Annual report pursuant to Section 13 and 15(d)

SECURITIES (Tables)

v3.19.3.a.u2
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2019
SECURITIES [Abstract]  
Amortized Cost and Fair Value of Securities
The amortized cost and fair value of securities were as follows (dollars in thousands):
 
   
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
  
                                 
December 31, 2018
                                
Available for Sale:
                                
U.S. Treasury and federal agency securities
  
$
97,102
    
$
6
    
$
(1,710
)
  
$
95,398
  
U.S. Agency MBS and CMOs
    
33,287
      
97
      
(494
)
    
32,890
  
Tax-exempt state and municipal bonds
    
45,212
      
246
      
(331
)
    
45,127
  
Taxable state and municipal bonds
    
46,565
      
59
      
(690
)
    
45,934
  
Corporate bonds and other debt securities
    
7,703
      
2
      
(68
)
    
7,637
  
   
$
229,869
    
$
410
    
$
(3,293
)
  
$
226,986
  
Held to Maturity
                                
Tax-exempt state and municipal bonds
  
$
70,334
    
$
1,488
    
$
(317
)
  
$
71,505
  
Contractual Maturities of Debt Securities
Contractual maturities of debt securities at December 31, 2019 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
  
$
18,952
    
$
19,049
    
$
30,757
    
$
30,767
  
Due from one to five years
    
28,302
      
29,114
      
93,541
      
94,373
  
Due from five to ten years
    
16,841
      
17,505
      
53,366
      
54,090
  
Due after ten years
    
18,625
      
19,460
      
45,634
      
46,019
  
   
$
82,720
    
$
85,128
    
$
223,298
    
$
225,249
  
Securities in Continuous Unrealized Loss Position
Securities with unrealized losses at December 31, 2019 and 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands):

   
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
  
$
43,946
    
$
(210
)
  
$
32,055
    
$
(111
)
  
$
76,001
    
$
(321
)
                                                 
Held to Maturity:
                                                
Tax-exempt state and municipal bonds
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
—
  

   
Less than 12 Months
    
12 Months or More
    
Total
  
December 31, 2018
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
Available for Sale:
                                    
U.S. Treasury and federal agency securities
  
$
1,974
    
$
(26
)
  
$
82,895
    
$
(1,684
)
  
$
84,869
    
$
(1,710
)
U.S. Agency MBS and CMOs
    
1,728
      
(13
)
    
18,712
      
(481
)
    
20,440
      
(494
)
Tax-exempt state and municipal bonds
    
8,987
      
(69
)
    
10,785
      
(262
)
    
19,772
      
(331
)
Taxable state and municipal bonds
    
4,035
      
(19
)
    
37,021
      
(671
)
    
41,056
      
(690
)
Corporate bonds and other debt securities
    
2,698
      
(12
)
    
8,170
      
(56
)
    
10,868
      
(68
)
Total
  
$
19,422
    
$
(139
)
  
$
157,583
    
$
(3,154
)
  
$
177,005
    
$
(3,293
)
                                                 
Held to Maturity:
                                                
Tax-exempt state and municipal bonds
  
$
8,533
    
$
(76
)
  
$
4,683
    
$
(241
)
  
$
13,216
    
$
(317
)