Investments (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Investments [Abstract] |
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| Unrealized Gain (Loss) on Investments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | OTTI
in AOCL | September 30, 2020 | | | | | | | | | | | | | | | | Available for Sale: | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 65,942 | | $ | 959 | | $ | 30 | | $ | 66,871 | | $ | — | Residential mortgage-backed agencies | | | 13,037 | | | 219 | | | 93 | | | 13,163 | | | — | Commercial mortgage-backed agencies | | | 33,566 | | | 608 | | | 14 | | | 34,160 | | | — | Collateralized mortgage obligations | | | 15,226 | | | 392 | | | — | | | 15,618 | | | — | Obligations of states and political subdivisions | | | 10,159 | | | 430 | | | — | | | 10,589 | | | — | Collateralized debt obligations | | | 18,525 | | | — | | | 5,765 | | | 12,760 | | | (4,235) | Total available for sale | | $ | 156,455 | | $ | 2,608 | | $ | 5,902 | | $ | 153,161 | | $ | (4,235) | Held to Maturity: | | | | | | | | | | | | | | | | Residential mortgage-backed agencies | | $ | 34,868 | | $ | 1,157 | | $ | — | | $ | 36,025 | | $ | — | Commercial mortgage-backed agencies | | | 11,773 | | | 615 | | | — | | | 12,388 | | | — | Collateralized mortgage obligations | | | 1,821 | | | 98 | | | — | | | 1,919 | | | — | Obligations of states and political subdivisions | | | 20,759 | | | 5,279 | | | — | | | 26,038 | | | — | Total held to maturity | | $ | 69,221 | | $ | 7,149 | | $ | — | | $ | 76,370 | | $ | — | December 31, 2019 | | | | | | | | | | | | | | | | Available for Sale: | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 39,987 | | $ | — | | $ | 93 | | $ | 39,894 | | $ | — | Residential mortgage-backed agencies | | | 4,917 | | | — | | | 17 | | | 4,900 | | | — | Commercial mortgage-backed agencies | | | 27,634 | | | 222 | | | 92 | | | 27,764 | | | — | Collateralized mortgage obligations | | | 29,903 | | | 129 | | | 109 | | | 29,923 | | | — | Obligations of states and political subdivisions | | | 14,124 | | | 346 | | | — | | | 14,470 | | | — | Collateralized debt obligations | | | 18,443 | | | — | | | 4,089 | | | 14,354 | | | (2,835) | Total available for sale | | $ | 135,008 | | $ | 697 | | $ | 4,400 | | $ | 131,305 | | $ | (2,835) | Held to Maturity: | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 16,164 | | $ | 659 | | $ | — | | $ | 16,823 | | $ | — | Residential mortgage-backed agencies | | | 42,939 | | | 469 | | | 155 | | | 43,253 | | | — | Commercial mortgage-backed agencies | | | 15,521 | | | 344 | | | — | | | 15,865 | | | — | Collateralized mortgage obligations | | | 3,140 | | | 3 | | | — | | | 3,143 | | | — | Obligations of states and political subdivisions | | | 16,215 | | | 5,357 | | | — | | | 21,572 | | | — | Total held to maturity | | $ | 93,979 | | $ | 6,832 | | $ | 155 | | $ | 100,656 | | $ | — |
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| Proceeds from Sales and Realized Gains and Losses |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended | | Three Months Ended | | | September 30, | | September 30, | (in thousands) | | 2020 | | 2019 | | 2020 | | 2019 | Proceeds | | $ | 30,831 | | $ | 12,046 | | $ | 29,751 | | $ | 6,669 | Realized gains | | | 622 | | | 74 | | | 575 | | | 1 | Realized losses | | | — | | | 73 | | | — | | | — |
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| Gross Unrealized Losses and Fair Values of Securities |
| | | | | | | | | | | | | | | | | | | Less than 12 months | | | | 12 months or more | | | (in thousands) | | Fair
Value | | Unrealized
Losses | | Number of
Investments | | Fair
Value | | Unrealized
Losses | | Number of
Investments | September 30, 2020 | | | | | | | | | | | | | | | | | Available for Sale: | | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 16,420 | | $ | 30 | | 4 | | $ | — | | $ | — | | — | Residential mortgage-backed agencies | | | 8,512 | | | 93 | | 3 | | | — | | | — | | | Commercial mortgage-backed agencies | | | 16,109 | | | 14 | | 1 | | | — | | | — | | — | Collateralized debt obligations | | | — | | | — | | — | | | 12,760 | | | 5,765 | | 9 | Total available for sale | | $ | 41,041 | | $ | 137 | | 8 | | $ | 12,760 | | $ | 5,765 | | 9 | December 31, 2019 | | | | | | | | | | | | | | | | | Available for Sale: | | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 24,907 | | $ | 80 | | 3 | | $ | 14,987 | | $ | 13 | | 3 | Residential mortgage-backed agencies | | | 4,900 | | | 17 | | 1 | | | — | | | — | | — | Commercial mortgage-backed agencies | | | 4,623 | | | 37 | | 2 | | | 5,793 | | | 55 | | 3 | Collateralized mortgage obligations | | | — | | | — | | — | | | 35,472 | | | 109 | | 1 | Collateralized debt obligations | | | — | | | — | | — | | | 14,354 | | | 4,089 | | 9 | Total available for sale | | $ | 34,430 | | $ | 134 | | 6 | | $ | 70,606 | | $ | 4,266 | | 16 | Held to Maturity: | | | | | | | | | | | | | | | | | Residential mortgage-backed agencies | | $ | 2,722 | | $ | 6 | | 3 | | $ | 9,486 | | $ | 149 | | 12 | Total held to maturity | | $ | 2,722 | | $ | 6 | | 3 | | $ | 9,486 | | $ | 149 | | 12 |
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| Non-Cash OTTI Credit Losses Recognized in Earnings |
| | | | | | | | | | | | | | | | Nine Months Ended | | | September 30, | (in thousands) | | 2020 | | 2019 | Balance of credit-related OTTI at January 1 | | $ | 2,446 | | $ | 2,646 | Reduction for increases in cash flows expected to be collected | | | (151) | | | (149) | Balance of credit-related OTTI at September 30 | | $ | 2,295 | | $ | 2,497 |
| | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, | (in thousands) | | 2020 | | 2019 | Balance of credit-related OTTI at July 1 | | $ | 2,345 | | $ | 2,547 | Reduction for increases in cash flows expected to be collected | | | (50) | | | (50) | Balance of credit-related OTTI at September 30 | | $ | 2,295 | | $ | 2,497 |
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| Amortized Cost and Fair Values Classified by Contractual Maturity Date |
| | | | | | | | | | | | | | | | September 30, 2020 | (in thousands) | | Amortized
Cost | | Fair
Value | Contractual Maturity | | | | | | | Available for Sale: | | | | | | | Due after one year through five years | | $ | 4,434 | | $ | 4,555 | Due after five years through ten years | | | 24,821 | | | 25,745 | Due after ten years | | | 65,371 | | | 59,920 | | | | 94,626 | | | 90,220 | Residential mortgage-backed agencies | | | 13,037 | | | 13,163 | Commercial mortgage-backed agencies | | | 33,566 | | | 34,160 | Collateralized mortgage obligations | | | 15,226 | | | 15,618 | Total available for sale | | $ | 156,455 | | $ | 153,161 | Held to Maturity: | | | | | | | Due after ten years | | $ | 20,759 | | $ | 26,038 | Residential mortgage-backed agencies | | | 34,868 | | | 36,025 | Commercial mortgage-backed agencies | | | 11,773 | | | 12,388 | Collateralized mortgage obligations | | | 1,821 | | | 1,919 | Total held to maturity | | $ | 69,221 | | $ | 76,370 |
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