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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From ________ to ________.
 
Commission File Number 001-35750 
First Internet Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana   20-3489991
(State or Other Jurisdiction of
Incorporation or Organization)
  (I.R.S. Employer
Identification No.)
     
11201 USA Parkway
Fishers, IN
  46037
(Address of Principal Executive Offices)   (Zip Code)
(317) 532-7900
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbols Name of each exchange on which registered
Common Stock, without par value INBK The Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2026 INBKL The Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029 INBKZ The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ¨
Accelerated Filer þ
Non-accelerated Filer ¨
Smaller Reporting Company ☑
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
 
As of July 31, 2020, the registrant had 9,799,047 shares of common stock issued and outstanding.



Cautionary Note Regarding Forward-Looking Statements
  
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the current expectations of First Internet Bancorp and its consolidated subsidiaries (“we,” “our,” “us” or the “Company”) regarding its business strategies, intended results and future performance. Forward-looking statements are generally preceded by terms such as “anticipate,” “attempt,” “believe,” “can,” “continue,” “could,” “effort,” “estimate,” “expect,” “indicate,” “intend,” “likely,” “may,” “objective,” “optimistic,” “pending,” “plan,” “position,” “potential,” “preliminary,” “remain,” “should,” “will,” “would” and other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. The COVID-19 pandemic crisis is adversely affecting us, our customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects remains uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways. Other factors that may cause such differences include: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that we own or that is the collateral for our loans; failures or breaches of or interruptions in the communication and information systems on which we rely to conduct our business that could reduce our revenues, increase our costs or lead to disruptions in our business; our plans to grow our commercial real estate, commercial and industrial, public finance, U.S. Small Business Administration and healthcare finance loan portfolios, which may carry greater risks of non-payment or other unfavorable consequences; our dependence on capital distributions from First Internet Bank of Indiana (the “Bank”); results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for loan losses or to write-down assets; changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Bank in particular; more restrictive regulatory capital requirements; increased costs, including deposit insurance premiums; regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; changes in market rates and prices that may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our balance sheet; our liquidity requirements being adversely affected by changes in our assets and liabilities; the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial services industry; competitive factors among financial services organizations, including product and pricing pressures and our ability to attract, develop and retain qualified banking professionals; execution of future acquisition, reorganization or disposition transactions, including without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings and other anticipated benefits from such transactions; changes in applicable tax laws; the growth and profitability of noninterest or fee income being less than expected; the loss of any key members of senior management; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and other regulatory agencies; and the effect of fiscal and governmental policies of the United States federal government. Additional factors that may affect our results include those discussed in this Quarterly Report on Form 10-Q, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and our most recent Annual Report on Form 10-K under the heading “Risk Factors” and in other reports filed with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
Except as required by law, we do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

i


PART I

ITEM 1. FINANCIAL STATEMENTS 

First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
  June 30, 2020 December 31, 2019
  (Unaudited)  
Assets    
Cash and due from banks $ 7,016    $ 5,061   
Interest-bearing deposits 491,603    322,300   
Total cash and cash equivalents 498,619    327,361   
Securities available-for-sale, at fair value (amortized cost of $590,046 and $546,640 in 2020 and 2019, respectively) 589,017    540,852   
Securities held-to-maturity, at amortized cost (fair value of $69,152 and $62,560 in 2020 and 2019, respectively) 68,295    61,878   
Loans held-for-sale, at fair value 38,813    56,097   
Loans 2,973,674    2,963,547   
Allowance for loan losses (24,465)   (21,840)  
Net loans 2,949,209    2,941,707   
Accrued interest receivable 21,093    18,607   
Federal Home Loan Bank of Indianapolis stock 25,650    25,650   
Cash surrender value of bank-owned life insurance 37,474    37,002   
Premises and equipment, net 23,939    14,630   
Goodwill 4,687    4,687   
Servicing asset, at fair value 2,522    2,481   
Other real estate owned 2,065    2,065   
Accrued income and other assets 63,217    67,066   
Total assets $ 4,324,600    $ 4,100,083   
Liabilities and Shareholders’ Equity    
Liabilities    
Noninterest-bearing deposits $ 82,864    $ 57,115   
Interest-bearing deposits 3,297,925    3,096,848   
Total deposits 3,380,789    3,153,963   
Advances from Federal Home Loan Bank 514,913    514,910   
Subordinated debt, net of unamortized debt issuance costs of $2,319 and $2,472 in 2020 and 2019, respectively 69,681    69,528   
Accrued interest payable 1,073    3,767   
Accrued expenses and other liabilities 50,433    53,002   
Total liabilities 4,016,889    3,795,170   
Commitments and Contingencies
Shareholders’ Equity    
Preferred stock, no par value; 4,913,779 shares authorized; issued and outstanding - none —    —   
Voting common stock, no par value; 45,000,000 shares authorized; 9,799,047 and 9,741,800 shares issued and outstanding in 2020 and 2019, respectively 220,418    219,423   
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none —    —   
Retained earnings 108,431    99,681   
Accumulated other comprehensive loss (21,138)   (14,191)  
Total shareholders’ equity 307,711    304,913   
Total liabilities and shareholders’ equity $ 4,324,600    $ 4,100,083   

See Notes to Condensed Consolidated Financial Statements
1


First Internet Bancorp
Condensed Consolidated Statements of Income – Unaudited
(Amounts in thousands except share and per share data)
  Three Months Ended Six Months Ended
  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Interest Income      
Loans $ 29,730    $ 30,842    $ 60,138    $ 60,060   
Securities – taxable 3,276    3,540    6,895    6,864   
Securities – non-taxable 457    668    1,029    1,352   
Other earning assets 759    1,794    2,404    3,567   
Total interest income 34,222    36,844    70,466    71,843   
Interest Expense      
Deposits 15,763    17,147    32,971    32,533   
Other borrowed funds 4,033    3,592    8,051    6,961   
Total interest expense 19,796    20,739    41,022    39,494   
Net Interest Income 14,426    16,105    29,444    32,349   
Provision for Loan Losses 2,491    1,389    3,952    2,674   
Net Interest Income After Provision for Loan Losses 11,935    14,716    25,492    29,675   
Noninterest Income      
Service charges and fees 182    225    394    461   
Loan servicing revenue 255    —    506    —   
Loan servicing asset revaluation (90)   —    (269)   —   
Mortgage banking activities 3,408    2,664    7,076    4,281   
Gain (loss) on sale of loans 762    (66)   2,563    (170)  
(Loss) gain on sale of securities —    (458)   41    (458)  
Other 456    1,089    873    1,712   
Total noninterest income 4,973    3,454    11,184    5,826   
Noninterest Expense      
Salaries and employee benefits 7,789    6,642    15,563    12,963   
Marketing, advertising and promotion 411    466    786    935   
Consulting and professional services 932    835    2,109    1,649   
Data processing 339    328    714    645   
Loan expenses 399    292    998    606   
Premises and equipment 1,602    1,497    3,227    2,997   
Deposit insurance premium 435    747    920    1,302   
Other 1,337    902    2,413    1,721   
Total noninterest expense 13,244    11,709    26,730    22,818   
Income Before Income Taxes 3,664    6,461    9,946    12,683   
Income Tax (Benefit) Provision (268)   340    (5)   866   
Net Income $ 3,932    $ 6,121    $ 9,951    $ 11,817   
Income Per Share of Common Stock      
Basic $ 0.40    $ 0.60    $ 1.02    $ 1.16   
Diluted $ 0.40    $ 0.60    $ 1.02    $ 1.16   
Weighted-Average Number of Common Shares Outstanding      
Basic 9,768,227    10,148,285    9,798,528    10,182,770   
Diluted 9,768,227    10,148,285    9,802,427    10,186,833   
Dividends Declared Per Share $ 0.06    $ 0.06    $ 0.12    $ 0.12   

See Notes to Condensed Consolidated Financial Statements
2


First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income – Unaudited
(Amounts in thousands)
  Three Months Ended June 30, Six Months Ended June 30,
  2020 2019 2020 2019
Net income $ 3,932    $ 6,121    $ 9,951    $ 11,817   
Other comprehensive (loss) income
Net unrealized holding (losses) gains on securities available-for-sale recorded within other comprehensive (loss) income before income tax (1,498)   3,667    4,801    10,577   
Reclassification adjustment for gains (losses) realized —    458    (41)   458   
Net unrealized holding losses on cash flow hedging derivatives recorded within other comprehensive (loss) income before tax (509)   (5,892)   (13,967)   (9,464)  
Other comprehensive (loss) income before income tax (2,007)   (1,767)   (9,207)   1,571   
Income tax (benefit) provision (735)   (357)   (2,260)   608   
Other comprehensive (loss) income (1,272)   (1,410)   (6,947)   963   
Comprehensive income $ 2,660    $ 4,711    $ 3,004    $ 12,780   
 
 See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Six Months Ended June 30, 2020 and 2019
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, January 1, 2020 $ 219,423    $ 99,681    $ (14,191)   $ 304,913   
Net income —    9,951    —    9,951   
Other comprehensive loss —    —    (6,947)   (6,947)  
Dividends declared ($0.12 per share) —    (1,201)   —    (1,201)  
Recognition of the fair value of share-based compensation 1,073    —    —    1,073   
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units 15    —    —    15   
Common stock redeemed for the net settlement of share-based awards (93)   —    —    (93)  
Balance, June 30, 2020 $ 220,418    $ 108,431    $ (21,138)   $ 307,711   
Balance, January 1, 2019 $ 227,587    $ 77,689    $ (16,541)   $ 288,735   
Impact of adoption of new accounting standards (1)
—    (821)   —    (821)  
Net income —    11,817    —    11,817   
Other comprehensive income —    —    963    963   
Dividends declared ($0.12 per share) —    (1,231)   —    (1,231)  
Recognition of the fair value of share-based compensation 862    —    —    862   
Repurchase of common stock (4,133)   (4,133)  
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units 22    —    —    22   
Common stock redeemed for the net settlement of share-based awards (94)   —    —    (94)  
Balance, June 30, 2019 $ 224,244    $ 87,454    $ (15,578)   $ 296,120   

(1) Represents the impact of adopting Accounting Standards Update (“ASU”) 2017-08.

See Notes to Condensed Consolidated Financial Statements
3



First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended June 30, 2020 and 2019
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, April 1, 2020 $ 219,893    $ 105,100    $ (19,866)   $ 305,127   
Net income —    3,932    —    3,932   
Other comprehensive loss —    —    (1,272)   (1,272)  
Dividends declared ($0.06 per share) —    (601)   —    (601)  
Recognition of the fair value of share-based compensation 517    —    —    517   
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units   —    —     
Balance, June 30, 2020 $ 220,418    $ 108,431    $ (21,138)   $ 307,711   
Balance, April 1, 2019 $ 226,235    $ 81,946    $ (14,168)   $ 294,013   
Net income —    6,121    —    6,121   
Other comprehensive loss —    —    (1,410)   (1,410)  
Dividends declared ($0.06 per share) —    (613)   —    (613)  
Recognition of the fair value of share-based compensation 383    —    —    383   
Repurchase of common stock (2,387)   (2,387)  
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units 13    —    —    13   
Balance, June 30, 2019 $ 224,244    $ 87,454    $ (15,578)   $ 296,120   

See Notes to Condensed Consolidated Financial Statements





4


First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands)
  Six Months Ended June 30,
  2020 2019
Operating Activities    
Net income $ 9,951    $ 11,817   
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,515    3,747   
Increase in cash surrender value of bank-owned life insurance (472)   (468)  
Provision for loan losses 3,952    2,674   
Share-based compensation expense 1,073    862   
Loss on other-than-temporary impairment of securities —    —   
(Loss) gain on sale of available-for-sale securities (41)   458   
Loans originated for sale (427,323)   (220,266)  
Proceeds from sale of loans 454,737    211,432   
Gain on loans sold (11,069)   (3,128)  
Gain on sale of other real estate owned —    —   
Decrease (increase) in fair value of loans held-for-sale 939    (352)  
Loss (gain) on derivatives 377    (553)  
Settlement of derivatives (46,109)   —   
Net change in servicing asset (41)   —   
Amortization of operating lease right-of-use assets 360    353   
Net change in accrued income and other assets (2,221)   (44,383)  
Net change in accrued expenses and other liabilities (1,840)   4,476   
Net cash used in operating activities (14,212)   (33,331)  
Investing Activities
Net loan activity, excluding purchases (18,907)   (153,259)  
Maturities and calls of securities available-for-sale 74,828    30,950   
Proceeds from sale of securities available-for-sale 795    30,137   
Purchase of securities available-for-sale (116,993)   (76,834)  
Purchase of securities held-to-maturity (2,000)   (13,116)  
Purchase of Federal Home Loan Bank of Indianapolis stock —    (2,025)  
Purchase of premises and equipment (10,580)   (2,852)  
Loans purchased (172,250)   (159,068)  
Net proceeds from sale of portfolio loans 205,023    184,095   
Net cash used in investing activities (40,084)   (161,972)  
Financing Activities
Net increase in deposits 226,826    334,912   
Short-term borrowings —    —   
Cash dividends paid (1,179)   (1,214)  
Net proceeds from issuance of subordinated debt —    35,418   
Repurchase of common stock —    (4,133)  
Proceeds from advances from Federal Home Loan Bank 220,000    375,000   
Repayment of advances from Federal Home Loan Bank (220,000)   (385,000)  
Other, net (93)   (94)  
Net cash provided by financing activities 225,554    354,889   
Net Increase in Cash and Cash Equivalents 171,258    159,586   
Cash and Cash Equivalents, Beginning of Period 327,361    188,712   
Cash and Cash Equivalents, End of Period $ 498,619    $ 348,298   
Supplemental Disclosures
Initial recognition of right-of-use asset $ —    $ 2,096   
Initial recognition of operating lease liabilities —    2,096   
Cash paid during the period for interest 43,716    37,672   
Cash paid during the period for taxes 91    1,793   
Loans transferred to other real estate owned —    —   
Loans transferred to held-for-sale from portfolio 204,258    184,021   
Cash dividends declared, paid in subsequent period 588    601   
Securities purchased during the period, settled in subsequent period —    14,247   
Transfer of available-for-sale municipal securities to held-to-maturity municipal securities 4,479    —   
See Notes to Condensed Consolidated Financial Statements
5


First Internet Bancorp
Notes to Condensed Consolidated Financial Statements – Unaudited
(Table amounts in thousands except share and per share data)
  
Note 1:  Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the year ending December 31, 2020 or any other period. The June 30, 2020 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the First Internet Bancorp Annual Report on Form 10-K for the year ended December 31, 2019.
 
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, or assumptions that could have a material effect on the carrying value of certain assets and liabilities. These estimates, judgments, and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided. The determination of the allowance for loan losses, valuations and impairments of investment securities, valuation of the servicing asset and the accounting for income tax expense are highly dependent upon management’s estimates, judgments, and assumptions, and changes in any of these could have a significant impact on the condensed consolidated financial statements.

The condensed consolidated financial statements include the accounts of First Internet Bancorp (the “Company”), its wholly owned subsidiary, First Internet Bank of Indiana (the “Bank”), and the Bank’s three wholly owned subsidiaries, First Internet Public Finance Corp., JKH Realty Services, LLC and SPF15, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
 
The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company.
 
Certain reclassifications have been made to the 2019 financial statements to conform to the presentation of the 2020 financial statements. These reclassifications had no effect on net income.



        



6


Note 2:  Earnings Per Share
 
Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.
 
The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three and six months ended June 30, 2020 and 2019. 
(dollars in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,
  2020 2019 2020 2019
Basic earnings per share    
Net income $ 3,932    $ 6,121    $ 9,951    $ 11,817   
Weighted-average common shares 9,768,227    10,148,285    9,798,528    10,182,770   
Basic earnings per common share $ 0.40    $ 0.60    $ 1.02    $ 1.16   
Diluted earnings per share        
Net income $ 3,932    $ 6,121    $ 9,951    $ 11,817   
Weighted-average common shares 9,768,227    10,148,285    9,798,528    10,182,770   
Dilutive effect of equity compensation —    —    3,899    4,063   
     Weighted-average common and incremental shares 9,768,227    10,148,285    9,802,427    10,186,833   
Diluted earnings per common share (1)
$ 0.40    $ 0.60    $ 1.02    $ 1.16   
(1) Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 79,893 and 29,606 for the three and six months ended June 30, 2020, respectively and 30,250 and 23,305 for the three and six months ended June 30, 2019, respectively.
  
Note 3:   Securities
 
The following tables summarize securities available-for-sale and securities held-to-maturity as of June 30, 2020 and December 31, 2019.
  June 30, 2020
  Amortized Gross Unrealized Fair
(in thousands) Cost Gains Losses Value
Securities available-for-sale        
U.S. Government-sponsored agencies $ 68,203    $ 384    $ (2,043)   $ 66,544   
Municipal securities 91,906    3,140    (4,484)   90,562   
Agency mortgage-backed securities
275,433    6,632    (3,535)   278,530   
Private label mortgage-backed securities
101,110    1,044    (229)   101,925   
Asset-backed securities
5,000    —    (163)   4,837   
Corporate securities 48,394    309    (2,084)   46,619   
Total available-for-sale $ 590,046    $ 11,509    $ (12,538)   $ 589,017   

  June 30, 2020
  Amortized Gross Unrealized Fair
(in thousands) Cost Gains Losses Value
Securities held-to-maturity        
Municipal securities $ 14,603    $ 671    $ —    $ 15,274   
Corporate securities 53,692    768    (582)   53,878   
Total held-to-maturity $ 68,295    $ 1,439    $ (582)   $ 69,152   
7


  December 31, 2019
  Amortized Gross Unrealized Fair
(in thousands) Cost Gains Losses Value
Securities available-for-sale        
U.S. Government-sponsored agencies $ 77,715    $ 99    $ (1,942)   $ 75,872   
Municipal securities 97,447    1,706    (1,501)   97,652   
Agency mortgage-backed securities
264,142    1,304    (4,006)   261,440   
Private label mortgage-backed securities
63,704    97    (188)   63,613   
Asset-backed securities
5,000    —    (45)   4,955   
Corporate securities 38,632    220    (1,532)   37,320   
Total available-for-sale $ 546,640    $ 3,426    $ (9,214)   $ 540,852   

  December 31, 2019
  Amortized Gross Unrealized Fair
(in thousands) Cost Gains Losses Value
Securities held-to-maturity        
Municipal securities $ 10,142    $ 226    $ —    $ 10,368   
Corporate securities 51,736    588    (132)   52,192   
Total held-to-maturity $ 61,878    $ 814    $ (132)   $ 62,560   

The Company elected to transfer ten available-for-sale (“AFS”) securities with an aggregate fair value of $4.5 million to a classification of held-to-maturity (“HTM”) on March 1, 2020. The net unrealized holding gain of $0.1 million, net of tax, as the date of the transfer was retained in accumulated other comprehensive loss, with the associated pretax amount retained in the carrying value of the HTM securities. Such amounts will be amortized to interest income over the remaining life of the securities. The fair value of the transferred AFS securities became the book value of the HTM securities as of March 1, 2020, with no unrealized gain or loss at that date.

The carrying value of securities at June 30, 2020 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
  Available-for-Sale
(in thousands) Amortized
Cost
Fair
Value
Within one year $ 15    $ 15   
One to five years 30,141    25,364   
Five to ten years 82,174    79,991   
After ten years 96,173    98,355   
  208,503    203,725   
Agency mortgage-backed securities 275,433    278,530   
Private label mortgage-backed securities 101,110    101,925   
Asset-backed securities 5,000    4,837   
Total $ 590,046    $ 589,017   

  Held-to-Maturity
(in thousands) Amortized
Cost
Fair
Value
One to five years $ 1,505    $ 1,557   
Five to ten years 54,272    54,642   
After ten years 12,518    12,953   
Total $ 68,295    $ 69,152   
There were no gross gains or losses resulting from sales of available-for-sale securities during the three months ended June 30, 2020 and gross gains of less than $0.1 million resulting from the sales of available-for-sale securities during the
8


six months ended June 30, 2020. There were $0.5 million of gross losses resulting from sales of available-for-sale securities during the three and six months ended June 30, 2019.

Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at June 30, 2020 and December 31, 2019 was $237.5 million and $317.5 million, which was approximately 36% and 53%, respectively, of the Company’s available-for-sale and held-to-maturity securities portfolios. These declines resulted primarily from fluctuations in market interest rates after purchase. Management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced, with the resulting loss recognized in net income in the period the other-than-temporary impairment (“OTTI”) is identified.

U. S. Government-Sponsored Agencies, Municipal Securities and Corporate Securities

The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be upon maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2020.
 
Agency Mortgage-Backed, Private Label Mortgage-Backed and Asset-Backed Securities
 
The unrealized losses on the Company’s investments in agency mortgage-backed, private label mortgage-backed and asset-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost bases over the term of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be upon maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2020.

The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2020 and December 31, 2019.
  June 30, 2020
  Less Than 12 Months 12 Months or Longer Total
(in thousands) Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities available-for-sale            
U.S. Government-sponsored agencies $ 1,195    $ (15)   $ 56,494    $ (2,028)   $ 57,689    $ (2,043)  
Municipal securities 61,167    (4,484)   —    —    61,167    (4,484)  
Agency mortgage-backed securities
22,419    (391)   10,727    (3,144)   33,146    (3,535)  
Private label mortgage-backed securities
21,781    (160)   2,777    (69)   24,558    (229)  
Asset-backed securities
—    —    4,837    (163)   4,837    (163)  
Corporate securities
12,512    (122)   20,038    (1,962)   32,550    (2,084)  
Total $ 119,074    $ (5,172)   $ 94,873    $ (7,366)   $ 213,947    $ (12,538)  

  June 30, 2020
  Less Than 12 Months 12 Months or Longer Total
(in thousands) Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities held-to-maturity            
Corporate securities $ 23,527    $ (582)   $ —    $ —    $ 23,527    $ (582)  
Total $ 23,527    $ (582)   $ —    $ —    $ 23,527    $ (582)  
 
9


  December 31, 2019
  Less Than 12 Months 12 Months or Longer Total
(in thousands) Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities available-for-sale            
U.S. Government-sponsored agencies $ 4,820    $ (61)   $ 62,182    $ (1,881)   $ 67,002    $ (1,942)  
Municipal securities 1,279    (1,501)   —    —    1,279    (1,501)  
Agency mortgage-backed securities
91,159    (829)   83,212    (3,177)   174,371    (4,006)  
Private label mortgage-backed securities
30,077    (180)   2,884    (8)   32,961    (188)  
Asset-backed securities
—    —    4,955    (45)   4,955    (45)  
Corporate securities
—    —    22,985    (1,532)   22,985    (1,532)  
Total $ 127,335    $ (2,571)   $ 176,218    $ (6,643)   $ 303,553    $ (9,214)  

  December 31, 2019
  Less Than 12 Months 12 Months or Longer Total
(in thousands) Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities held-to-maturity            
Corporate securities 13,977    (132)   —    —    13,977    (132)  
Total $ 13,977    $ (132)   $ —    $ —    $ 13,977    $ (132)  

Amounts reclassified from accumulated other comprehensive loss and the affected line items in the condensed consolidated statements of income during the three and six months ended June 30, 2020 and June 30, 2019 were as follows:

(in thousands)



Details About Accumulated Other Comprehensive Loss Components
Affected Line Item in the
Statements of Income
Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019
Realized gains (losses) on securities available-for-sale      
Gain (loss) realized in earnings $ —    $ 41    $ (458)   $ (458)   Gain (loss) on sale of securities
Total reclassified amount before tax —    41    (458)   (458)   Income Before Income Taxes
Tax expense (benefit) —    11    (124)   (124)   Income Tax Provision (Benefit)
Total reclassifications out of accumulated other comprehensive loss
$ —    $ 30    $ (334)   $ (334)   Net Income
10


Note 4:  Loans
 
Loan balances as of June 30, 2020 and December 31, 2019 are summarized in the table below. Categories of loans include:

(in thousands) June 30, 2020 December 31, 2019
Commercial loans    
Commercial and industrial $ 81,687    $ 96,420   
Owner-occupied commercial real estate(1)
86,897    86,726   
Investor commercial real estate 13,286    12,567   
Construction 77,591    60,274   
Single tenant lease financing 980,292    995,879   
Public finance 647,107    687,094   
Healthcare finance 380,956    300,612   
Small business lending(1)
118,526    46,945