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Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Securities  
Summary of the amortized cost and estimated fair value of securities with gross unrealized gains and losses

The following tables present the amortized cost and estimated fair value of securities with gross unrealized gains and losses at December 31, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

    

Cost

    

Gains

    

Losses

    

Fair Value

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Securities

 

$

4,990

 

$

 8

 

$

 —

 

$

4,998

Municipal Bonds

 

 

99,441

 

 

6,338

 

 

(36)

 

 

105,743

Mortgage-Backed Securities

 

 

64,312

 

 

697

 

 

(281)

 

 

64,728

Corporate Securities

 

 

49,674

 

 

633

 

 

(131)

 

 

50,176

SBA Securities

 

 

50,126

 

 

35

 

 

(602)

 

 

49,559

Asset-Backed Securities

 

 

14,673

 

 

 —

 

 

 —

 

 

14,673

Total Securities Available for Sale

 

$

283,216

 

$

7,711

 

$

(1,050)

 

$

289,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

    

Cost

    

Gains

    

Losses

    

Fair Value

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Securities

 

$

17,862

 

$

54

 

$

(19)

 

$

17,897

Municipal Bonds

 

 

117,991

 

 

1,257

 

 

(1,115)

 

 

118,133

Mortgage-Backed Securities

 

 

48,816

 

 

52

 

 

(1,692)

 

 

47,176

Corporate Securities

 

 

21,170

 

 

72

 

 

(124)

 

 

21,118

SBA Securities

 

 

49,876

 

 

13

 

 

(835)

 

 

49,054

Total Securities Available for Sale

 

$

255,715

 

$

1,448

 

$

(3,785)

 

$

253,378

 

Summary of fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following table presents the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

12 Months or Greater

 

Total

 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

December 31, 2019

 

 

 

 

 

 

 

 

Municipal Bonds

 

$

2,760

 

$

(23)

 

$

1,390

 

$

(13)

 

$

4,150

 

$

(36)

Mortgage-Backed Securities

 

 

32,276

 

 

(242)

 

 

3,098

 

 

(39)

 

 

35,374

 

 

(281)

Corporate Securities

 

 

8,350

 

 

(131)

 

 

 —

 

 

 —

 

 

8,350

 

 

(131)

SBA Securities

 

 

11,907

 

 

(64)

 

 

31,036

 

 

(538)

 

 

42,943

 

 

(602)

Total Securities Available for Sale

 

$

55,293

 

$

(460)

 

$

35,524

 

$

(590)

 

$

90,817

 

$

(1,050)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

12 Months or Greater

 

Total

 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

December 31, 2018

 

 

 

 

 

 

 

 

U.S. Treasury Securities

 

$

14,866

 

$

(19)

 

$

 —

 

$

 —

 

$

14,866

 

$

(19)

Municipal Bonds

 

 

15,405

 

 

(199)

 

 

34,172

 

 

(916)

 

 

49,577

 

 

(1,115)

Mortgage-Backed Securities

 

 

1,751

 

 

(21)

 

 

41,776

 

 

(1,671)

 

 

43,527

 

 

(1,692)

Corporate Securities

 

 

9,063

 

 

(74)

 

 

1,996

 

 

(50)

 

 

11,059

 

 

(124)

SBA Securities

 

 

28,186

 

 

(366)

 

 

15,878

 

 

(469)

 

 

44,064

 

 

(835)

Total Securities Available for Sale

 

$

69,271

 

$

(679)

 

$

93,822

 

$

(3,106)

 

$

163,093

 

$

(3,785)

 

Schedule of contractual maturities of debt

The following presents a summary of amortized cost and estimated fair value of debt securities by the lesser of expected call date or contractual maturity as of December 31, 2019. Call date is used when a call of the debt security is expected, determined by the Company when the security has a market value above its amortized cost. Contractual maturities will differ from expected maturities for mortgage-backed, SBA securities and asset-backed securities because borrowers may have the right to call or prepay obligations without penalties.

 

 

 

 

 

 

 

December 31, 2019

    

Amortized Cost

    

Fair Value

Due in One Year or Less

 

$

15,128

 

$

15,201

Due After One Year Through Five Years

 

 

65,790

 

 

67,216

Due After Five Years Through 10 Years

 

 

62,287

 

 

65,816

Due After 10 Years

 

 

10,900

 

 

12,684

Subtotal

 

 

154,105

 

 

160,917

Mortgage-Backed Securities

 

 

64,312

 

 

64,728

SBA Securities

 

 

50,126

 

 

49,559

Asset-Backed Securities

 

 

14,673

 

 

14,673

Totals

 

$

283,216

 

$

289,877

 

Summary of the proceeds from sales of securities available for sale, as well as gross gains and losses

The following presents a summary of the proceeds from sales of securities available for sale, as well as gross gains and losses, for the years ended December 31, 2019, 2018 and 2017:

 

 

 

 

 

 

 

 

 

 

 

    

2019

    

2018

    

2017

Proceeds From Sales of Securities

 

$

42,864

 

$

24,684

 

$

36,209

Gross Gains on Sales

 

 

774

 

 

290

 

 

405

Gross Losses on Sales

 

 

(258)

 

 

(415)

 

 

(655)