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SECURITIES | 12 Months Ended
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Dec. 31, 2020
SECURITIES |
SECURITIES | NOTE 2 – SECURITIES Information related to the fair value and amortized cost of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income at December 31 is provided in the tables below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(dollars in thousands) |  | Cost |  | Gain |  | Losses |  | Value
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government sponsored agencies |  | $ | 36,492 |  | $ | 56 |  | $ | (61) |  | $ | 36,487
Mortgage-backed securities: residential | ​ | ​ | 270,231 | ​ | ​ | 9,289 | ​ | ​ | (17) | ​ | ​ | 279,503
Mortgage-backed securities: commercial | ​ |  | 35,877 | ​ | ​ | 1,004 | ​ | ​ | — | ​ | ​ | 36,881
State and municipal securities | ​ |  | 355,306 | ​ | ​ | 26,696 | ​ | ​ | (28) | ​ | ​ | 381,974
Total | ​ | $ | 697,906 | ​ | $ | 37,045 | ​ | $ | (106) | ​ | $ | 734,845
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Mortgage-backed securities: residential | ​ | $ | 283,817 | ​ | $ | 4,751 | ​ | $ | (387) | ​ | $ | 288,181
Mortgage-backed securities: commercial | ​ |  | 36,712 | ​ | ​ | 262 | ​ | ​ | (2) | ​ | ​ | 36,972
State and municipal securities | ​ |  | 270,480 | ​ | ​ | 12,828 | ​ | ​ | (228) | ​ | ​ | 283,080
Total | ​ | $ | 591,009 | ​ | $ | 17,841 | ​ | $ | (617) | ​ | $ | 608,233
​ Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of December 31, 2020, is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without prepayment penalty. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
(dollars in thousands) |  | Cost |  | Value
Due in one year or less | ​ | $ | 2,164 | ​ | $ | 2,175
Due after one year through five years | ​ |  | 11,543 | ​ | ​ | 11,850
Due after five years through ten years | ​ |  | 35,829 | ​ | ​ | 37,960
Due after ten years | ​ |  | 342,262 | ​ | ​ | 366,476
​ | ​ |  | 391,798 | ​ | ​ | 418,461
Mortgage-backed securities | ​ |  | 306,108 | ​ | ​ | 316,384
Total debt securities | ​ | $ | 697,906 | ​ | $ | 734,845
​ Security proceeds, gross gains and gross losses for 2020, 2019 and 2018 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Sales of securities available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds | ​ | $ | 8,018 | ​ | $ | 57,114 | ​ | $ | 15,302
Gross gains | ​ |  | 433 | ​ |  | 279 | ​ |  | 21
Gross losses | ​ |  | — | ​ |  | (137) | ​ |  | (71)
Number of securities | ​ |  | 17 | ​ |  | 46 | ​ |  | 29
​ Securities with carrying values of $382.7 million and $59.3 million were pledged as of December 31, 2020 and 2019, respectively, as collateral for borrowings from the FHLB and Federal Reserve Bank and for other purposes as permitted or required by law. Information regarding securities with unrealized losses as of December 31, 2020 and 2019, is presented below. The tables distribute the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
(dollars in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
2020 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. government sponsored agencies | ​ | $ | 19,800 | ​ | $ | 61 | ​ | $ | — | ​ | $ | — | ​ | $ | 19,800 | ​ | $ | 61
Mortgage-backed securities: residential | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 3,112 | ​ | ​ | 17 | ​ | ​ | 3,115 | ​ | ​ | 17
Mortgage-backed securities: commercial | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
State and municipal securities | ​ |  | 6,921 | ​ | ​ | 28 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,921 | ​ | ​ | 28
Total temporarily impaired | ​ | $ | 26,724 | ​ | $ | 89 | ​ | $ | 3,112 | ​ | $ | 17 | ​ | $ | 29,836 | ​ | $ | 106
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Mortgage-backed securities: residential | ​ | $ | 23,436 | ​ | $ | 112 | ​ | $ | 14,174 | ​ | $ | 275 | ​ | $ | 37,610 | ​ | $ | 387
Mortgage-backed securities: commercial | ​ |  | 4,591 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,591 | ​ | ​ | 2
State and municipal securities | ​ |  | 14,188 | ​ | ​ | 228 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,188 | ​ | ​ | 228
Total temporarily impaired | ​ | $ | 42,215 | ​ | $ | 342 | ​ | $ | 14,174 | ​ | $ | 275 | ​ | $ | 56,389 | ​ | $ | 617
​ ​ NOTE 2 – SECURITIES (continued) The number of securities with unrealized losses as of December 31, 2020 and 2019 is presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than | ​ | 12 months | ​ | ​
​ |  | 12 months |  | or more |  | Total
2020 |  |  |  |  | ​ | ​
U.S. government sponsored agencies | ​ | 3 | ​ | — | ​ | 3
Mortgage-backed securities: residential |  | 2 | ​ | 1 | ​ | 3
Mortgage-backed securities: commercial |  | — | ​ | — | ​ | —
State and municipal securities |  | 2 | ​ | — | ​ | 2
Total temporarily impaired |  | 7 | ​ | 1 | ​ | 8
​ | ​ | ​ | ​ | ​ | ​ | ​
2019 |  |  |  |  | ​ | ​
Mortgage-backed securities: residential |  | 7 | ​ | 6 | ​ | 13
Mortgage-backed securities: commercial |  | 1 | ​ | — | ​ | 1
State and municipal securities |  | 11 | ​ | — | ​ | 11
Total temporarily impaired |  | 19 | ​ | 6 | ​ | 25
​ There were no debt securities with credit losses recognized in income during 2020, 2019 or 2018. Ninety-nine percent of the securities are backed by the U.S. government, government agencies, government sponsored agencies or are rated above investment grade, except for certain non-local or local municipal securities, which are not rated. For the government, government agencies, government-sponsored agencies and municipal securities, based on credit risk monitoring of municipal securities portfolio, management did not have concerns of credit losses and there was nothing to indicate that full principal will not be received. Management considered any unrealized losses on these securities to be primarily interest rate driven and does not expect material losses given current market conditions unless the securities are sold. However, at this time management does not have the intent to sell and it is more likely than not that it will not be required to sell these securities before the recovery of their amortized cost basis. The Company does not have a history of actively trading securities, but keeps the securities available-for-sale should liquidity for interest rate risk management or other needs develop that would warrant the sale of securities. While these securities are held in the available-for-sale portfolio, it is management’s current intent and ability to hold them until a recovery in fair value or maturity.

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