Investment Securities

6 Months Ended

Jun. 30, 2020

Available-for-sale securities other than mortgage backed securities

Schedule of Available-for-sale Securities [Line Items]

Investment Securities

(5)  Investment Securities

Investment securities available for sale at June 30, 2020 and December 31, 2019 were as follows (dollars in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
June 30, 2020:
U.S. government and agency obligations due:
Beyond 1 year but within 5 years	$	1,000	$	—	$	—	$	1,000
Beyond 5 year but within 10 years		1,951		51		—		2,002
Corporate bonds due:
Within 1 year		997		14		—		1,011
Beyond 1 year but within 5 years		3,970		237		—		4,207
Municipal obligations due:
Within 1 year		1,417		54		—		1,471
Beyond 1 year but within 5 years		4,071		176		—		4,247
Beyond 5 years but within 10 years		18,223		508		—		18,731
Beyond 10 years		43,089		837		(25)		43,901
	$	74,718	$	1,877	$	(25)	$	76,570

December 31, 2019:
U.S. government and agency obligations due:
Within 1 year	$	5,986	$	12	$	—	$	5,998
Beyond 1 year but within 5 years		1,470		29		—		1,499
Beyond 5 year but within 10 years		948		44		—		992
Corporate bonds due:
Beyond 1 year but within 5 years		2,477		102		—		2,579
Municipal obligations due:
Within 1 year		260		2		—		262
Beyond 1 year but within 5 years		5,085		244		—		5,329
Beyond 5 years but within 10 years		18,210		456		—		18,666
Beyond 10 years		33,951		648		(40)		34,559
	$	68,387	$	1,537	$	(40)	$	69,884

For the three and six months ended June 30, 2020, there were no sales of investment securities.  For the three months ended June 30, 2019, gains on sales of investment securities were $7,000 and proceeds from such sales were $2.6 million. For the six months ended June 30, 2019, proceeds from the sales of investment securities were $6.3 million, with total gains of $7,000 offset by total losses of $7,000 during the period.

Investment securities with a carrying value of $11.7 million and $11.9 million were pledged to secure repurchase agreements and public funds accounts at June 30, 2020 and December 31, 2019, respectively.

The following table presents the fair value and gross unrealized losses on investment securities and the length of time that the securities have been in a continuous unrealized loss position at June 30, 2020 and December 31, 2019 (dollars in thousands):

	Less than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
June 30, 2020:
Municipal obligations	$	3,309	$	(25)	$	—	$	—	$	3,309	$	(25)
Total	$	3,309	$	(25)	$	—	$	—	$	3,309	$	(25)

December 31, 2019:
Municipal obligations	$	4,496	$	(40)	$	—	$	—	$	4,496	$	(40)
Total	$	4,496	$	(40)	$	—	$	—	$	4,496	$	(40)

At June 30, 2020, the Company held seven investment securities in an unrealized loss position.  The decline in the fair value of these securities resulted primarily from interest rate fluctuations.  There were no potential credit concerns identified with regard to the municipal obligations as of June 30, 2020. The Company does not intend to sell these securities nor is it more likely than not that the Company would be required to sell these securities before their anticipated recovery.  Additionally, the Company believes the collection of the investment principal and related interest is probable.  Based on the above, the Company considers all of the unrealized losses to be temporary impairment losses.