Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments Debt And Equity Securities [Abstract]

Available for Sale and Held for Maturity Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2020 and December 31, 2019 were as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
June 30, 2020
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	73,000	$	899	$	—		$	73,899
Obligations of states and political subdivisions		191,120		9,593		(16	)		200,697
Mortgage-backed securities: GSE residential		412,175		13,549		(50	)		425,674
Other securities		7,756		160		(28	)		7,888
Total available-for-sale	$	684,051	$	24,201	$	(94	)	$	708,158
Held-to-maturity:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	15,009	$	207	$	—		$	15,216
December 31, 2019
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	106,428	$	952	$	(60	)	$	107,320
Obligations of states and political subdivisions		172,460		5,990		(17	)		178,433
Mortgage-backed securities: GSE residential		391,307		5,331		(512	)		396,126
Other securities		3,750		7		—			3,757
Total available-for-sale	$	673,945	$	12,280	$	(589	)	$	685,636
Held-to-maturity:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	69,542	$	99	$	(69	)	$	69,572

Realized Gains and Losses From Sale of Securities

Realized gains and losses resulting from sales of securities were as follows during the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three months ended June 30,					Six months ended June 30,
	2020		2019			2020		2019
Gross gains	$	287	$	230		$	818	$	314
Gross losses		—		(12	)		—		(42	)

Investments Classified by Contractual Maturity Date

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at June 30, 2020 and the weighted average yield for each range of maturities (dollars in thousands):

	One year or less			After 1 through 5 years			After 5 through 10 years			After ten years			Total
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	46,263		$	15,852		$	11,784		$	—		$	73,899
Obligations of state and political subdivisions		32,878			73,456			93,298			1,065			200,697
Mortgage-backed securities: GSE residential		61,458			321,315			42,901			—			425,674
Other securities		—			6,842			1,046			0			7,888
Total available-for-sale investments	$	140,599		$	417,465		$	149,029		$	1,065		$	708,158
Weighted average yield		2.34	%		2.59	%		2.41	%		3.68	%		2.50	%
Full tax-equivalent yield		2.60	%		2.78	%		3.05	%		4.99	%		2.79	%
Held to Maturity:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	9,985		$	5,024		$	—		$	—		$	15,009
Weighted average yield		2.33	%		2.06	%		—	%		—	%		2.24	%
Full tax-equivalent yield		2.33	%		2.06	%		—	%		—	%		2.24	%

Fair Value of Investments with Sustained Gross Unrealized Losses

The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2020 and December 31, 2019 (in thousands):

	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2020
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—		$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		6,519		(16	)		—		—			6,519		(16	)
Mortgage-backed securities: GSE residential		146		(2	)		15,276		(48	)		15,422		(50	)
Other securities		1,722		(28	)		—		—			1,722		(28	)
Total	$	8,387	$	(46	)	$	15,276	$	(48	)	$	23,663	$	(94	)
December 31, 2019
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	23,375	$	(60	)	$	—	$	—		$	23,375	$	(60	)
Obligations of states and political subdivisions		3,469		(16	)		347		(1	)		3,816		(17	)
Mortgage-backed securities: GSE residential		67,080		(322	)		20,888		(190	)		87,968		(512	)
Total	$	93,924	$	(398	)	$	21,235	$	(191	)	$	115,159	$	(589	)
Held-to-maturity:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	14,996	$	(25	)	$	24,565	$	(44	)	$	39,561	$	(69	)