Securities (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and estimated fair value of investments in debt securities

The amortized cost and fair value of investments in debt securities at June 30, 2019 were as follows (dollars in thousands):

	June 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Securities available for sale:
Federal agencies and GSEs	$	136,066	$	1,594	$	647	$	137,013
Mortgage-backed and CMOs	135,871		1,426		398		136,899
State and municipal	51,559		733		47		52,245
Corporate	8,016		153		—		8,169
Total securities available for sale	$	331,512	$	3,906	$	1,092	$	334,326

The Company adopted ASU 2016-01 effective January 1, 2018 and had equity securities with a fair value of $125,000 at June 30, 2019 and recognized in income a $330,000 change in the fair value of equity securities during the first six months of 2019. During the six months ended June 30, 2019, the Company sold $317,000 in equity securities at fair value. The Company had equity securities with a fair value of $2,177,000 at June 30, 2018 and recognized in income a $402,000 change in the fair value of equity securities during the first six months of 2018.

The amortized cost and fair value of investments in debt securities at December 31, 2018 were as follows (dollars in thousands):

	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Securities available for sale:
Federal agencies and GSEs	$	137,070	$	442	$	3,473	$	134,039
Mortgage-backed and CMOs	113,883		385		2,401		111,867
State and municipal	80,022		411		531		79,902
Corporate	6,799		68		22		6,845
Total securities available for sale	$	337,774	$	1,306	$	6,427	$	332,653

Cost of restricted stock

The cost of restricted stock at June 30, 2019 and December 31, 2018 was as follows (dollars in thousands):

	June 30, 2019		December 31, 2018
FRB stock	$	5,045	$	3,621
FHLB stock	2,751		1,626
Total restricted stock	$	7,796	$	5,247

Fair value of gross unrealized losses by investment

Available for sale securities that have been in a continuous unrealized loss position, at June 30, 2019, are as follows (dollars in thousands):

	Total				Less than 12 Months				12 Months or More
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Federal agencies and GSEs	$	86,417	$	647	$	2,038	$	28	$	84,379	$	619
Mortgage-backed and CMOs	59,842		398		848		2		58,994		396
State and municipal	10,679		47		—		—		10,679		47
Corporate	—		—		—		—		—		—
Total	$	156,938	$	1,092	$	2,886	$	30	$	154,052	$	1,062

The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2018 (dollars in thousands):

	Total				Less than 12 Months				12 Months or More
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Federal agencies and GSEs	$	103,797	$	3,473	$	14,982	$	8	$	88,815	$	3,465
Mortgage-backed and CMOs	86,852		2,401		5,473		15		81,379		2,386
State and municipal	39,755		531		7,199		18		32,556		513
Corporate	484		22		—		—		484		22
Total	$	230,888	$	6,427	$	27,654	$	41	$	203,234	$	6,386

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

The following table presents the gross realized gains and losses on and the proceeds from the sale of securities available for sale during the three and six months ended June 30, 2019 and 2018 (dollars in thousands):

	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Realized gains (losses):
Gross realized gains	$	190		$	194
Gross realized losses	(54		)	(54		)
Net realized gains	$	136		$	140
Proceeds from sales of securities	$	29,878		$	29,878
	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018
Realized gains (losses):
Gross realized gains	$	—		$	105
Gross realized losses	—			(97		)
Net realized gains	$	—		$	8
Proceeds from sales of securities	$	—		$	22,066