Investment Securities (Tables)

12 Months Ended

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