XML 24 R32.htm IDEA: XBRL DOCUMENT v3.20.1
INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and fair value of securities available-for-sale

The amortized cost and fair value of available for sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrealized

​

Fair

​

    

Cost

    

Gains

    

Losses

    

Value

December 31, 2019

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

48,540

​

$

455

​

$

(16)

​

$

48,979

Obligations of states and political subdivisions

​

 

17,041

​

 

541

​

 

—

​

 

17,582

Corporate securities

​

 

2,004

​

 

8

​

 

—

​

 

2,012

Trust preferred securities

​

 

2,530

​

 

283

​

 

(245)

​

 

2,568

Residential government-sponsored collateralized mortgage obligations

​

 

36,511

​

 

217

​

 

(39)

​

 

36,689

Government-sponsored agency securities

​

 

14,823

​

 

47

​

 

(48)

​

 

14,822

Agency commercial mortgage-backed securities

​

 

27,557

​

 

192

​

 

(18)

​

 

27,731

SBA pool securities

​

 

14,622

​

 

11

​

 

(196)

​

 

14,437

Total

​

$

163,628

​

$

1,754

​

$

(562)

​

$

164,820

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrealized

​

Fair

​

    

Cost

    

Gains

    

Losses

    

Value

December 31, 2018

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

27,945

​

$

—

​

$

(643)

​

$

27,302

Obligations of states and political subdivisions

​

​

18,305

​

​

30

​

​

(280)

​

​

18,055

Corporate securities

​

​

2,008

​

​

1

​

​

(1)

​

​

2,008

Trust preferred securities

​

​

2,589

​

​

356

​

​

(304)

​

​

2,641

Residential government-sponsored collateralized mortgage obligations

​

​

44,095

​

​

3

​

​

(1,041)

​

​

43,057

Government-sponsored agency securities

​

​

3,247

​

​

—

​

​

(122)

​

​

3,125

Agency commercial mortgage-backed securities

​

​

28,069

​

​

—

​

​

(765)

​

​

27,304

SBA pool securities

​

​

20,183

​

​

10

​

​

(308)

​

​

19,885

Total

​

$

146,441

​

$

400

​

$

(3,464)

​

$

143,377

​

Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities

The amortized cost, unrecognized gains and losses, and fair value of investment securities held to maturity were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrecognized

​

Fair

​

    

Cost

    

Gains

    

Losses

    

Value

December 31, 2019

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

22,925

​

$

62

​

$

(52)

​

$

22,935

Obligations of states and political subdivisions

​

 

15,071

 

​

165

 

​

(1)

​

 

15,235

Trust preferred securities

​

 

1,938

 

​

99

 

​

(2)

​

 

2,035

Residential government-sponsored collateralized mortgage obligations

​

 

3,128

 

​

10

 

​

(9)

​

 

3,129

Government-sponsored agency securities

​

 

29,386

 

​

108

 

​

(162)

​

 

29,332

Total

​

$

72,448

​

$

444

​

$

(226)

​

$

72,666

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Gross Unrecognized

​

Fair

​

    

Cost

    

Gains

    

Losses

    

Value

December 31, 2018

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

9,699

​

$

4

​

$

(230)

​

$

9,473

Obligations of states and political subdivisions

 

​

21,496

 

​

85

 

​

(147)

​

 

21,434

Trust preferred securities

 

​

2,610

 

​

150

 

​

(1)

​

 

2,759

Residential government-sponsored collateralized mortgage obligations

 

​

6,001

 

​

—

 

​

(91)

​

 

5,910

Government-sponsored agency securities

 

​

52,656

 

​

—

 

​

(3,123)

​

 

49,533

Total

​

$

92,462

​

$

239

​

$

(3,592)

​

$

89,109

​

Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for Sale

​

Held to Maturity

​

    

Amortized

    

​

​

    

Amortized

    

​

​

​

​

Cost

​

Fair Value

​

Cost

​

Fair Value

Due in one to five years

​

$

2,327

​

$

2,358

​

$

2,731

​

$

2,804

Due in five to ten years

​

 

12,402

​

 

12,547

​

 

12,241

​

 

12,274

Due after ten years

​

 

21,669

​

 

22,079

​

 

31,423

​

 

31,524

Residential government-sponsored mortgage-backed securities

​

 

48,540

​

 

48,979

​

 

22,925

​

 

22,935

Residential government-sponsored collateralized mortgage obligations

​

 

36,511

​

 

36,689

​

 

3,128

​

 

3,129

Agency commercial mortgage-backed securities

​

 

27,557

​

 

27,731

​

 

—

​

 

—

SBA pool securities

​

 

14,622

​

 

14,437

​

 

—

​

 

—

Total

​

$

163,628

​

$

164,820

​

$

72,448

​

$

72,666

Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position

​

The following tables present information regarding investment securities in a continuous unrealized loss position as of December 31, 2019 and 2018 by duration of time in a loss position (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

Less than 12 months

​

12 Months or More

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

Available for Sale

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

2,686

​

$

(7)

​

$

1,758

​

$

(9)

​

$

4,444

​

$

(16)

Trust preferred securities

​

 

—

​

 

—

​

 

795

​

 

(245)

​

 

795

​

 

(245)

Residential government-sponsored collateralized mortgage obligations

​

 

4,253

​

 

(25)

​

 

3,133

​

 

(14)

​

 

7,386

​

 

(39)

Government-sponsored agency securities

​

 

4,924

​

 

(48)

​

 

—

​

 

—

​

 

4,924

​

 

(48)

Agency commercial mortgage-backed securities

​

 

2,833

​

 

(6)

​

 

3,126

​

 

(12)

​

 

5,959

​

 

(18)

SBA pool securities

​

 

1,148

​

 

(2)

​

 

9,420

​

 

(194)

​

 

10,568

​

 

(196)

Total

​

$

15,844

​

$

(88)

​

$

18,232

​

$

(474)

​

$

34,076

​

$

(562)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

Less than 12 months

​

12 Months or More

​

Total

​

    

Fair

    

Unrecognized

    

Fair

    

Unrecognized

    

Fair

    

Unrecognized

Held to Maturity

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

14,978

​

$

(41)

​

$

1,402

​

$

(11)

​

$

16,380

​

$

(52)

Obligations of states and political subdivisions

​

 

2,011

​

 

(1)

​

 

—

​

 

—

​

 

2,011

​

 

(1)

Trust preferred securities

​

 

—

​

 

—

​

 

53

​

 

(2)

​

 

53

​

 

(2)

Residential government-sponsored collateralized mortgage obligations

​

 

1,162

​

 

(3)

​

 

571

​

 

(6)

​

 

1,733

​

 

(9)

Government-sponsored agency securities

​

 

—

​

 

—

​

 

20,833

​

 

(162)

​

 

20,833

​

 

(162)

Total

​

$

18,151

​

$

(45)

​

$

22,859

​

$

(181)

​

$

41,010

​

$

(226)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2018

​

Less than 12 months

​

12 Months or More

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

Available for Sale

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

393

​

$

(5)

​

$

26,910

​

$

(638)

​

$

27,303

​

$

(643)

Obligations of states and political subdivisions

​

​

2,220

​

 

(78)

​

 

13,385

​

 

(202)

​

 

15,605

​

 

(280)

Corporate securities

​

​

1,008

​

​

(1)

​

​

—

​

​

—

​

​

1,008

​

​

(1)

Trust preferred securities

​

 

—

​

 

—

​

 

795

​

 

(304)

​

 

795

​

 

(304)

Residential government-sponsored collateralized mortgage obligations

​

​

—

​

 

—

​

 

42,598

​

 

(1,041)

​

 

42,598

​

 

(1,041)

Government-sponsored agency securities

​

​

—

​

 

—

​

 

3,125

​

 

(122)

​

 

3,125

​

 

(122)

Agency commercial mortgage-backed securities

​

​

—

​

 

—

​

 

27,304

​

 

(765)

​

 

27,304

​

 

(765)

SBA pool securities

​

​

6,009

​

 

(70)

​

 

10,546

​

 

(238)

​

 

16,555

​

 

(308)

Total

​

$

9,630

​

$

(154)

​

$

124,663

​

$

(3,310)

​

$

134,293

​

$

(3,464)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2018

​

Less than 12 months

​

12 Months or More

​

Total

​

    

Fair

    

Unrecognized

    

Fair

    

Unrecognized

    

Fair

    

Unrecognized

Held to Maturity

​

value

​

Losses

​

value

​

Losses

​

value

​

Losses

Residential government-sponsored mortgage-backed securities

​

$

—

​

$

—

​

$

8,935

​

$

(230)

​

$

8,935

​

$

(230)

Obligations of states and political subdivisions

​

 

3,273

​

 

(10)

​

 

7,187

​

 

(137)

​

 

10,460

​

 

(147)

Trust preferred securities

​

 

—

​

 

—

​

 

60

​

 

(1)

​

 

60

​

 

(1)

Residential government-sponsored collateralized mortgage obligations

​

 

—

​

 

—

​

 

5,910

​

 

(91)

​

 

5,910

​

 

(91)

Government-sponsored agency securities

​

 

—

​

 

—

​

 

49,532

​

 

(3,123)

​

 

49,532

​

 

(3,123)

Total

​

$

3,273

​

$

(10)

​

$

71,624

​

$

(3,582)

​

$

74,897

​

$

(3,592)

​

Schedule of owned pooled trust preferred securities

As of December 31, 2019, we owned pooled trust preferred investment securities as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% of

​

Previously

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

Recognized

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Defaults and

​

Cumulative

​

​

​

​

Ratings When

​

​

​

​

​

​

​

Estimated

​

Deferrals to

​

Other

​

​

Tranche

​

Purchased

​

Current Ratings

​

Par

​

Book

​

Fair

​

Total

​

Comprehensive

Security

    

Level

    

Moody's

    

Fitch

    

Moody's

    

Fitch

    

Value

    

Value

    

Value

    

Collateral

    

Loss (1)

Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ALESCO VII A1B

 

Senior

 

Aaa

 

AAA

 

Aa1

 

AA

​

$

2,019

​

$

1,882

​

$

1,982

 

17

%  

$

219

MMCF III B

 

Senior Sub

 

A3

 

A-

 

Ba1

 

WD

​

 

57

​

 

56

​

 

53

 

45

%  

 

4

​

 

  

 

  

 

  

 

  

 

  

​

$

2,076

​

$

1,938

​

$

2,035

 

  

​

$

223

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for Sale

 

  

 

  

 

  

 

  

 

  

​

 

  

​

 

  

​

 

  

 

  

​

Cumulative OTTI

Other Than

 

  

 

  

 

  

 

  

 

  

​

 

  

​

 

  

​

 

  

 

  

​

Related to

Temporarily Impaired:

 

  

 

  

 

  

 

  

 

  

​

 

  

​

 

  

​

 

  

 

  

​

Credit Loss (2)

TPREF FUNDING II

 

Mezzanine

 

A1

 

A-

 

Caa3

 

WD

​

$

1,500

​

$

1,040

​

$

795

 

32

%  

$

400

ALESCO V C1

 

Mezzanine

 

A2

 

A

 

Caa1

 

C

​

 

2,150

​

​

1,490

​

​

1,773

 

15

%  

 

660

​

 

  

 

  

 

  

 

  

 

  

​

$

3,650

​

$

2,530

​

$

2,568

 

  

​

$

1,060

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

 

  

 

  

 

  

 

  

 

  

​

$

5,726

​

$

4,468

​

$

4,603

 

  

​

 

  

(1)Pre-tax, and represents unrealized losses at date of transfer from available for sale to held to maturity, net of accretion
(2)Pre-tax
Schedule of changes in accumulated other comprehensive income by component

Changes in accumulated other comprehensive (loss) by component for the years ended December 31, 2019, 2018 and 2017 are shown in the table below. All amounts are net of tax (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized Holding

​

​

​

​

​

​

​

​

Gains (Losses) on

​

Held to Maturity

​

​

​

For the year ended December 31, 2019

    

Available for Sale

    

Securities

    

Total

Beginning balance

​

$

(2,419)

​

$

(170)

​

$

(2,589)

Current period other comprehensive income

​

 

3,362

​

 

10

​

 

3,372

Ending balance

​

$

943

​

$

(160)

​

$

783

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized Holding

​

​

​

​

​

​

​

​

Losses on

​

Held to Maturity

​

​

​

For the year ended December 31, 2018

​

Available for Sale

​

Securities

​

Total

Beginning balance

​

$

(999)

​

$

(153)

​

$

(1,152)

Amounts reclassified from accumulated other comprehensive loss due to the adoption of ASU 2018-02

​

 

(199)

​

 

(30)

​

 

(229)

Subtotal

​

​

(1,198)

​

​

(183)

​

​

(1,381)

Current period other comprehensive (loss) income

​

 

(1,221)

​

 

13

​

 

(1,208)

Ending balance

​

$

(2,419)

​

$

(170)

​

$

(2,589)

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized Holding

​

​

​

​

​

​

​

​

Losses on

​

Held to Maturity

​

​

​

For the year ended December 31, 2017

​

Available for Sale

​

Securities

​

Total

Beginning balance

​

$

(627)

​

$

(162)

​

$

(789)

Other comprehensive loss before reclassifications

​

 

(372)

​

 

(246)

​

 

(618)

Amounts reclassified from accumulated other comprehensive loss

​

 

—

​

 

255

​

 

255

Net current period other comprehensive income (loss)

​

​

(372)

​

​

9

​

​

(363)

Ending balance

​

$

(999)

​

$

(153)

​

$

(1,152)