Securities (Tables)

6 Months Ended

Jun. 30, 2020

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
June 30, 2020	Cost		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	4,012	$	135	$	-	$	4,147
U.S. government agencies		7,450		-		(174)		7,276
U.S. government agencies mortgage-backed		15,505		1,274		-		16,779
States and political subdivisions		235,111		16,388		(1,135)		250,364
Collateralized mortgage obligations		55,391		1,672		(950)		56,113
Asset-backed securities		82,004		430		(2,408)		80,026
Collateralized loan obligations		33,794		46		(1,109)		32,731
Total securities available-for-sale	$	433,267	$	19,945	$	(5,776)	$	447,436

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost1		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	4,010	$	26	$	-	$	4,036
U.S. government agencies		8,502		-		(165)		8,337
U.S. government agencies mortgage-backed		16,164		443		(19)		16,588
States and political subdivisions		240,399		11,207		(2,431)		249,175
Collateralized mortgage obligations		57,059		963		(38)		57,984
Asset-backed securities		82,114		617		(887)		81,844
Collateralized loan obligations		66,898		29		(243)		66,684
Total securities available-for-sale	$	475,146	$	13,285	$	(3,783)	$	484,648

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations

			Weighted
	Amortized		Average		Fair
Securities available-for-sale	Cost		Yield		Value
Due in one year or less	$	416	2.01	%	$	420
Due after one year through five years		6,066	2.11			6,326
Due after five years through ten years		15,770	2.43			16,211
Due after ten years		224,321	2.98			238,830
		246,573	2.93			261,787
Mortgage-backed and collateralized mortgage obligations		70,896	3.10			72,892
Asset-backed securities		82,004	1.60			80,026
Collateralized loan obligations		33,794	2.44			32,731
Total securities available-for-sale	$	433,267	2.66	%	$	447,436

Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity

The Company has invested in securities issued from one originator that individually amount to over 10% of the Company’s stockholders equity.  Information regarding this issuer and the value of the securities issued follows:

	June 30, 2020
(in thousands)	Amortized		Fair
Issuer	Cost		Value
Towd Point Mortgage Trust	$	33,298	$	34,394

Schedule 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 more
June 30, 2020	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
Securities available-for-sale	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agencies	-	$	-	$	-	4	$	174	$	7,276	4	$	174	$	7,276
States and political subdivisions	1		7		890	2		1,128		5,466	3		1,135		6,356
Collateralized mortgage obligations	8		944		11,867	1		6		522	9		950		12,389
Asset-backed securities	9		1,223		36,955	2		1,185		30,055	11		2,408		67,010
Collateralized loan obligations	3		646		16,343	2		463		11,703	5		1,109		28,046
Total securities available-for-sale	21	$	2,820	$	66,055	11	$	2,956	$	55,022	32	$	5,776	$	121,077

	Less than 12 months					12 months or more
December 31, 2019	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized			Fair	Number of	Unrealized			Fair	Number of	Unrealized			Fair
Securities available-for-sale	Securities	Losses			Value	Securities	Losses			Value	Securities	Losses			Value
U.S. government agencies	-	$	-	$	-	4	$	165	$	8,337	4	$	165	$	8,337
U.S. government agencies mortgage-backed	3		10		3,018	2		9		843	5		19		3,861
States and political subdivisions	6		1,665		41,043	2		766		6,593	8		2,431		47,636
Collateralized mortgage obligations	2		26		9,054	2		12		1,209	4		38		10,263
Asset-backed securities	4		839		54,540	1		48		3,238	5		887		57,778
Collateralized loan obligations	4		62		21,927	4		181		25,020	8		243		46,947
Total securities available-for-sale	19	$	2,602	$	129,582	15	$	1,181	$	45,240	34	$	3,783	$	174,822

Schedule of proceeds from sale and gross realized gains and losses on sale of securities

Three Months Ended	Six Months Ended
June 30,	June 30,

Securities available-for-sale	2020			2019			2020			2019
Proceeds from sales of securities	$	-		$	39,072		$	18,006		$	120,596
Gross realized gains on securities		-			986			17			1,591
Gross realized losses on securities		-			-			(41)			(578)
Net realized gains (losses)	$	-		$	986		$	(24)		$	1,013
Income tax (expense) benefit on net realized gains (losses)	$	-		$	(276)		$	7		$	(284)
Effective tax rate applied		0.0	%		28.0	%		29.2	%		28.0	%