SECURITIES (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| SECURITIES [Abstract] |
|
| Amortized Cost and Fair Value of Securities |
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):
| |
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
67,794 |
|
|
$ |
584 |
|
|
$ |
— |
|
|
$ |
68,378 |
|
U.S. Agency MBS and CMOs |
|
|
62,555 |
|
|
|
2,118 |
|
|
|
— |
|
|
|
64,673 |
|
Tax-exempt state and municipal bonds |
|
|
45,820 |
|
|
|
1,123 |
|
|
|
(13 |
) |
|
|
46,930 |
|
Taxable state and municipal bonds |
|
|
55,015 |
|
|
|
1,102 |
|
|
|
(46 |
) |
|
|
56,071 |
|
Corporate bonds and other debt securities |
|
|
7,290 |
|
|
|
41 |
|
|
|
(15 |
) |
|
|
7,316 |
|
| |
|
$ |
238,474 |
|
|
$ |
4,968 |
|
|
$ |
(74 |
) |
|
$ |
243,368 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
82,514 |
|
|
$ |
2,352 |
|
|
$ |
— |
|
|
$ |
84,866 |
|
| |
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
74,839 |
|
|
$ |
95 |
|
|
$ |
(185 |
) |
|
$ |
74,749 |
|
U.S. Agency MBS and CMOs |
|
|
45,795 |
|
|
|
474 |
|
|
|
(68 |
) |
|
|
46,201 |
|
Tax-exempt state and municipal bonds |
|
|
44,718 |
|
|
|
1,244 |
|
|
|
— |
|
|
|
45,962 |
|
Taxable state and municipal bonds |
|
|
51,683 |
|
|
|
404 |
|
|
|
(65 |
) |
|
|
52,022 |
|
Corporate bonds and other debt securities |
|
|
6,263 |
|
|
|
55 |
|
|
|
(3 |
) |
|
|
6,315 |
|
| |
|
$ |
223,298 |
|
|
$ |
2,272 |
|
|
$ |
(321 |
) |
|
$ |
225,249 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
82,720 |
|
|
$ |
2,408 |
|
|
$ |
— |
|
|
$ |
85,128 |
|
|
| Contractual Maturities of Debt Securities |
Contractual maturities of debt securities at March 31, 2020 were as follows (dollars in thousands):
| |
|
Held–to-Maturity Securities |
|
|
Available-for-Sale Securities |
|
| |
|
Amortized
Cost
|
|
|
Fair
Value
|
|
|
Amortized
Cost
|
|
|
Fair
Value
|
|
Due in one year or less |
|
$ |
18,583 |
|
|
$ |
18,669 |
|
|
$ |
30,761 |
|
|
$ |
30,926 |
|
Due from one to five years |
|
|
31,133 |
|
|
|
31,895 |
|
|
|
84,398 |
|
|
|
85,879 |
|
Due from five to ten years |
|
|
14,173 |
|
|
|
14,869 |
|
|
|
60,823 |
|
|
|
62,003 |
|
Due after ten years |
|
|
18,625 |
|
|
|
19,433 |
|
|
|
62,492 |
|
|
|
64,560 |
|
| |
|
$ |
82,514 |
|
|
$ |
84,866 |
|
|
$ |
238,474 |
|
|
$ |
243,368 |
|
|
| Securities in Continuous Unrealized Loss Position |
Securities with unrealized losses at March 31, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
March 31, 2020 |
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Agency MBS and CMOs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax-exempt state and municipal bonds |
|
|
503 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
503 |
|
|
|
(3 |
) |
Taxable state and municipal bonds |
|
|
5,053 |
|
|
|
(56 |
) |
|
|
— |
|
|
|
— |
|
|
|
5,053 |
|
|
|
(56 |
) |
Corporate bonds and other debt securities |
|
|
2,980 |
|
|
|
(14 |
) |
|
|
351 |
|
|
|
(1 |
) |
|
|
3,331 |
|
|
|
(15 |
) |
Total |
|
$ |
8,536 |
|
|
$ |
(73 |
) |
|
$ |
351 |
|
|
$ |
(1 |
) |
|
$ |
8,887 |
|
|
$ |
(74 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
December 31, 2019 |
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
15,009 |
|
|
$ |
(97 |
) |
|
$ |
27,026 |
|
|
$ |
(87 |
) |
|
$ |
42,035 |
|
|
$ |
(184 |
) |
U.S. Agency MBS and CMOs |
|
|
19,117 |
|
|
|
(56 |
) |
|
|
1,196 |
|
|
|
(12 |
) |
|
|
20,313 |
|
|
|
(68 |
) |
Tax-exempt state and municipal bonds |
|
|
319 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
319 |
|
|
|
— |
|
Taxable state and municipal bonds |
|
|
8,569 |
|
|
|
(57 |
) |
|
|
2,981 |
|
|
|
(9 |
) |
|
|
11,550 |
|
|
|
(66 |
) |
Corporate bonds and other debt securities |
|
|
932 |
|
|
|
— |
|
|
|
852 |
|
|
|
(3 |
) |
|
|
1,784 |
|
|
|
(3 |
) |
Total temporarily impaired |
|
$ |
43,946 |
|
|
$ |
(210 |
) |
|
$ |
32,055 |
|
|
$ |
(111 |
) |
|
$ |
76,001 |
|
|
$ |
(321 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|