- |
|
|
(155 |
) |
|
|
4,868 | |
Certificates of deposit |
|
|
149 |
|
|
2 |
|
|
- |
|
|
|
151 | |
Other securities |
|
|
181 |
|
|
- |
|
|
- |
|
|
|
181 | |
Total securities available-for-sale |
|
$ |
443,859 |
|
$ |
10,054 |
|
$ |
(898 |
) |
|
$ |
453,015 |
|
|
|
|
|
|
Gross |
|
Gross |
|
|
| |
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair | |
|
|
Cost |
|
Gains |
|
Losses |
|
Value | |
December 31, 2019 |
|
(dollars in thousands) | |
Securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal agency obligations |
|
$ |
27,667 |
|
$ |
612 |
|
$ |
(42 |
) |
|
$ |
28,237 | |
Residential mortgage pass-through securities |
|
|
199,611 |
|
|
1,528 |
|
|
(643 |
) |
|
|
200,496 | |
Commercial mortgage pass-through securities |
|
|
4,995 |
|
|
37 |
|
|
(35 |
) |
|
|
4,997 | |
Obligations of U.S. states and political subdivisions |
|
|
134,500 |
|
|
2,411 |
|
|
(392 |
) |
|
|
136,519 | |
Corporate bonds and notes |
|
|
28,142 |
|
|
285 |
|
|
(45 |
) |
|
|
28,382 | |
Asset-backed securities |
|
|
5,845 |
|
|
- |
|
|
(65 |
) |
|
|
5,780 | |
Certificates of deposit |
|
|
148 |
|
|
2 |
|
|
- |
|
|
|
150 | |
Other securities |
|
|
140 |
|
|
- |
|
|
- |
|
|
|
140 | |
Total securities available-for-sale |
|
$ |
401,048 |
|
$ |
4,875 |
|
$ |
(1,222 |
) |
|
$ |
404,701 |
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
The following table presents information for investments in securities available-for-sale as of September 30, 2020, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date are shown separately.
|
|
|
September 30, 2020 | |
|
|
Amortized |
|
Fair | |
|
|
Cost |
|
Value | |
|
|
(dollars in thousands) | |
Securities available-for-sale: |
|
|
|
|
|
| |
Due in one year or less |
|
$ |
5,947 |
|
$ |
5,982 | |
Due after one year through five years |
|
|
23,657 |
|
|
23,651 | |
Due after five years through ten years |
|
|
21,837 |
|
|
22,345 | |
Due after ten years |
|
|
147,868 |
|
|
152,385 | |
Residential mortgage pass-through securities |
|
|
238,193 |
|
|
242,224 | |
Commercial mortgage pass-through securities |
|
|
6,176 |
|
|
6,247 | |
Other securities |
|
|
181 |
|
|
181 | |
Total securities available-for-sale |
|
$ |
443,859 |
|
$ |
453,015 |
|
| Schedule of Realized Gain (Loss) [Table Text Block] |
Gross gains and losses from the sales of securities for periods presented were as follows:
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
| |
|
|
|
(dollars in thousands) |
| |
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
| |
Proceeds |
|
$ |
- |
|
|
$ |
33,432 |
|
|
$ |
19,624 |
|
|
$ |
183,728 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross gains on sales of securities |
|
|
- |
|
|
|
1 |
|
|
|
29 |
|
|
|
401 |
| |
Gross losses on sales of securities |
|
|
- |
|
|
|
(280 |
) |
|
|
- |
|
|
|
(681 |
) | |
Net losses on sales of securities |
|
|
- |
|
|
|
(279 |
) |
|
|
29 |
|
|
|
(280 |
) | |
Less: tax provision on net losses |
|
|
- |
|
|
|
62 |
|
|
|
(6 |
) |
|
|
62 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net losses on sales of securities, after tax |
|
$ |
- |
|
|
$ |
(217 |
) |
|
$ |
23 |
|
|
$ |
(218 |
) |
|
| Schedule of Unrealized Loss on Investments [Table Text Block] |
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019.
|
|
September 30, 2020 | |
|
Total |
|
Less than 12 Months |
|
12 Months or Longer | |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized | |
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses | |
|
(dollars in thousands) | |
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal agency obligation |
$ |
13,305 |
|
$ |
(54 |
) |
|
$ |
13,299 |
|
$ |
(54 |
) |
|
$ |
6 |
|
$ |
- |
| |
Residential mortgage pass-through securities |
|
70,465 |
|
|
(135 |
) |
|
|
70,455 |
|
|
(135 |
) |
|
|
10 |
|
|
- |
| |
Commercial mortgage pass-through securities |
|
4,016 |
|
|
(142 |
) |
|
|
4,016 |
|
|
(142 |
) |
|
|
- |
|
|
- |
| |
Obligations of U.S. states and political subdivisions |
|
8,468 |
|
|
(43 |
) |
|
|
8,468 |
|
|
(43 |
) |
|
|
- |
|
|
- |
| |
Corporate bonds and notes |
|
5,610 |
|
|
(369 |
) |
|
|
5,610 |
|
|
(369 |
) |
|
|
- |
|
|
- |
| |
Asset-backed securities |
|
4,868 |
|
|
(155 |
) |
|
|
1,288 |
|
|
(38 |
) |
|
|
3,580 |
|
|
(117 |
) | |
Total temporarily impaired securities |
$ |
106,732 |
|
$ |
(898 |
) |
|
$ |
103,136 |
|
$ |
(781 |
) |
|
$ |
3,596 |
|
$ |
(117 |
) |
|
|
December 31, 2019 | |
|
Total |
|
Less than 12 Months |
|
12 Months or Longer | |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized | |
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses | |
|
(dollars in thousands) | |
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal agency obligation |
$ |
6,512 |
|
$ |
(42 |
) |
|
$ |
6,498 |
|
$ |
(42 |
) |
|
$ |
14 |
|
$ |
- |
| |
Residential mortgage pass-through securities |
|
94,980 |
|
|
(643 |
) |
|
|
49,154 |
|
|
(179 |
) |
|
|
45,826 |
|
|
(464 |
) | |
Commercial mortgage pass-through securities |
|
2,006 |
|
|
(35 |
) |
|
|
2,006 |
|
|
(35 |
) |
|
|
- |
|
|
- |
| |
Obligations of U.S. states and political subdivisions |
|
34,775 |
|
|
(392 |
) |
|
|
10,306 |
|
|
(8 |
) |
|
|
24,469 |
|
|
(384 |
) | |
Corporate bonds and notes |
|
5,437 |
|
|
(45 |
) |
|
|
2,478 |
|
|
(23 |
) |
|
|
2,959 |
|
|
(22 |
) | |
Asset-backed securities |
|
5,718 |
|
|
(65 |
) |
|
|
2,268 |
|
|
(22 |
) |
|
|
3,450 |
|
|
(43 |
) | |
Total Temporarily Impaired Securities |
$ |
149,428 |
|
$ |
(1,222 |
) |
|
$ |
72,710 |
|
$ |
(309 |
) |
|
$ |
76,718 |
|
$ |
(913 |
) |
|