Securities (Tables)

9 Months Ended

Sep. 30, 2019

Debt Securities, Available-for-sale [Abstract]

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at September 30, 2019 and December 31, 2018 are summarized as follows:



	September 30, 2019
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	22,186	$	248	$	367	$	22,067
Residential mortgage-backed securities:
Government-sponsored agencies	71,119		1,245		477		71,887
Nongovernment-sponsored entities	8,057		19		38		8,038
State and political subdivisions
General obligations	6,716		143		—		6,859
Water and sewer revenues	4,752		115		9		4,858
University/college revenues	4,598		244		—		4,842
Other revenues	16,590		515		—		17,105
Corporate debt securities	16,553		50		164		16,439
Asset-backed securities	33,957		—		538		33,419
Total taxable debt securities	184,528		2,579		1,593		185,514
Tax-exempt debt securities
State and political subdivisions
General obligations	41,473		3,095		—		44,568
Water and sewer revenues	9,592		672		—		10,264
Lease revenues	8,542		650		—		9,192
Other revenues	15,001		811		3		15,809
Total tax-exempt debt securities	74,608		5,228		3		79,833
Total securities available for sale	$	259,136	$	7,807	$	1,596	$	265,347



	December 31, 2018
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	26,303	$	203	$	366	$	26,140
Residential mortgage-backed securities:
Government-sponsored agencies	80,883		603		1,177		80,309
Nongovernment-sponsored entities	611		4		1		614
State and political subdivisions
General obligations	6,081		—		126		5,955
Other revenues	13,457		17		186		13,288
Corporate debt securities	14,807		9		304		14,512
Asset-backed securities	25,288		10		123		25,175
Total taxable debt securities	167,430		846		2,283		165,993
Tax-exempt debt securities
State and political subdivisions
General obligations	65,626		624		344		65,906
Water and sewer revenues	20,018		225		98		20,145
Lease revenues	10,980		135		7		11,108
Other revenues	30,197		77		279		29,995
Total tax-exempt debt securities	126,821		1,061		728		127,154
Total securities available for sale	$	294,251	$	1,907	$	3,011	$	293,147

Summary of Volume of State and Political Subdivision Securities Held in Portfolio

We own no such securities of any single issuer which we deem to be a concentration.



	September 30, 2019
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value


California	$	17,649	$	1,573	$	—	$	19,222
Illinois	13,180		613		—		13,793
Michigan	10,902		655		—		11,557
New York	8,546		476		—		9,022
West Virginia	8,406		228		3		8,631

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at September 30, 2019, are summarized as follows:



Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	30,056	$	30,214
Due from one to five years	77,571		78,032
Due from five to ten years	60,653		61,130
Due after ten years	90,856		95,971
	$	259,136	$	265,347

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities of securities available for sale, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the nine months ended September 30, 2019 and 2018 are as follows:



		Proceeds from						Gross realized
Dollars in thousands		Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Nine Months Ended September 30,
2019
	Securities available for sale	$	133,174	$	1,766	$	18,501	$	1,867	$	332

2018
	Securities available for sale	$	92,048	$	1,050	$	19,770	$	1,754	$	926

Schedule of Unrealized Loss on Investments

Provided below is a summary of securities available for sale which were in an unrealized loss position at September 30, 2019 and December 31, 2018.



	September 30, 2019
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	15	$	—	$	—	$	15,730	$	367	$	15,730	$	367
Residential mortgage-backed securities:
Government-sponsored agencies	21	19,162		324		8,750		153		27,912		477
Nongovernment-sponsored entities	3	5,998		38		—		—		5,998		38
State and political subdivisions:
Water and sewer revenues	1	997		9		—		—		997		9
Corporate debt securities	5	3,358		23		1,859		141		5,217		164
Asset-backed securities	15	17,420		240		15,999		298		33,419		538
Tax-exempt debt securities
State and political subdivisions:
Other revenues	1	1,031		3		—		—		1,031		3
Total	61	$	47,966	$	637	$	42,338	$	959	$	90,304	$	1,596



	December 31, 2018
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	15	$	12,185	$	184	$	7,464	$	182	$	19,649	$	366
Residential mortgage-backed securities:
Government-sponsored agencies	37	23,277		241		24,472		936		47,749		1,177
Nongovernment-sponsored entities	1	—		—		436		1		436		1
State and political subdivisions:
General obligations	8	—		—		5,222		126		5,222		126
Other revenues	11	968		16		9,450		170		10,418		186
Corporate debt securities	7	2,759		109		4,587		195		7,346		304
Asset-backed securities	9	20,129		123		—		—		20,129		123
Tax-exempt debt securities
State and political subdivisions:
General obligations	25	7,273		50		16,830		294		24,103		344
Water and sewer revenues	7	989		6		4,311		92		5,300		98
Lease revenues	2	553		—		557		7		1,110		7
Other revenues	12	7,309		62		11,531		217		18,840		279
Total	134	$	75,442	$	791	$	84,860	$	2,220	$	160,302	$	3,011