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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2020 and 2019 were as follows (in thousands):
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Fair Value |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies |  | $ | 127,067 |  |  | $ | 790 |  |  | $ | (788 | ) |  | $ | 127,069 |
Obligations of states and political subdivisions |  |  | 237,886 |  |  |  | 11,995 |  |  |  | (37 | ) |  |  | 249,844 |
Mortgage-backed securities: GSE residential |  |  | 479,470 |  |  |  | 12,038 |  |  |  | (160 | ) |  |  | 491,348 |
Other securities |  |  | 10,740 |  |  |  | 252 |  |  |  | (13 | ) |  |  | 10,979 |
Total available-for-sale |  | $ | 855,163 |  |  | $ | 25,075 |  |  | $ | (998 | ) |  | $ | 879,240 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies |  | $ | 5,016 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 5,119 |
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 |  |  | 3,751 |  |  |  | 6 |  |  |  | — |  |  |  | 3,757 |
Total available-for-sale |  | $ | 673,946 |  |  | $ | 12,279 |  |  | $ | (589 | ) |  | $ | 685,636 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies |  | $ | 69,542 |  |  | $ | 99 |  |  | $ | (69 | ) |  | $ | 69,572 |
Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense | Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2020, 2019 and 2018 (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Proceeds from sales |  | $ | 8,864 |  |  | $ | 60,900 |  |  | $ | 13,152 |
Gross gains |  |  | 1,132 |  |  |  | 875 |  |  |  | 941 |
Gross losses |  |  | (26 | ) |  |  | (73 | ) |  |  | (40 | )
Income tax expense |  |  | 321 |  |  |  | 233 |  |  |  | 261 |
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 December 31, 2020 and the weighted average yield for each range of maturities (in thousands):
|  | One |  |  | After 1 |  |  | After 5 |  |  |  |  |  |  |  |  |
|  | year or |  |  | through |  |  | through |  |  | After |  |  |  |  |
|  | less |  |  | 5 years |  |  | 10 years |  |  | ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 85,047 |  |  | $ | 30,206 |  |  | $ | 11,816 |  |  | $ | — |  |  | $ | 127,069 |
Obligations of state and political subdivisions |  |  | 29,972 |  |  |  | 71,906 |  |  |  | 144,237 |  |  |  | 3,729 |  |  |  | 249,844 |
Mortgage-backed securities: GSE residential |  |  | 50,930 |  |  |  | 295,989 |  |  |  | 144,429 |  |  |  | — |  |  |  | 491,348 |
Other securities |  |  | — |  |  |  | 10,979 |  |  |  | — |  |  |  | — |  |  |  | 10,979 |
Total investments |  | $ | 165,949 |  |  | $ | 409,080 |  |  | $ | 300,482 |  |  | $ | 3,729 |  |  | $ | 879,240 |
Weighted average yield |  |  | 1.94 | % |  |  | 2.30 | % |  |  | 1.85 | % |  |  | 2.96 | % |  |  | 2.08 | %
Full tax-equivalent yield |  |  | 2.14 | % |  |  | 2.49 | % |  |  | 2.25 | % |  |  | 3.95 | % |  |  | 2.35 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | — |  |  | $ | 5,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,016 |
Weighted average yield |  |  | — | % |  |  | 2.06 | % |  |  | — | % |  |  | — | % |  |  | 2.06 | %
Full tax-equivalent yield |  |  | — | % |  |  | 2.06 | % |  |  | — | % |  |  | — | % |  |  | 2.06 | %
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 December 31, 2020 and 2019 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 59,211 |  |  | $ | (788 | ) |  | $ | — |  |  | $ | — |  |  | $ | 59,211 |  |  | $ | (788 | )
Obligations of states and political subdivisions |  |  | 5,380 |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | 5,380 |  |  |  | (37 | )
Mortgage-backed securities: GSE residential |  |  | 57,609 |  |  |  | (160 | ) |  |  | 2,377 |  |  |  | — |  |  |  | 59,986 |  |  |  | (160 | )
Other securities |  |  | 3,977 |  |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | 3,977 |  |  |  | (13 | )
Total |  | $ | 126,177 |  |  | $ | (998 | ) |  | $ | 2,377 |  |  | $ | — |  |  | $ | 128,554 |  |  | $ | (998 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 | )
Maturities of Investment Securities | Maturities of investment securities were as follows at December 31, 2020 (in thousands):
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 115,134 |  |  | $ | 115,019 |
Due after one-five years |  |  | 108,899 |  |  |  | 113,091 |
Due after five-ten years |  |  | 148,294 |  |  |  | 156,053 |
Due after ten years |  |  | 3,366 |  |  |  | 3,729 |
|  |  | 375,693 |  |  |  | 387,892 |
Mortgage-backed securities: GSE residential |  |  | 479,470 |  |  |  | 491,348 |
Total available-for-sale |  |  | 855,163 |  |  |  | 879,240 |
Held-to-maturity: |  |  |  |  |  |  |  |
Due in one year or less |  |  | — |  |  |  | — |
Due after one-five years |  |  | 5,016 |  |  |  | 5,119 |
Total held-to-maturity |  | $ | 5,016 |  |  | $ | 5,119 |

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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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