Securities Available-for-Sale (Tables)

3 Months Ended

Mar. 31, 2020

Text Block [Abstract]

Summary of Securities Available-for-Sale

	March 31, 2020								December 31, 2019
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
	(in thousands)
SBA Backed Securities	$	50,722	$	25	$	132	$	50,615	$	54,331	$	23	$	143	$	54,211
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		208,596		157		2,538		206,215		184,580		139		532		184,187
Privately Issued Residential Mortgage-Backed Securities		378		—		44		334		397		1		2		396
Obligations Issued by States and Political Subdivisions		17,224		—		—		17,224		18,016		60		—		18,076
Other Debt Securities		3,600		42		11		3,631		3,600		51		19		3,632
Total	$	280,520	$	224	$	2,725	$	278,019	$	260,924	$	274	$	696	$	260,502

Estimated Maturity Distribution of Securities Available-for-Sale

The following table shows the maturity distribution of the Company’s securities available-for-sale at March 31, 2020.

	Amortized		Fair
	Cost		Value
	(in thousands)
Within one year	$	18,618	$	18,568
After one but within five years		149,846		148,675
After five but within ten years		107,266		105,995
More than 10 years		4,790		4,781
Total	$	280,520	$	278,019

Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at March 31, 2020. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for less than 12 months and a continuous loss position for 12 months or longer. There are 56 and 25 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 124 holdings at March 31, 2020.

	March 31, 2020
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Temporarily Impaired Investments	Value		Losses		Value		Losses		Value		Losses
					(in thousands)
SBA Backed Securities	$	12,806	$	25	$	20,687	$	107	$	33,493	$	132
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		131,960		1,846		43,274		692		175,234		2,538
Privately Issued Residential Mortgage-Backed Securities		334		44		—		—		334		44
Obligations Issued by States and Political Subdivisions										—		—
Other Debt Securities		800		—		489		11		1,289		11
Total temporarily impaired securities	$	145,900	$	1,915	$	64,450	$	810	$	210,350	$	2,725

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2019. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for less than 12 months and a continuous loss position for 12 months or longer. There are 45 and 18 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 122 holdings at December 31, 2019.

	December 31, 2019
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Temporarily Impaired Investments	Value		Losses		Value		Losses		Value		Losses
					(in thousands)
SBA Backed Securities	$	14,560	$	30	$	22,092	$	113	$	36,652	$	143
U.S. Government Agency and Sponsored Enterprise Mortgage- Backed Securities		108,806		379		29,178		153		137,984		532
Privately Issued Residential Mortgage-Backed Securities		252		2		—		—		252		2
Obligations Issued by States and Political Subdivisions		—		—		—		—		—		—
Other Debt Securities		800		1		481		18		1,281		19
Total temporarily impaired securities	$	124,418	$	412	$	51,751	$	284	$	176,169	$	696