Investment Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Reconciliation of Available-for-Sale Securities

The amortized cost, gross unrealized gains and losses and the fair value of the Company’s available for sale and held to maturity investment securities are as follows:

	December 31, 2019									December 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
AVAILABLE FOR SALE
U.S. Treasury and U.S. government agencies	$	135,361	$	722	$	(436	)	$	135,647	$	143,495	$	—	$	(2,568	)	$	140,927
Mortgage-backed securities, residential	500,245		3,185		(1,551		)	501,879		434,208		779		(8,843		)	426,144
Mortgage-backed securities, multifamily	48,675		633		(123		)	49,185		21,087		67		(204		)	20,950
Obligations of states and political subdivisions	58,979		1,077		(35		)	60,021		45,951		140		(586		)	45,505
Debt securities	9,000		168		—			9,168		5,000		92		—			5,092
Total	$	752,260	$	5,785	$	(2,145	)	$	755,900	$	649,741	$	1,078	$	(12,201	)	$	638,618

Reconciliation of Held-to-Maturity Securities

	December 31, 2019									December 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
HELD TO MATURITY
U.S. government agencies	$	31,335	$	182	$	(8	)	$	31,509	$	33,025	$	—	$	(677	)	$	32,348
Mortgage-backed securities, residential	76,229		734		(176		)	76,787		75,859		169		(1,838		)	74,190
Mortgage-backed securities, multifamily	1,750		4		(2		)	1,752		1,853		—		(35		)	1,818
Obligations of states and political subdivisions	12,161		195		—			12,356		37,909		113		(328		)	37,694
Debt securities	2,500		—		—			2,500		5,000		—		(118		)	4,882
Total	$	123,975	$	1,115	$	(186	)	$	124,904	$	153,646	$	282	$	(2,996	)	$	150,932

Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity

The following table lists contractual maturities of investment securities classified as available for sale and held to maturity at December 31, 2019. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	29,733	$	29,786	$	7,321	$	7,328
Due after one year through five years	105,745		106,611		31,102		31,425
Due after five years through ten years	52,534		53,385		6,815		6,852
Due after ten years	15,328		15,054		758		760
	203,340		204,836		45,996		46,365
Mortgage-backed securities	548,920		551,064		77,979		78,539
Total securities	$	752,260	$	755,900	$	123,975	$	124,904

Sales of Securities, Gross Gains and Gross Losses on Sales of Securities

The following table shows proceeds from sales of securities, gross gains and gross losses on sales and calls of securities for the periods indicated:

	Years Ended December 31,
(in thousands)	2019		2018		2017
Sale proceeds	$	—	$	—	$	4,500
Gross gains	—		—		2,539
Gross losses	—		—		(15		)

Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position

The following tables indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018:

December 31, 2019	Less than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
AVAILABLE FOR SALE
U.S. Treasury and U.S. government agencies	$	11,625	$	39	$	41,617	$	397	11	$	53,242	$	436
Mortgage-backed securities, residential	125,782		561		99,489		990		86	225,271		1,551
Mortgage-backed securities, multifamily	7,651		118		4,878		5		3	12,529		123
Obligations of states and political subdivisions	373		2		6,559		33		5	6,932		35
Total	$	145,431	$	720	$	152,543	$	1,425	105	$	297,974	$	2,145
HELD TO MATURITY
U.S. government agencies	$	3,195	$	6	$	5,102	$	2	2	$	8,297	$	8
Mortgage-backed securities, residential	12,462		46		10,592		130		16	23,054		176
Mortgage-backed securities, multifamily	—		—		998		2		1	998		2
Total	$	15,657	$	52	$	16,692	$	134	19	$	32,349	$	186

December 31, 2018	Less than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of securities	Fair Value		Unrealized Losses
AVAILABLE FOR SALE
U.S. Treasury and U.S. government agencies	$	20,588	$	216	$	120,338	$	2,352	27	$	140,926	$	2,568
Mortgage-backed securities, residential	10,119		58		316,851		8,785		139	326,970		8,843
Mortgage-backed securities, multifamily	1,977		2		12,911		202		4	14,888		204
Obligations of states and political subdivisions	1,289		2		26,522		584		50	27,811		586
Total	$	33,973	$	278	$	476,622	$	11,923	220	$	510,595	$	12,201
HELD TO MATURITY
U.S. government agencies	$	—	$	—	$	32,348	$	677	6	$	32,348	$	677
Mortgage-backed securities, residential	8,325		59		53,761		1,779		36	62,086		1,838
Mortgage-backed securities, multifamily	—		—		1,818		35		2	1,818		35
Obligations of states and political subdivisions	1,764		8		15,580		320		27	17,344		328
Debt securities	3,882		118		—		—		1	3,882		118
Total	$	13,971	$	185	$	103,507	$	2,811	72	$	117,478	$	2,996