Securities (Tables)

3 Months Ended

Mar. 31, 2019

Debt Securities, Available-for-sale [Abstract]

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at March 31, 2019 and December 31, 2018 are summarized as follows:



	March 31, 2019
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	25,185	$	213	$	352	$	25,046
Residential mortgage-backed securities:
Government-sponsored agencies	82,661		674		877		82,458
Nongovernment-sponsored entities	7,818		4		93		7,729
State and political subdivisions
General obligations	7,071		13		27		7,057
Other revenues	13,450		70		30		13,490
Corporate debt securities	15,740		10		300		15,450
Asset-backed securities	34,194		—		360		33,834
Total taxable debt securities	186,119		984		2,039		185,064
Tax-exempt debt securities
State and political subdivisions
General obligations	57,027		1,921		23		58,925
Water and sewer revenues	15,776		435		5		16,206
Lease revenues	11,545		419		—		11,964
Other revenues	24,518		474		25		24,967
Total tax-exempt debt securities	108,866		3,249		53		112,062
Total securities available for sale	$	294,985	$	4,233	$	2,092	$	297,126



	December 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	$	26,303	$	203	$	366	$	26,140
Residential mortgage-backed securities:
Government-sponsored agencies	80,883		603		1,177		80,309
Nongovernment-sponsored entities	611		4		1		614
State and political subdivisions
General obligations	6,081		—		126		5,955
Other revenues	13,457		17		186		13,288
Corporate debt securities	14,807		9		304		14,512
Asset-backed securities	25,288		10		123		25,175
Total taxable debt securities	167,430		846		2,283		165,993
Tax-exempt debt securities
State and political subdivisions
General obligations	65,626		624		344		65,906
Water and sewer revenues	20,018		225		98		20,145
Lease revenues	10,980		135		7		11,108
Other revenues	30,197		77		279		29,995
Total tax-exempt debt securities	126,821		1,061		728		127,154
Total securities available for sale	$	294,251	$	1,907	$	3,011	$	293,147

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, 2019
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value


California	$	20,546	$	823	$	6	$	21,363
Michigan	14,287		375		12		14,650
Texas	12,137		379		10		12,506
Illinois	12,226		263		9		12,480
West Virginia	10,882		172		25		11,029

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at March 31, 2019, are summarized as follows:



Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	36,384	$	36,351
Due from one to five years	81,630		81,384
Due from five to ten years	57,935		57,352
Due after ten years	119,036		122,039
	$	294,985	$	297,126

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities of securities available for sale, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the three months ended March 31, 2019 and 2018 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,
2019
	Securities available for sale	$	79,776	$	1,100	$	4,684	$	105	$	108

2018
	Securities available for sale	$	39,267	$	55	$	6,690	$	1,474	$	742

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, 2019 and December 31, 2018.



	March 31, 2019
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	15	$	1,925	$	30	$	16,576	$	322	$	18,501	$	352
Residential mortgage-backed securities:
Government-sponsored agencies	32	17,412		230		26,153		647		43,565		877
Nongovernment-sponsored entities	3	5,804		92		327		1		6,131		93
State and political subdivisions:
General obligations	8	—		—		5,319		27		5,319		27
Other revenues	8	—		—		5,879		30		5,879		30
Corporate debt securities	7	3,692		90		2,540		210		6,232		300
Asset-backed securities	14	32,767		360		—		—		32,767		360
Tax-exempt debt securities
State and political subdivisions:
General obligations	4	—		—		3,023		23		3,023		23
Water and sewer revenues	1	—		—		1,163		5		1,163		5
Other revenues	1	—		—		1,013		25		1,013		25
Total	93	61,600		802		61,993		1,290		123,593		2,092



	December 31, 2018
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	15	$	12,185	$	184	$	7,464	$	182	$	19,649	$	366
Residential mortgage-backed securities:
Government-sponsored agencies	37	23,277		241		24,472		936		47,749		1,177
Nongovernment-sponsored entities	1	—		—		436		1		436		1
State and political subdivisions:
General obligations	8	—		—		5,222		126		5,222		126
Other revenues	11	968		16		9,450		170		10,418		186
Corporate debt securities	7	2,759		109		4,587		195		7,346		304
Asset-backed securities	9	20,129		123		—		—		20,129		123
Tax-exempt debt securities
State and political subdivisions:
General obligations	25	7,273		50		16,830		294		24,103		344
Water and sewer revenues	7	989		6		4,311		92		5,300		98
Lease revenues	2	553		—		557		7		1,110		7
Other revenues	12	7,309		62		11,531		217		18,840		279
Total	134	75,442		791		84,860		2,220		160,302		3,011