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Investment Securities | 12 Months Ended
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Dec. 31, 2020
Investments Debt And Equity Securities [Abstract] |
Investment Securities | Note 4 -- Investment 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 |
The Company also had $218,000 and $412,000 of equity securities, at fair value, as of December 31, 2020 and 2019, respectively. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of December 31, 2020, the Company did not record an allowance for credit losses on its held-to-maturity securities. 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 |
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 | %
The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax- equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at December 31, 2020. Investment securities carried at approximately $531 million and $688 million at December 31, 2020 and 2019, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. 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 | )
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At December 31, 2020 and 2019, there were no available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more. At December 31, 2020 there were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more. At December 31, 2019 there were four held-to maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $24,565,000 and unrealized losses of $44,000 in a continuous unrealized loss position for twelve months or more. Obligations of states and political subdivisions. At December 31, 2020 there were no obligations of states and political subdivisions in a continuous unrealized loss position for twelve months or more. At December 31, 2019, there was one obligation of states and political subdivisions with a fair value of $347,000 and unrealized losses of $1,000 in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At December 31, 2020 there were two mortgage-backed securities with a fair value of $2,377,000 and unrealized losses of $0 in a continuous unrealized loss position for twelve months or more. At December 31, 2019, there were fourteen mortgage-backed security with a fair value of $20,888,000 and unrealized losses of $190,000 in a continuous unrealized loss position for twelve months or more. Other-than-temporary Impairment Upon acquisition of a security, the Company determines whether it is within the scope of the accounting guidance for investments in debt and equity securities or whether it must be evaluated for impairment under the accounting guidance for beneficial interests in securitized financial assets. 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 |
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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