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Securities (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of Securities Available-for-Sale | 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, 2021 |  |  |  |  |  |  |  |  |  |
Obligations of State and Political Subdivisions |  | $ | 601,546 |  |  | $ | 24,849 |  |  | $ | (2,547) |  |  | $ | — |  |  | $ | 623,848 |
MBS/CMO |  | $ | 654,447 |  |  | $ | 7,873 |  |  | $ | (8,871) |  |  | $ | — |  |  | $ | 653,449 |
US Gov't Sponsored Entities & Agencies |  | 111,863 |  |  | — |  |  | (3,287) |  |  | — |  |  | 108,576 |
Total |  | $ | 1,367,856 |  |  | $ | 32,722 |  |  | $ | (14,705) |  |  | $ | — |  |  | $ | 1,385,873 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Obligations of State and Political Subdivisions |  | $ | 548,273 |  |  | $ | 33,077 |  |  | $ | (103) |  |  | $ | — |  |  | $ | 581,247 |
MBS/CMO |  | 535,526 |  |  | 12,806 |  |  | (25) |  |  | — |  |  | $ | 548,307 |
US Gov't Sponsored Entities & Agencies |  | 88,376 |  |  | 120 |  |  | (198) |  |  | — |  |  | $ | 88,298 |
Total |  | $ | 1,172,175 |  |  | $ | 46,003 |  |  | $ | (326) |  |  | $ | — |  |  | $ | 1,217,852 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of Securities at March 31, 2021 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 |  | $ | 5,739 |  |  | $ | 5,770 |
Due after one year through five years |  | 17,354 |  |  | 18,027 |
Due after five years through ten years |  | 66,272 |  |  | 70,572 |
Due after ten years |  | 512,181 |  |  | 529,479 |
MBS/CMO |  | 654,447 |  |  | 653,449 |
US Gov't Sponsored Entities & Agencies |  | 111,863 |  |  | 108,576 |
Total |  | $ | 1,367,856 |  |  | $ | 1,385,873 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below:
|  | Three Months Ended |  | Three Months Ended
|  | March 31, 2021 |  | March 31, 2020
Proceeds from Sales |  | $ | 51,370 |  |  | $ | 10,989 |
Gross Gains on Sales |  | 975 |  |  | 590 |
Income Taxes on Gross Gains |  | 205 |  |  | 127 |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of March 31, 2021 and December 31, 2020, 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, 2021 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Obligations of State and Political Subdivisions |  | $ | 155,320 |  |  | $ | (2,547) |  |  | $ | — |  |  | $ | — |  |  | $ | 155,320 |  |  | $ | (2,547) |
MBS/CMO |  | 405,387 |  |  | (8,871) |  |  | — |  |  | — |  |  | 405,387 |  |  | (8,871) |
US Gov't Sponsored Entities & Agencies |  | 108,576 |  |  | (3,287) |  |  | — |  |  | — |  |  | 108,576 |  |  | (3,287) |
Total |  | $ | 669,283 |  |  | $ | (14,705) |  |  | $ | — |  |  | $ | — |  |  | $ | 669,283 |  |  | $ | (14,705) |
|  | Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2020 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Obligations of State and Political Subdivisions |  | $ | 10,652 |  |  | $ | (103) |  |  | $ | — |  |  | $ | — |  |  | $ | 10,652 |  |  | $ | (103) |
MBS/CMO |  | 19,631 |  |  | (25) |  |  | — |  |  | — |  |  | 19,631 |  |  | (25) |
US Gov't Sponsored Entities & Agencies |  | 59,054 |  |  | (198) |  |  | — |  |  | — |  |  | 59,054 |  |  | (198) |
Total |  | $ | 89,337 |  |  | $ | (326) |  |  | $ | — |  |  | $ | — |  |  | $ | 89,337 |  |  | $ | (326) |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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