Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows:



Securities Available-for-Sale:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value

March 31, 2020
Obligations of State and Political Subdivisions	$	309,059	$	17,830	$	(25	)	$	—	$	326,864
MBS/CMO	529,864		19,059		—			—		548,923
Total	$	838,923	$	36,889	$	(25	)	$	—	$	875,787

December 31, 2019
Obligations of State and Political Subdivisions	$	307,943	$	16,366	$	(9	)	$	—	$	324,300
MBS/CMO	526,907		5,414		(1,796		)	—		530,525
Total	$	834,850	$	21,780	$	(1,805	)	$	—	$	854,825

All mortgage-backed securities in the above table (identified above and throughout this Note 4 as "MBS/CMO") are residential and multi-family mortgage-backed securities and guaranteed by government sponsored entities.

The amortized cost and fair value of Securities at March 31, 2020 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed Securities are not due at a single maturity date and are shown separately.



Securities Available-for-Sale:	Amortized Cost		Fair Value

Due in one year or less	$	3,374	$	3,378
Due after one year through five years	19,203		19,593
Due after five years through ten years	64,814		68,114
Due after ten years	221,668		235,779
MBS/CMO	529,864		548,923
Total	$	838,923	$	875,787

Proceeds from the Sales of Securities are summarized below:



	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019

Proceeds from Sales	$	10,989	$	11,815
Gross Gains on Sales	590		155
Income Taxes on Gross Gains	127		33

The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $249,761 and $245,664 as of March 31, 2020 and December 31, 2019, respectively.

Below is a summary of securities with unrealized losses as of March 31, 2020 and December 31, 2019, presented by length of time the securities have been in a continuous unrealized loss position:



	Less than 12 Months					12 Months or More				Total
March 31, 2020	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Obligations of State and Political Subdivisions	$	2,697	$	(25	)	$	—	$	—	$	2,697	$	(25	)
MBS/CMO	—		—			—		—		—		—
Total	$	2,697	$	(25	)	$	—	$	—	$	2,697	$	(25	)



	Less than 12 Months					12 Months or More					Total
December 31, 2019	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss

Obligations of State and Political Subdivisions	$	4,631	$	(9	)	$	—	$	—		$	4,631	$	(9	)
MBS/CMO	89,267		(241		)	155,989		(1,555		)	245,256		(1,796		)
Total	$	93,898	$	(250	)	$	155,989	$	(1,555	)	$	249,887	$	(1,805	)

Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for-sale debt securities in an unrealized loss position, the Company assesses whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for sale debt securities that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale debt securities was needed at March 31, 2020. Accrued interest receivable on available-for-sale debt securities totaled $4,434 at March 31, 2020 and is excluded from the estimate of credit losses.

The Company's equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at March 31, 2020 and December 31, 2019. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company's equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At March 31, 2020, there was no additional impairment recognized through earnings.