Securities (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
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| Securities |
|
| Schedule of available-for-sale securities |
The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
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(Dollars in thousands)
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Gross
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Gross
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Estimated
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Cost
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Unrealized
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Unrealized
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Fair
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June 30, 2019
|
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Basis
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Gains
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Losses
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Value
|
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Money market fund
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$
|
5,598
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$
|
—
|
|
$
|
—
|
|
$
|
5,598
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|
U.S. government sponsored entities
|
|
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12,986
|
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|
96
|
|
|
—
|
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13,082
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U.S. treasury securities
|
|
|
599
|
|
|
—
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|
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—
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|
599
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|
Collateralized mortgage obligations and residential mortgage-backed securities
|
|
|
144,079
|
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|
1,368
|
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|
(273)
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145,174
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Municipal securities
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|
88,451
|
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3,819
|
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(28)
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|
|
92,242
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Collateralized debt obligations
|
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3,455
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|
—
|
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(1,408)
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|
|
2,047
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Total securities available-for-sale
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|
$
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255,168
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|
$
|
5,283
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|
$
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(1,709)
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$
|
258,742
|
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|
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(Dollars in thousands)
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Gross
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Gross
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Estimated
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Cost
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Unrealized
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Unrealized
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Fair
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December 31, 2018
|
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Basis
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Gains
|
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Losses
|
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Value
|
|
Money market fund
|
|
$
|
2,480
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|
$
|
—
|
|
$
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—
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|
$
|
2,480
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|
U.S. government sponsored entities
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|
|
7,997
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|
28
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(131)
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|
|
7,894
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U.S. treasury securities
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|
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—
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|
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—
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|
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—
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|
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—
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Collateralized mortgage obligations and residential mortgage-backed securities
|
|
|
137,834
|
|
|
135
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|
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(2,688)
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|
135,281
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|
Municipal securities
|
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|
93,516
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|
1,072
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(524)
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|
94,064
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Collateralized debt obligations
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|
3,481
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|
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—
|
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(1,432)
|
|
|
2,049
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Total securities available-for-sale
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|
$
|
245,308
|
|
$
|
1,235
|
|
$
|
(4,775)
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|
$
|
241,768
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| Schedule of contractual maturities of available-for-sale debt securities |
The estimated fair value of available-for-sale debt securities at June 30, 2019, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
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(Dollars in thousands)
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Available-for-sale
|
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Estimated
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|
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Fair
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Tax- Equivalent
|
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June 30, 2019
|
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Value
|
|
Yield (%)
|
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Due in one year or less
|
|
$
|
9,263
|
|
2.71
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|
Due from one to five years
|
|
|
3,311
|
|
4.91
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|
Due from five to ten years
|
|
|
17,524
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|
3.79
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Due over ten years
|
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|
83,470
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|
4.06
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Collateralized mortgage obligations and residential mortgage-backed securities
|
|
|
145,174
|
|
2.69
|
|
Total
|
|
$
|
258,742
|
|
3.24
|
|
| Schedule of realized gain (loss) |
Sales of available-for-sale securities were as follows for the six months ended:
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(Dollars in thousands)
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June 30,
|
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June 30,
|
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2019
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2018
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|
|
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Proceeds
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$
|
30,281
|
|
$
|
22,545
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|
Gross gains
|
|
|
733
|
|
|
1,004
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Gross losses
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(81)
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|
|
—
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| Schedule of accumulated other comprehensive income (loss) |
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
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(Dollars in thousands)
|
|
|
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Unrealized
|
|
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gain/(loss)
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|
Ending balance, December 31, 2018
|
|
$
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(2,796)
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Current period change
|
|
|
5,626
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|
Ending balance, June 30, 2019
|
|
$
|
2,830
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|
| Schedule of unrealized gain (loss) on investments |
Securities with gross unrealized losses at June 30, 2019 and December 31, 2018 not recognized in income are as follows:
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(Dollars in thousands)
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Less than 12 months
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12 months or longer
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Total
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Estimated
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Estimated
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Estimated
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Fair
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Unrealized
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Fair
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Unrealized
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Fair
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Unrealized
|
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June 30, 2019
|
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Value
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|
Losses
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|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
U.S. government sponsored entities
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
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$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Collateralized mortgage obligations and residential mortgage-backed securities
|
|
|
—
|
|
|
—
|
|
|
34,364
|
|
|
(273)
|
|
|
34,364
|
|
|
(273)
|
|
Municipal securities
|
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|
—
|
|
|
—
|
|
|
607
|
|
|
(28)
|
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|
607
|
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(28)
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Collateralized debt obligations
|
|
|
—
|
|
|
—
|
|
|
2,047
|
|
|
(1,408)
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|
2,047
|
|
|
(1,408)
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|
Total temporarily impaired
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|
$
|
—
|
|
$
|
—
|
|
$
|
37,018
|
|
$
|
(1,709)
|
|
$
|
37,018
|
|
$
|
(1,709)
|
|
Number of securities
|
|
|
|
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|
0
|
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|
|
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|
31
|
|
|
|
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31
|
|
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(Dollars in thousands)
|
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|
|
|
|
|
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|
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Less than 12 months
|
|
12 months or longer
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Total
|
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|
|
Estimated
|
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|
|
|
Estimated
|
|
|
|
|
Estimated
|
|
|
|
|
|
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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
|
|