Securities (Tables)

3 Months Ended

Mar. 31, 2018

Available-for-sale Securities [Abstract]

Available-for-sale Securities

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at March 31, 2018 and December 31, 2017 are summarized as follows:

	March 31, 2018
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	32,357	$	351	$	255	$	32,453
Residential mortgage-backed securities:
Government-sponsored agencies	102,294		908		1,231		101,971
Nongovernment-sponsored entities	1,623		31		5		1,649
State and political subdivisions
General obligations	6,088		—		184		5,904
Other revenues	13,474		3		283		13,194
Corporate debt securities	10,874		—		146		10,728
Total taxable debt securities	166,710		1,293		2,104		165,899
Tax-exempt debt securities
State and political subdivisions
General obligations	57,305		699		560		57,444
Water and sewer revenues	21,962		183		94		22,051
Lease revenues	12,983		149		22		13,110
Sales tax revenues	5,252		25		41		5,236
Other revenues	33,114		235		336		33,013
Total tax-exempt debt securities	130,616		1,291		1,053		130,854
Equity securities	137		—		—		137
Total available for sale securities	$	297,463	$	2,584	$	3,157	$	296,890

	December 31, 2017
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	31,260	$	498	$	145	$	31,613
Residential mortgage-backed securities:
Government-sponsored agencies	120,948		1,276		903		121,321
Nongovernment-sponsored entities	2,045		39		7		2,077
State and political subdivisions
General obligations	6,090		—		55		6,035
Other revenues	11,657		47		62		11,642
Corporate debt securities	16,375		—		130		16,245
Total taxable debt securities	188,375		1,860		1,302		188,933
Tax-exempt debt securities
State and political subdivisions
General obligations	65,560		1,530		198		66,892
Water and sewer revenues	23,108		566		3		23,671
Lease revenues	13,024		451		2		13,473
Electric revenues	6,205		128		—		6,333
Sales tax revenues	4,126		140		—		4,266
University revenues	5,272		38		9		5,301
Other revenues	19,101		616		—		19,717
Total tax-exempt debt securities	136,396		3,469		212		139,653
Equity securities	137		—		—		137
Total available for sale securities	$	324,908	$	5,329	$	1,514	$	328,723

Summary of Volume of State and Political Subdivision Securities Held in Portfolio

We own no such securities of any single issuer which we deem to be a concentration.

	March 31, 2018
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	18,779	$	283	$	87	$	18,975
Michigan	14,716		95		227		14,584
California	14,290		173		90		14,373
New York	11,319		123		126		11,316
West Virginia	10,806		83		42		10,847

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at March 31, 2018, are summarized as follows:

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	35,349	$	35,433
Due from one to five years	68,946		68,958
Due from five to ten years	45,860		45,010
Due after ten years	147,171		147,352
Equity securities	137		137
	$	297,463	$	296,890

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities of available for sale securities, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the three months ended March 31, 2018 and 2017 are as follows:

		Proceeds from						Gross realized
Dollars in thousands		Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Three Months Ended   March 31,
2018
	Securities available for sale	$	39,267	$	55	$	6,690	$	1,474	$	742
2017
	Securities available for sale	$	3,154	$	600	$	7,686	$	61	$	119

Schedule of Unrealized Loss on Investments

Provided below is a summary of securities available for sale which were in an unrealized loss position at March 31, 2018 and December 31, 2017.

	March 31, 2018
	Less than 12 months					12 months or more					Total
Dollars in thousands	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Temporarily impaired securities
Taxable debt securities
U.S. Government agencies and corporations	$	19,052	$	(206	)	$	2,199	$	(49	)	$	21,251	$	(255	)
Residential mortgage-backed securities:
Government-sponsored agencies	32,858		(516		)	18,412		(715		)	51,270		(1,231		)
Nongovernment-sponsored entities	218		(1		)	677		(4		)	895		(5		)
State and political subdivisions:
General obligations	5,904		(184		)	—		—			5,904		(184		)
Other revenues	12,351		(283		)	—		—			12,351		(283		)
Corporate debt securities	964		(36		)	3,684		(110		)	4,648		(146		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	19,967		(407		)	3,903		(153		)	23,870		(560		)
Water and sewer revenues	5,990		(94		)	—		—			5,990		(94		)
Lease revenues	2,234		(22		)	—		—			2,234		(22		)
Sales tax revenues	2,261		(41		)	—		—			2,261		(41		)
Other revenues	19,289		(336		)	—		—			19,289		(336		)
Total temporarily impaired securities	121,088		(2,126		)	28,875		(1,031		)	149,963		(3,157		)
Total	$	121,088	$	(2,126	)	$	28,875	$	(1,031	)	$	149,963	$	(3,157	)

	December 31, 2017
	Less than 12 months					12 months or more					Total
Dollars in thousands	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Temporarily impaired securities
Taxable debt securities
U.S. Government agencies and corporations	$	10,864	$	(91	)	$	2,394	$	(54	)	$	13,258	$	(145	)
Residential mortgage-backed securities:
Government-sponsored agencies	32,156		(269		)	22,584		(634		)	54,740		(903		)
Nongovernment-sponsored entities	5		—			810		(7		)	815		(7		)
State and political subdivisions:
General obligations	6,035		(55		)	—		—			6,035		(55		)
Other revenues	7,532		(62		)	—		—			7,532		(62		)
Corporate debt securities	3,008		(39		)	1,659		(91		)	4,667		(130		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	2,999		(20		)	9,937		(178		)	12,936		(198		)
Water and sewer revenues	282		(3		)	—		—			282		(3		)
Lease revenues	569		(2		)	—		—			569		(2		)
University revenues	1,749		(9		)	—		—			1,749		(9		)
Total temporarily impaired securities	65,199		(550		)	37,384		(964		)	102,583		(1,514		)
Total	$	65,199	$	(550	)	$	37,384	$	(964	)	$	102,583	$	(1,514	)