SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 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
|
|
September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
59,606 |
|
|
$ |
425 |
|
|
$ |
(52 |
) |
|
$ |
59,979 |
|
U.S. Agency MBS and CMOs |
|
|
60,110 |
|
|
|
1,629 |
|
|
|
(2 |
) |
|
|
61,737 |
|
Tax-exempt state and municipal bonds |
|
|
45,243 |
|
|
|
1,928 |
|
|
|
(1 |
) |
|
|
47,170 |
|
Taxable state and municipal bonds |
|
|
53,220 |
|
|
|
1,714 |
|
|
|
(20 |
) |
|
|
54,914 |
|
Corporate bonds and other debt securities |
|
|
5,933 |
|
|
|
195 |
|
|
|
— |
|
|
|
6,128 |
|
| |
|
$ |
224,112 |
|
|
$ |
5,891 |
|
|
$ |
(75 |
) |
|
$ |
229,928 |
|
Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt state and municipal bonds |
|
$ |
91,394 |
|
|
$ |
3,748 |
|
|
$ |
— |
|
|
$ |
95,142 |
|
| |
|
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 September 30, 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 |
|
$ |
28,636 |
|
|
$ |
28,833 |
|
|
$ |
34,257 |
|
|
$ |
34,479 |
|
Due from one to five years |
|
|
29,384 |
|
|
|
30,567 |
|
|
|
64,101 |
|
|
|
66,323 |
|
Due from five to ten years |
|
|
14,749 |
|
|
|
16,076 |
|
|
|
68,427 |
|
|
|
70,321 |
|
Due after ten years |
|
|
18,625 |
|
|
|
19,666 |
|
|
|
57,327 |
|
|
|
58,805 |
|
| |
|
$ |
91,394 |
|
|
$ |
95,142 |
|
|
$ |
224,112 |
|
|
$ |
229,928 |
|
|
| Securities in Continuous Unrealized Loss Position |
Securities with unrealized losses at September 30, 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 |
|
September 30, 2020 |
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
12,948 |
|
|
$ |
(52 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,948 |
|
|
$ |
(52 |
) |
U.S. Agency MBS and CMOs |
|
|
1,971 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,971 |
|
|
|
(2 |
) |
Tax-exempt state and municipal bonds |
|
|
755 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
755 |
|
|
|
(1 |
) |
Taxable state and municipal bonds |
|
|
3,343 |
|
|
|
(20 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,343 |
|
|
|
(20 |
) |
Corporate bonds and other securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
19,017 |
|
|
$ |
(75 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,017 |
|
|
$ |
(75 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|