Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Investment Securities Available-for-Sale and Regulatory Stock

The following table is a summary of investment securities available-for-sale and regulatory stock:

	(Amounts in thousands)
March 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government agencies and corporations	$	349	$	2	$	—	$	351
Obligations of states and political subdivisions		67,694		2,243		6		69,931
U.S. Government-sponsored mortgage-backed securities		45,972		530		9		46,493
U.S. Government-sponsored collateralized mortgage obligations		7,627		224		—		7,851
U.S. Government-guaranteed small business administration pools		6,035		2		20		6,017
Total investment securities available-for-sale	$	127,677	$	3,001	$	35	$	130,643
Federal Home Loan Bank (FHLB) stock	$	2,769	$	—	$	—	$	2,769
Federal Reserve Bank (FRB) stock		226		—		—		226
Total regulatory stock	$	2,995	$	—	$	—	$	2,995

	(Amounts in thousands)
December 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government agencies and corporations	$	3,348	$	1	$	39	$	3,310
Obligations of states and political subdivisions		67,794		1,853		21		69,626
U.S. Government-sponsored mortgage-backed securities		48,566		75		404		48,237
U.S. Government-sponsored collateralized mortgage obligations		8,447		78		44		8,481
U.S. Government-guaranteed small business administration pools		6,576		—		99		6,477
Total investment securities available-for-sale	$	134,731	$	2,007	$	607	$	136,131
Federal Home Loan Bank (FHLB) stock	$	2,609	$	—	$	—	$	2,609
Federal Reserve Bank (FRB) stock		226		—		—		226
Total regulatory stock	$	2,835	$	—	$	—	$	2,835

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities at March 31, 2020, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 

	(Amounts in thousands)
	Amortized Cost		Fair Value
Due in one year or less	$	418	$	423
Due after one year through five years		4,494		4,482
Due after five years through ten years		2,250		2,289
Due after ten years		66,916		69,105
Total		74,078		76,299
U.S. Government-sponsored mortgage-backed and related securities		53,599		54,344
Total investment securities available-for-sale	$	127,677	$	130,643

Fair Value of Securities with Unrealized Losses and an Aging of those Unrealized Losses

The following is a summary of the fair value of available-for-sale securities with unrealized losses and an aging of those unrealized losses at March 31, 2020:  

	(Amounts in thousands)
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government agencies and corporations	$	—	$	—	$	—	$	—	$	—	$	—
Obligations of states and political subdivisions		1,030		5		314		1		1,344		6
U.S. Government-sponsored mortgage-backed    securities		5,936		8		1,831		1		7,767		9
U.S. Government-sponsored collateralized    mortgage obligations		—		—		—		—		—		—
U.S. Government-guaranteed small business    administration pools		3,616		10		886		10		4,502		20
Total	$	10,582	$	23	$	3,031	$	12	$	13,613	$	35

The above table comprises 10 investment securities where the fair value is less than the related amortized cost.

The following is a summary of the fair value of available-for-sale securities with unrealized losses and an aging of those unrealized losses at December 31, 2019:

	(Amounts in thousands)
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Government agencies and corporations	$	2,961	$	39	$	—	$	—	$	2,961	$	39
Obligations of states and political subdivisions		263		1		1,332		20		1,595		21
U.S. Government-sponsored mortgage-backed    securities		—		—		34,124		404		34,124		404
U.S. Government-sponsored collateralized    mortgage obligations		931		7		3,944		37		4,875		44
U.S. Government-guaranteed small business    administration pools		5,600		78		877		21		6,477		99
Total	$	9,755	$	125	$	40,277	$	482	$	50,032	$	607