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Securities | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The fair value of securities is as follows:
| September 30, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 6,250 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 6,239 |
State and municipal | 651,256 |  |  | 27,978 |  |  | (775) |  |  | 678,459 |
Federal agency collateralized mortgage obligations | 180,628 |  |  | 5,222 |  |  | (1) |  |  | 185,849 |
Federal agency mortgage-backed pools | 127,802 |  |  | 4,670 |  |  | — |  |  | 132,472 |
Corporate notes | 10,877 |  |  | 1,447 |  |  | — |  |  | 12,324 |
Total available for sale investment securities | $ | 976,813 |  |  | $ | 39,317 |  |  | $ | (787) |  |  | $ | 1,015,343 |
Held to maturity |  |  |  |  |  |  |
State and municipal | $ | 165,858 |  |  | $ | 10,919 |  |  | $ | — |  |  | $ | 176,777 |
Federal agency collateralized mortgage obligations | 2,839 |  |  | 67 |  |  | — |  |  | 2,906 |
Federal agency mortgage-backed pools | 11,573 |  |  | 356 |  |  | — |  |  | 11,929 |
Total held to maturity investment securities | $ | 180,270 |  |  | $ | 11,342 |  |  | $ | — |  |  | $ | 191,612 |
| December 31, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 1,415 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 1,413 |
State and municipal | 396,931 |  |  | 11,288 |  |  | (2,451) |  |  | 405,768 |
Federal agency collateralized mortgage obligations | 267,272 |  |  | 2,543 |  |  | (563) |  |  | 269,252 |
Federal agency mortgage-backed pools | 145,623 |  |  | 1,207 |  |  | (258) |  |  | 146,572 |
Corporate notes | 10,848 |  |  | 923 |  |  | — |  |  | 11,771 |
Total available for sale investment securities | $ | 822,089 |  |  | $ | 15,961 |  |  | $ | (3,274) |  |  | $ | 834,776 |
Held to maturity |  |  |  |  |  |  |
State and municipal | $ | 190,767 |  |  | $ | 7,129 |  |  | $ | (54) |  |  | $ | 197,842 |
Federal agency collateralized mortgage obligations | 4,560 |  |  | 13 |  |  | (5) |  |  | 4,568 |
Federal agency mortgage-backed pools | 12,572 |  |  | 194 |  |  | (29) |  |  | 12,737 |
Total held to maturity investment securities | $ | 207,899 |  |  | $ | 7,336 |  |  | $ | (88) |  |  | $ | 215,147 |
Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio and held to maturity, Horizon intends, and has the ability, to hold them until the earlier of a recovery in fair value or maturity. The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| September 30, 2020 |  | December 31, 2019
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale |  |  |  |  |  |  |
Within one year | $ | 49,129 |  |  | $ | 49,088 |  |  | $ | 37,386 |  |  | $ | 37,321 |
One to five years | 49,766 |  |  | 51,201 |  |  | 41,230 |  |  | 41,293 |
Five to ten years | 112,483 |  |  | 121,648 |  |  | 117,004 |  |  | 122,145 |
After ten years | 457,005 |  |  | 475,085 |  |  | 213,574 |  |  | 218,193 |
| 668,383 |  |  | 697,022 |  |  | 409,194 |  |  | 418,952 |
Federal agency collateralized mortgage obligations | 180,628 |  |  | 185,849 |  |  | 267,272 |  |  | 269,252 |
Federal agency mortgage–backed pools | 127,802 |  |  | 132,472 |  |  | 145,623 |  |  | 146,572 |
Total available for sale investment securities | $ | 976,813 |  |  | $ | 1,015,343 |  |  | $ | 822,089 |  |  | $ | 834,776 |
Held to maturity |  |  |  |  |  |  |
Within one year | $ | 8,205 |  |  | $ | 8,245 |  |  | $ | 7,811 |  |  | $ | 7,874 |
One to five years | 46,090 |  |  | 47,750 |  |  | 56,037 |  |  | 57,048 |
Five to ten years | 85,339 |  |  | 91,579 |  |  | 94,756 |  |  | 98,480 |
After ten years | 26,224 |  |  | 29,203 |  |  | 32,163 |  |  | 34,440 |
| 165,858 |  |  | 176,777 |  |  | 190,767 |  |  | 197,842 |
Federal agency collateralized mortgage obligations | 2,839 |  |  | 2,906 |  |  | 4,560 |  |  | 4,568 |
Federal agency mortgage–backed pools | 11,573 |  |  | 11,929 |  |  | 12,572 |  |  | 12,737 |
Total held to maturity investment securities | $ | 180,270 |  |  | $ | 191,612 |  |  | $ | 207,899 |  |  | $ | 215,147 |
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| September 30, 2020
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Investment Securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 5,239 |  |  | $ | (11) |  |  | $ | — |  |  | $ | — |  |  | $ | 5,239 |  |  | $ | (11) |
State and municipal | 105,976 |  |  | (733) |  |  | 1,307 |  |  | (42) |  |  | 107,283 |  |  | (775) |
Federal agency collateralized mortgage obligations | 600 |  |  | (1) |  |  | — |  |  | — |  |  | 600 |  |  | (1) |
Total temporarily impaired securities | $ | 111,815 |  |  | $ | (745) |  |  | $ | 1,307 |  |  | $ | (42) |  |  | $ | 113,122 |  |  | $ | (787) |
| December 31, 2019
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Investment Securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 1,413 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,413 |  |  | $ | (2) |
State and municipal | 129,942 |  |  | (2,374) |  |  | 6,279 |  |  | (131) |  |  | 136,221 |  |  | (2,505) |
Federal agency collateralized mortgage obligations | 68,043 |  |  | (308) |  |  | 23,301 |  |  | (260) |  |  | 91,344 |  |  | (568) |
Federal agency mortgage–backed pools | 24,740 |  |  | (104) |  |  | 37,822 |  |  | (183) |  |  | 62,562 |  |  | (287) |
Total temporarily impaired securities | $ | 224,138 |  |  | $ | (2,788) |  |  | $ | 67,402 |  |  | $ | (574) |  |  | $ | 291,540 |  |  | $ | (3,362) |
Information regarding security proceeds, gross gains and gross losses are presented below.
| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales of securities available for sale |  |  |  |  |  |  |
Proceeds | $ | 17,012 |  |  | $ | — |  |  | $ | 54,194 |  |  | $ | 91,635 |
Gross gains | 1,094 |  |  | — |  |  | 1,731 |  |  | 158 |
Gross losses | (6) |  |  | — |  |  | (56) |  |  | (243) |

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