INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

INVESTMENT SECURITIES

Schedule of gross amortized cost and fair value of available-for-sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income

			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for		Fair
March 31, 2020 (in thousands)	Cost		Gains		Losses		Credit Losses		Value
U.S. Treasury securities and U.S. Government agencies	$	167,249	$	2,043	$	—	$	—	$	169,292
Private label mortgage backed security		1,963		1,286		—		—		3,249
Mortgage backed securities - residential		288,781		8,943		(2)		—		297,722
Collateralized mortgage obligations		60,395		306		(820)		—		59,881
Corporate bonds		10,000		—		(259)		(126)		9,615
Trust preferred security		3,586		514		—		—		4,100
Total available-for-sale debt securities	$	531,974	$	13,092	$	(1,081)	$	(126)	$	543,859

			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for		Fair
December 31, 2019 (in thousands)	Cost		Gains		Losses		Credit Losses		Value
U.S. Treasury securities and U.S. Government agencies	$	134,765	$	59	$	(184)		NA	$	134,640
Private label mortgage backed security		2,210		1,285		—		NA		3,495
Mortgage backed securities - residential		253,288		2,916		(357)		NA		255,847
Collateralized mortgage obligations		63,284		258		(171)		NA		63,371
Corporate bonds		10,000		2		—		NA		10,002
Trust preferred security		3,575		425		—		NA		4,000
Total available-for-sale debt securities	$	467,122	$	4,945	$	(712)		NA	$	471,355

Schedule of carrying value, gross unrecognized gains and losses, and fair value of held-to-maturity debt securities

			Gross		Gross				Allowance
	Carrying		Unrecognized		Unrecognized		Fair		for
March 31, 2020 (in thousands)	Value		Gains		Losses		Value		Credit Losses
Mortgage backed securities - residential	$	103	$	5	$	—	$	108	$	—
Collateralized mortgage obligations		16,277		44		(275)		16,046		—
Corporate bonds		44,993		—		(1,887)		43,106		(171)
Obligations of state and political subdivisions		462		3		—		465		—
Total held-to-maturity debt securities	$	61,835	$	52	$	(2,162)	$	59,725	$	(171)

			Gross		Gross				Allowance
	Carrying		Unrecognized		Unrecognized		Fair		for
December 31, 2019 (in thousands)	Value		Gains		Losses		Value		Credit Losses
Mortgage backed securities - residential	$	104	$	6	$	—	$	110		NA
Collateralized mortgage obligations		16,970		94		(21)		17,043		NA
Corporate bonds		44,995		544		—		45,539		NA
Obligations of state and political subdivisions		462		2		—		464		NA
Total held-to-maturity debt securities	$	62,531	$	646	$	(21)	$	63,156		NA

Schedule of amortized cost and fair value of debt securities by contractual maturity

	Available-for-Sale				Held-to-Maturity
	Debt Securities				Debt Securities
	Amortized		Fair		Carrying		Fair
March 31, 2020 (in thousands)	Cost		Value		Value		Value
Due in one year or less	$	5,000	$	5,005	$	5,105	$	5,100
Due from one year to five years		172,249		173,902		35,400		33,929
Due from five years to ten years		—		—		4,950		4,542
Due beyond ten years		3,586		4,100		—		—
Private label mortgage backed security		1,963		3,249		—		—
Mortgage backed securities - residential		288,781		297,722		103		108
Collateralized mortgage obligations		60,395		59,881		16,277		16,046
Total debt securities	$	531,974	$	543,859	$	61,835	$	59,725

Schedule of debt securities with unrealized losses

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
March 31, 2020 (in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-sale debt securities:
Mortgage backed securities - residential	$	—	$	—	$	532	$	(2)	$	532	$	(2)
Collateralized mortgage obligations		31,536		(769)		5,946		(51)		37,482		(820)
Total available-for-sale debt securities	$	31,536	$	(769)	$	6,478	$	(53)	$	38,014	$	(822)

Debt securities with unrealized losses at December 31, 2019, aggregated by investment category and length of time in a continuous unrealized loss position, were as follows:

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
December 31, 2019 (in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-sale debt securities:
U.S. Treasury securities and U.S. Government agencies	$	40,165	$	(176)	$	14,992	$	(8)	$	55,157	$	(184)
Mortgage backed securities - residential		65,630		(269)		16,633		(88)		82,263		(357)
Collateralized mortgage obligations		12,444		(36)		10,738		(135)		23,182		(171)
Total available-for-sale debt securities	$	118,239	$	(481)	$	42,363	$	(231)	$	160,602	$	(712)

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
December 31, 2019 (in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Held-to-maturity debt securities:
Collateralized mortgage obligations	$	4	$	(2)	$	4,827	$	(19)	$	4,831	$	(21)
Total held-to-maturity debt securities:	$	4	$	(2)	$	4,827	$	(19)	$	4,831	$	(21)

Schedule of allowance for credit losses on investment

	ACLS Rollforward
	Three Months Ended March 31, 2020
	Beginning		ASC 326				Charge-				Ending
(in thousands)	Balance		Adoption		Provision		offs		Recoveries		Balance
Available-for-Sale Securities:
Corporate Bonds	$	—	$	—	$	126	$	—	$	—	$	126
Held-to-Maturity Securities:
Corporate Bonds		—		51		120		—		—		171
Total	$	—	$	51	$	246	$	—	$	—	$	297

Schedule of pledged investment securities

(in thousands)	March 31, 2020		December 31, 2019
Carrying amount	$	154,592	$	229,700
Fair value		154,501		229,706

Schedule of carrying value, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
March 31, 2020 (in thousands)	Cost		Gains		Losses		Value
Freddie Mac preferred stock	$	—	$	294	$	—	$	294
Community Reinvestment Act mutual fund		2,500		13		—		2,513
Total equity securities with readily determinable fair values	$	2,500	$	307	$	—	$	2,807

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019 (in thousands)	Cost		Gains		Losses		Value
Freddie Mac preferred stock	$	—	$	714	$	—	$	714
Community Reinvestment Act mutual fund		2,500		—		(26)		2,474
Total equity securities with readily determinable fair values	$	2,500	$	714	$	(26)	$	3,188

Schedule of equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized in the Company’s consolidated statements of income

	Gains (Losses) Recognized on Equity Securities
	Three Months Ended March 31, 2020						Three Months Ended March 31, 2019
(in thousands)	Realized		Unrealized		Total		Realized		Unrealized		Total
Freddie Mac preferred stock	$	—	$	(420)	$	(420)	$	—	$	252	$	252
Community Reinvestment Act mutual fund		—		39		39		—		37		37
Total equity securities with readily determinable fair value	$	—	$	(381)	$	(381)	$	—	$	289	$	289