Securities (Tables)

3 Months Ended

Mar. 31, 2020

Debt Securities, Available-for-sale [Abstract]

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at March 31, 2020 and December 31, 2019 are summarized as follows:



	March 31, 2020
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	40,349	$	359	$	342	$	40,366
Residential mortgage-backed securities:
Government-sponsored agencies	67,280		2,068		421		68,927
Nongovernment-sponsored entities	11,458		—		382		11,076
State and political subdivisions
General obligations	9,888		59		15		9,932
Water and sewer revenues	9,615		123		116		9,622
Lease revenues	5,310		61		21		5,350
Income tax revenues	5,060		149		—		5,209
University revenues	5,915		239		—		6,154
Other revenues	14,003		311		70		14,244
Corporate debt securities	19,795		104		309		19,590
Asset-backed securities	42,902		—		2,841		40,061
Total taxable debt securities	231,575		3,473		4,517		230,531
Tax-exempt debt securities
State and political subdivisions
General obligations	36,387		2,499		—		38,886
Water and sewer revenues	8,900		538		2		9,436
Lease revenues	7,329		558		—		7,887
Transportation revenues	6,628		287		—		6,915
Other revenues	10,901		490		1		11,390
Total tax-exempt debt securities	70,145		4,372		3		74,514
Total securities available for sale	$	301,720	$	7,845	$	4,520	$	305,045



	December 31, 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	$	21,036	$	212	$	384	$	20,864
Residential mortgage-backed securities:
Government-sponsored agencies	70,379		1,031		435		70,975
Nongovernment-sponsored entities	10,253		17		41		10,229
State and political subdivisions
General obligations	12,603		25		171		12,457
Water and sewer revenues	7,170		71		114		7,127
Lease revenues	5,310		25		77		5,258
University revenues	5,917		164		16		6,065
Other revenues	18,831		344		109		19,066
Corporate debt securities	18,268		81		149		18,200
Asset-backed securities	33,826		—		812		33,014
Total taxable debt securities	203,593		1,970		2,308		203,255
Tax-exempt debt securities
State and political subdivisions
General obligations	36,673		2,526		—		39,199
Water and sewer revenues	9,565		633		—		10,198
Lease revenues	8,455		598		—		9,053
Other revenues	13,929		728		7		14,650
Total tax-exempt debt securities	68,622		4,485		7		73,100
Total securities available for sale	$	272,215	$	6,455	$	2,315	$	276,355

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.



	March 31, 2020
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value


California	$	18,077	$	875	$	25	$	18,927
Texas	12,696		547		36		13,207
Michigan	10,826		635		—		11,461
New York	10,485		487		—		10,972
Illinois	9,246		441		—		9,687

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities at March 31, 2020, are summarized as follows:



Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	30,028	$	29,995
Due from one to five years	88,141		88,321
Due from five to ten years	75,737		75,248
Due after ten years	107,814		111,481
	$	301,720	$	305,045

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 three months ended March 31, 2020 and 2019 are as follows:



		Proceeds from						Gross realized
Dollars in thousands		Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Three Months Ended March 31,
2020
	Securities available for sale	$	74,750	$	2,200	$	6,374	$	1,038	$	—

2019
	Securities available for sale	$	79,776	$	1,100	$	4,684	$	105	$	108

Schedule of Unrealized Loss on Investments

Provided below is a summary of securities available for sale which were in an unrealized loss position at March 31, 2020 and December 31, 2019.



	March 31, 2020
		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	21	$	5,938	$	1	$	13,813	$	341	$	19,751	$	342
Residential mortgage-backed securities:
Government-sponsored agencies	9	2,780		177		9,089		244		11,869		421
Nongovernment-sponsored entities	7	8,267		241		2,809		141		11,076		382
State and political subdivisions:
General obligations	4	4,625		15		—		—		4,625		15
Water and sewer revenues	5	4,861		116		—		—		4,861		116
Lease revenues	2	2,800		21		—		—		2,800		21
Other revenues	5	5,286		70		—		—		5,286		70
Corporate debt securities	6	4,017		180		1,871		129		5,888		309
Asset-backed securities	20	9,756		534		30,305		2,307		40,061		2,841
Tax-exempt debt securities
State and political subdivisions:
Water and sewer revenues	1	560		2		—		—		560		2
Other revenues	1	157		1		—		—		157		1
Total	81	$	49,047	$	1,358	$	57,887	$	3,162	$	106,934	$	4,520



	December 31, 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	$	—	$	—	$	14,903	$	384	$	14,903	$	384
Residential mortgage-backed securities:
Government-sponsored agencies	21	12,298		96		15,174		339		27,472		435
Nongovernment-sponsored entities	4	8,323		41		—		—		8,323		41
State and political subdivisions:
General obligations	10	10,581		171		—		—		10,581		171
Water and sewer revenues	4	4,421		114		—		—		4,421		114
Lease revenues	4	4,235		77		—		—		4,235		77
University revenues	1	1,307		16		—		—		1,307		16
Other revenues	6	6,517		109		—		—		6,517		109
Corporate debt securities	6	1,686		3		3,739		146		5,425		149
Asset-backed securities	15	3,441		34		29,573		778		33,014		812
Tax-exempt debt securities
State and political subdivisions:
Other revenues	2	1,183		7		—		—		1,183		7
Total	88	$	53,992	$	668	$	63,389	$	1,647	$	117,381	$	2,315