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Securities (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020 and December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

    

Cost

    

Gains

    

Losses

    

Fair Value

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

$

115,331

 

$

7,897

 

$

(996)

 

$

122,232

Mortgage-Backed Securities

 

 

62,405

 

 

1,099

 

 

(711)

 

 

62,793

Corporate Securities

 

 

49,079

 

 

1,021

 

 

(160)

 

 

49,940

SBA Securities

 

 

47,107

 

 

35

 

 

(550)

 

 

46,592

Asset-Backed Securities

 

 

26,915

 

 

 9

 

 

(1,164)

 

 

25,760

Total Securities Available for Sale

 

$

300,837

 

$

10,061

 

$

(3,581)

 

$

307,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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 tables present 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 at March 31, 2020 and December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

12 Months or Greater

 

Total

 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

March 31, 2020

 

 

 

 

 

 

 

 

Municipal Bonds

 

$

19,372

 

$

(989)

 

$

223

 

$

(7)

 

$

19,595

 

$

(996)

Mortgage-Backed Securities

 

 

28,935

 

 

(684)

 

 

1,791

 

 

(27)

 

 

30,726

 

 

(711)

Corporate Securities

 

 

10,298

 

 

(160)

 

 

 —

 

 

 —

 

 

10,298

 

 

(160)

SBA Securities

 

 

9,191

 

 

(113)

 

 

28,908

 

 

(437)

 

 

38,099

 

 

(550)

Asset-Backed Securities

 

 

16,685

 

 

(1,164)

 

 

 —

 

 

 —

 

 

16,685

 

 

(1,164)

Total Securities Available for Sale

 

$

84,481

 

$

(3,110)

 

$

30,922

 

$

(471)

 

$

115,403

 

$

(3,581)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

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 March 31, 2020. 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.

 

 

 

 

 

 

 

 

March 31, 2020

    

Amortized Cost

    

Fair Value

Due in One Year or Less

 

$

9,793

 

$

9,926

Due After One Year Through Five Years

 

 

59,106

 

 

60,660

Due After Five Years Through 10 Years

 

 

80,222

 

 

84,592

Due After 10 Years

 

 

15,289

 

 

16,994

Subtotal

 

 

164,410

 

 

172,172

Mortgage-Backed Securities

 

 

62,405

 

 

62,793

SBA Securities

 

 

47,107

 

 

46,592

Asset-Backed Securities

 

 

26,915

 

 

25,760

Totals

 

$

300,837

 

$

307,317

 

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 three months ended March 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 

 

    

2020

    

2019

Proceeds From Sales of Securities

 

$

2,102

 

$

8,150

Gross Gains on Sales

 

 

 3

 

 

76

Gross Losses on Sales

 

 

 —

 

 

(81)