Securities (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] |
|
Summary of Securities Available-for-Sale and Restricted Stock |
Securities consist of the following at March 31, 2018 and
December 31, 2017:
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(Dollars in thousands) |
|
Amortized
cost |
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|
Gross
unrealized
gains |
|
|
Gross
unrealized
losses |
|
|
Fair value |
|
March 31, 2018
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Available-for-sale
|
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|
|
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|
|
|
|
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|
U.S. Treasury security
|
|
$ |
999 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
998 |
|
U.S. Government agencies
|
|
|
8,350 |
|
|
|
— |
|
|
|
222 |
|
|
|
8,128 |
|
Mortgage-backed securities of government agencies
|
|
|
48,080 |
|
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|
34 |
|
|
|
1,103 |
|
|
|
47,011 |
|
Asset-backed securities of government agencies
|
|
|
1,139 |
|
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|
— |
|
|
|
4 |
|
|
|
1,135 |
|
State and political subdivisions
|
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|
26,969 |
|
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|
54 |
|
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|
359 |
|
|
|
26,664 |
|
Corporate bonds
|
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|
10,515 |
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|
3 |
|
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|
256 |
|
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|
10,262 |
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Total available-for-sale
|
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|
96,052 |
|
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|
91 |
|
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|
1,945 |
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|
94,198 |
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Held-to-maturity
|
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|
|
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|
U.S. Government agencies
|
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|
9,478 |
|
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|
8 |
|
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|
385 |
|
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|
9,101 |
|
Mortgage-backed securities of government agencies
|
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|
13,010 |
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|
21 |
|
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|
261 |
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|
12,770 |
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|
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Total held-to-maturity
|
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|
22,488 |
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|
29 |
|
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|
646 |
|
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|
21,871 |
|
Equity securities
|
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|
53 |
|
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|
41 |
|
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|
— |
|
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|
94 |
|
Restricted stock
|
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|
4,614 |
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|
— |
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|
— |
|
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|
4,614 |
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Total securities
|
|
$ |
123,207 |
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|
$ |
161 |
|
|
$ |
2,591 |
|
|
$ |
120,777 |
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December 31, 2017
|
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Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury security
|
|
$ |
999 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
998 |
|
U.S. Government agencies
|
|
|
8,350 |
|
|
|
— |
|
|
|
121 |
|
|
|
8,229 |
|
Mortgage-backed securities of government agencies
|
|
|
50,136 |
|
|
|
146 |
|
|
|
581 |
|
|
|
49,701 |
|
Asset-backed securities of government agencies
|
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|
1,168 |
|
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|
1 |
|
|
|
— |
|
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|
1,169 |
|
State and political subdivisions
|
|
|
27,020 |
|
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|
224 |
|
|
|
103 |
|
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|
27,141 |
|
Corporate bonds
|
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|
10,532 |
|
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|
35 |
|
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|
142 |
|
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|
10,425 |
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Total available-for-sale
|
|
|
98,205 |
|
|
|
406 |
|
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|
948 |
|
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|
97,663 |
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. Government agencies
|
|
|
9,477 |
|
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|
16 |
|
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|
228 |
|
|
|
9,265 |
|
Mortgage-backed securities of government agencies
|
|
|
11,581 |
|
|
|
95 |
|
|
|
145 |
|
|
|
11,531 |
|
State and political subdivisions
|
|
|
4,700 |
|
|
|
— |
|
|
|
5 |
|
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|
4,695 |
|
|
|
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|
|
|
|
|
|
|
|
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|
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|
Total held-to-maturity
|
|
|
25,758 |
|
|
|
111 |
|
|
|
378 |
|
|
|
25,491 |
|
Equity securities
|
|
|
53 |
|
|
|
36 |
|
|
|
— |
|
|
|
89 |
|
Restricted stock
|
|
|
4,614 |
|
|
|
— |
|
|
|
— |
|
|
|
4,614 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total securities
|
|
$ |
128,630 |
|
|
$ |
553 |
|
|
$ |
1,326 |
|
|
$ |
127,857 |
|
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|
Summary of Amortized Cost and Fair Value of Debt Securities |
The amortized cost and fair value of debt securities at
March 31, 2018, by contractual maturity, are shown below.
Actual maturities may differ from contractual maturities because
borrowers may have the right to call or prepay obligations with or
without call or prepayment penalties.
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(Dollars in thousands)
|
|
Amortized
cost |
|
|
Fair value |
|
Available-for-sale
|
|
|
|
|
|
|
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|
Due in one year or less
|
|
$ |
5,067 |
|
|
$ |
5,060 |
|
Due after one through five years
|
|
|
17,212 |
|
|
|
17,040 |
|
Due after five through ten years
|
|
|
29,162 |
|
|
|
28,586 |
|
Due after ten years
|
|
|
44,611 |
|
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|
43,512 |
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|
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|
Total debt securities available-for-sale
|
|
$ |
96,052 |
|
|
$ |
94,198 |
|
|
|
|
|
|
|
|
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|
Held-to-maturity
|
|
|
|
|
|
|
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|
Due in one year or less
|
|
$ |
— |
|
|
$ |
— |
|
Due after one through five years
|
|
|
480 |
|
|
|
488 |
|
Due after five through ten years
|
|
|
3,000 |
|
|
|
2,831 |
|
Due after ten years
|
|
|
19,008 |
|
|
|
18,552 |
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|
|
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|
|
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Total debt securities held-to-maturity
|
|
$ |
22,488 |
|
|
$ |
21,871 |
|
|
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|
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|
Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities |
The following table presents gross unrealized losses and fair value
of securities, aggregated by investment category and length of time
that individual securities have been in a continuous unrealized
loss position, at March 31, 2018 and December 31,
2017:
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Securities in a continuous
unrealized loss position |
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Less than 12
months |
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12 months or more |
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Total |
|
(Dollars in thousands)
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
|
Gross
unrealized
losses |
|
|
Fair
value |
|
March 31, 2018
|
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Available-for-sale
|
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|
|
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|
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|
U.S. Treasury security
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
998 |
|
|
$ |
1 |
|
|
$ |
998 |
|
U.S. Government agencies
|
|
|
104 |
|
|
|
3,746 |
|
|
|
118 |
|
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|
4,382 |
|
|
|
222 |
|
|
|
8,128 |
|
Mortgage-backed securities of government agencies
|
|
|
421 |
|
|
|
27,764 |
|
|
|
682 |
|
|
|
16,723 |
|
|
|
1,103 |
|
|
|
44,487 |
|
Asset-backed securities of government agencies
|
|
|
4 |
|
|
|
1,135 |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
1,135 |
|
State and political subdivisions
|
|
|
182 |
|
|
|
14,099 |
|
|
|
177 |
|
|
|
3,645 |
|
|
|
359 |
|
|
|
17,744 |
|
Corporate bonds
|
|
|
54 |
|
|
|
6,986 |
|
|
|
202 |
|
|
|
2,298 |
|
|
|
256 |
|
|
|
9,284 |
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
|
38 |
|
|
|
1,962 |
|
|
|
347 |
|
|
|
6,651 |
|
|
|
385 |
|
|
|
8,613 |
|
Mortgage-backed securities of government agencies
|
|
|
82 |
|
|
|
6,940 |
|
|
|
179 |
|
|
|
2,942 |
|
|
|
261 |
|
|
|
9,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total temporarily impaired securities
|
|
$ |
885 |
|
|
$ |
62,632 |
|
|
$ |
1,706 |
|
|
$ |
37,639 |
|
|
$ |
2,591 |
|
|
$ |
100,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. Treasury security
|
|
$ |
1 |
|
|
$ |
998 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
998 |
|
U.S. Government agencies
|
|
|
46 |
|
|
|
3,804 |
|
|
|
75 |
|
|
|
4,425 |
|
|
|
121 |
|
|
|
8,229 |
|
Mortgage-backed securities of government agencies
|
|
|
145 |
|
|
|
16,872 |
|
|
|
436 |
|
|
|
17,259 |
|
|
|
581 |
|
|
|
34,131 |
|
State and political subdivisions
|
|
|
26 |
|
|
|
4,400 |
|
|
|
77 |
|
|
|
3,752 |
|
|
|
103 |
|
|
|
8,152 |
|
Corporate bonds
|
|
|
2 |
|
|
|
2,912 |
|
|
|
140 |
|
|
|
2,360 |
|
|
|
142 |
|
|
|
5,272 |
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies
|
|
|
15 |
|
|
|
1,985 |
|
|
|
213 |
|
|
|
6,785 |
|
|
|
228 |
|
|
|
8,770 |
|
Mortgage-backed securities of government agencies
|
|
|
18 |
|
|
|
1,818 |
|
|
|
127 |
|
|
|
3,116 |
|
|
|
145 |
|
|
|
4,934 |
|
State and political subdivisions
|
|
|
5 |
|
|
|
4,695 |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
4,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired securities
|
|
$ |
258 |
|
|
$ |
37,484 |
|
|
$ |
1,068 |
|
|
$ |
37,697 |
|
|
$ |
1,326 |
|
|
$ |
75,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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