Annual report pursuant to Section 13 and 15(d)

Securities (Tables)

v3.10.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities [Table Text Block]
The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Gross
 
 
Gross
 
 
Estimated
 
 
 
Cost
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
December 31, 2018
 
Basis
 
 
Gains
 
 
Losses
 
 
Value
 
Money market fund
 
$
2,480
 
 
$
-
 
 
$
-
 
 
$
2,480
 
U.S. government sponsored entities
 
 
7,997
 
 
 
28
 
 
 
(131
)
 
 
7,894
 
Collateralized mortgage obligations and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
residential mortgage-backed securities
 
 
137,834
 
 
 
135
 
 
 
(2,688
)
 
 
135,281
 
Municipal securities
 
 
93,516
 
 
 
1,072
 
 
 
(524
)
 
 
94,064
 
Collateralized debt obligations
 
 
3,481
 
 
 
-
 
 
 
(1,432
)
 
 
2,049
 
Total securities available-for-sale
 
$
245,308
 
 
$
1,235
 
 
$
(4,775
)
 
$
241,768
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Gross
 
 
Gross
 
 
Estimated
 
 
 
Cost
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
December 31, 2017
 
Basis
 
 
Gains
 
 
Losses
 
 
Value
 
Money market fund
 
$
476
 
 
$
-
 
 
$
-
 
 
$
476
 
U.S. government sponsored entities
 
 
3,996
 
 
 
-
 
 
 
(106
)
 
 
3,890
 
Collateralized mortgage obligations and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
residential mortgage-backed securities
 
 
134,224
 
 
 
170
 
 
 
(1,456
)
 
 
132,938
 
Municipal securities
 
 
100,088
 
 
 
3,709
 
 
 
(50
)
 
 
103,747
 
Collateralized debt obligations
 
 
4,835
 
 
 
-
 
 
 
(1,396
)
 
 
3,439
 
Total securities available-for-sale
 
$
243,619
 
 
$
3,879
 
 
$
(3,008
)
 
$
244,490
 
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block]
The estimated fair value of available-for-sale securities and carrying amount, if different, at December 31, 2018 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Tax-equivalent yields were calculated using the 2018 tax rate.
 
 
 
(Dollars in thousands)
 
 
 
Available-for-sale
 
 
 
Estimated
 
 
 
 
 
 
Fair
 
 
Tax-Equivalent
 
December 31, 2018
 
Value
 
 
Yield (%)
 
Due in one year or less
 
$
2,821
 
 
 
5.90
 
Due from one to five years
 
 
7,698
 
 
 
3.37
 
Due from five to ten years
 
 
16,882
 
 
 
4.02
 
Due over ten years
 
 
79,086
 
 
 
4.10
 
Collateralized mortgage obligations and
 
 
 
 
 
 
 
 
residential mortgage-backed securities
 
 
135,281
 
 
 
2.78
 
Total
 
$
241,768
 
 
 
3.35
 
Schedule of Realized Gain (Loss) [Table Text Block]
Sales of available-for-sale securities were as follows:
 
 
(Dollars in thousands)
 
 
 
December 31,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
 
 
 
 
 
Proceeds
 
$
34,545
 
 
$
56,347
 
Gross gains
 
 
1,216
 
 
 
972
 
Gross losses
 
 
(16
)
 
 
(112
)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
 
 
(Dollars in thousands)
 
 
 
Unrealized gain/(loss)
 
Ending balance, December 31, 2017
 
$
684
 
Current period change
 
 
(3,480
)
Ending balance, December 31, 2018
 
$
(2,796
)
Unrealized Gain (Loss) on Investments [Table Text Block]
Securities with unrealized losses at December 31, 2018 and 2017 not recognized in income are as follows:
 
 
 
(Dollars in thousands)
 
 
 
Less than 12 months
 
 
12 months or longer
 
 
Total
 
 
 
Estimated
 
 
 
 
 
Estimated
 
 
 
 
 
Estimated
 
 
 
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
December 31, 2018
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
U.S. government sponsored entities
 
$
-
 
 
$
-
 
 
$
3,866
 
 
$
(131
)
 
$
3,866
 
 
$
(131
)
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
28,388
 
 
 
(304
)
 
 
89,234
 
 
 
(2,384
)
 
 
117,622
 
 
 
(2,688
)
Municipal securities
 
 
22,678
 
 
 
(367
)
 
 
3,495
 
 
 
(157
)
 
 
26,173
 
 
 
(524
)
Collateralized debt obligations
 
 
-
 
 
 
-
 
 
 
2,049
 
 
 
(1,432
)
 
 
2,049
 
 
 
(1,432
)
Total temporarily impaired
 
$
51,066
 
 
$
(671
)
 
$
98,644
 
 
$
(4,104
)
 
$
149,710
 
 
$
(4,775
)
Number of securities
 
 
 
 
 
 
52
 
 
 
 
 
 
 
75
 
 
 
 
 
 
 
127
 
 
 
 
(Dollars in thousands)
 
 
 
Less than 12 months
 
 
12 months or longer
 
 
Total
 
 
 
Estimated
 
 
 
 
 
Estimated
 
 
 
 
 
Estimated
 
 
 
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
December 31, 2017
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
U.S. government sponsored entities
 
$
-
 
 
$
-
 
 
$
3,890
 
 
$
(106
)
 
$
3,890
 
 
$
(106
)
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
66,917
 
 
 
(511
)
 
 
37,003
 
 
 
(945
)
 
 
103,920
 
 
 
(1,456
)
Municipal securities
 
 
1,790
 
 
 
(3
)
 
 
1,815
 
 
 
(47
)
 
 
3,605
 
 
 
(50
)
Collateralized debt obligations
 
 
-
 
 
 
-
 
 
 
3,439
 
 
 
(1,396
)
 
 
3,439
 
 
 
(1,396
)
Total temporarily impaired
 
$
68,707
 
 
$
(514
)
 
$
46,147
 
 
$
(2,494
)
 
$
114,854
 
 
$
(3,008
)
Number of securities
 
 
 
 
 
 
40
 
 
 
 
 
 
 
37
 
 
 
 
 
 
 
77