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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale Investments Reconciliation

The amortized cost and fair values of debt securities at the dates specified are summarized as follows:



	June 30, 2020
(Dollars in thousands)	Amortized cost		Unrealized gains		Unrealized losses		Fair Value
Federal agency obligations⁽¹⁾	$	1,000	$	1	$	—	$	1,001
Residential federal agency MBS⁽¹⁾	178,325		7,828		51		186,102
Commercial federal agency MBS⁽¹⁾	109,233		8,232		—		117,465
Taxable municipal securities	83,989		7,985		45		91,929
Tax-exempt municipal securities	90,537		6,396		—		96,933
Corporate bonds	12,908		882		—		13,790
Certificate of deposits("CDs")⁽²⁾	454		—		—		454
Total debt securities, at fair value	$	476,446	$	31,324	$	96	$	507,674



	December 31, 2019
(Dollars in thousands)	Amortized cost		Unrealized gains		Unrealized losses		Fair Value
Federal agency obligations⁽¹⁾	$	999	$	5	$	—	$	1,004
Residential federal agency MBS⁽¹⁾	190,392		2,599		333		192,658
Commercial federal agency MBS⁽¹⁾	111,182		3,453		—		114,635
Taxable municipal securities	79,095		2,726		134		81,687
Tax-exempt municipal securities	95,342		4,696		—		100,038
Corporate bonds	13,826		485		—		14,311
CDs⁽²⁾	454		1		—		455
Total debt securities, at fair value	$	491,290	$	13,965	$	467	$	504,788

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(1)These categories may include investments issued or guaranteed by government sponsored enterprises such as Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), Federal Farm Credit Bank ("FFCB"), or one of several Federal Home Loan Banks, as well as investments guaranteed by Ginnie Mae ("GNMA"), a wholly-owned government entity.

(2)CDs represent term deposits issued by banks that are subject to FDIC insurance and purchased on the open market.

Schedule of Unrealized Loss on Debt Securities, Available-for-Sale Investments

The following tables summarize debt securities with unrealized losses, due to the fair values having declined below the amortized costs of the individual investments, by the duration of their continuous unrealized loss positions at June 30, 2020 and December 31, 2019:



	June 30, 2020
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of holdings
Residential federal agency MBS	$	5,348	$	51	$	—	$	—	$	5,348	$	51	2
Taxable municipal securities	2,955		45		—		—		2,955		45		2
Total temporarily impaired debt securities	$	8,303	$	96	$	—	$	—	$	8,303	$	96	4



	December 31, 2019
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of holdings
Residential federal agency MBS	$	36,464	$	263	$	5,060	$	70	$	41,524	$	333	11
Taxable municipal securities	16,826		134		—		—		16,826		134		15
Total temporarily impaired debt securities	$	53,290	$	397	$	5,060	$	70	$	58,350	$	467	26

Debt Securities, Available-for-Sale Investments Classified by Contractual Maturity Date

The contractual maturity distribution at June 30, 2020 of debt securities was as follows:



(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	12,108	$	12,204
Due after one, but within five years	86,716		92,700
Due after five, but within ten years	162,614		177,568
Due after ten years	215,008		225,202
Total debt securities	$	476,446	$	507,674

Schedule of Realized Gain (Loss) on Sales of Debt Securities, Available-for-Sale Investments

Sales of debt securities for the three and six months ended June 30, 2020 and June 30, 2019 are summarized as follows:



	Three months ended June 30,				Six months ended June 30,
(Dollars in thousands)	2020		2019		2020		2019
Amortized cost of debt securities sold ⁽¹⁾	$	—	$	9,828	$	2,527	$	11,621
Gross realized gains on sales	—		147		100		149
Gross realized losses on sales	—		—		—		(3		)
Total proceeds from sales of debt securities	$	—	$	9,975	$	2,627	$	11,767

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(1)Amortized cost of investments sold is determined on a specific identification basis and includes pending trades based on trade date, if applicable.

Gain (Loss) on Equity Securities

Gains and losses on equity securities for the three and six months ended June 30, 2020 and June 30, 2019 are summarized as follows:



	Three months ended June 30,					Six months ended June 30,
(Dollars in thousands)	2020			2019		2020			2019
Net gains (losses) recognized during the period on equity securities	$	66		$	77	$	(132	)	$	263
Less: Net losses recognized on equity securities sold during the period	(11		)	—		(11		)	—
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the end of the period	$	77		$	77	$	(121	)	$	263