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Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Securities Securities

Securities available-for-sale at December 31, 2019 and 2018 are as follows: 
 
December 31, 2019
 
December 31, 2018
 
Amortized
 
Unrealized
 
Fair
 
Amortized
 
Unrealized
 
Fair
 
Cost
 
Gains
 
Losses
 
Value
Cost
Gains
 
Losses
 
Value
U.S. Gov’t sponsored entities
$
124,189

 
$
2,924

 
$
(19
)
 
$
127,094

 
$
134,010

 
$
254

 
$
(1,570
)
 
$
132,694

State & political subdivisions
101,177

 
3,288

 
(102
)
 
104,363

 
134,662

 
1,942

 
(573
)
 
136,031

Residential & multi-family mortgage
273,404

 
4,117

 
(885
)
 
276,636

 
209,126

 
500

 
(3,573
)
 
206,053

Corporate notes & bonds
8,350

 
14

 
(282
)
 
8,082

 
12,356

 
22

 
(601
)
 
11,777

Pooled SBA
25,063

 
274

 
(163
)
 
25,174

 
30,163

 
135

 
(924
)
 
29,374

Other
1,020

 
0

 
(56
)
 
964

 
1,020

 
0

 
(86
)
 
934

Total
$
533,203

 
$
10,617

 
$
(1,507
)
 
$
542,313

 
$
521,337

 
$
2,853

 
$
(7,327
)
 
$
516,863



At December 31, 2019 and 2018, there were no holdings of securities by any one issuer, other than U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities, and the Corporation holds one commercial mortgage security that is private label.

Trading securities at December 31, 2019 and 2018 are as follows:
 
2019
 
2018
Corporate equity securities
$
7,946

 
$
5,828

Mutual Funds
807

 
1,058

Certificates of deposit
350

 
268

Corporate notes and bonds
655

 
581

U.S. Government sponsored entities
51

 
51

Total
$
9,809

 
$
7,786



Securities with unrealized losses at December 31, 2019 and 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:
December 31, 2019
Less than 12 Months
 
12 Months or More
 
Total
Description of Securities
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
U.S. Gov’t sponsored entities
$
7,040

 
$
(3
)
 
$
14,989

 
$
(16
)
 
$
22,029

 
$
(19
)
State & political subdivisions
826

 
(5
)
 
684

 
(97
)
 
1,510

 
(102
)
Residential & multi-family mortgage
41,841

 
(346
)
 
32,555

 
(539
)
 
74,396

 
(885
)
Corporate notes & bonds
0

 
0

 
4,718

 
(282
)
 
4,718

 
(282
)
Pooled SBA
8,560

 
(80
)
 
6,075

 
(83
)
 
14,635

 
(163
)
Other
0

 
0

 
964

 
(56
)
 
964

 
(56
)
 
$
58,267

 
$
(434
)
 
$
59,985

 
$
(1,073
)
 
$
118,252

 
$
(1,507
)
December 31, 2018
Less than 12 Months
 
12 Months or More
 
Total
Description of Securities
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
U.S. Gov’t sponsored entities
14,786

 
(41
)
 
70,676

 
(1,529
)
 
85,462

 
(1,570
)
State & political subdivisions
13,834

 
(62
)
 
21,080

 
(511
)
 
34,914

 
(573
)
Residential and multi-family mortgage
69,015

 
(656
)
 
87,286

 
(2,917
)
 
156,301

 
(3,573
)
Corporate notes & bonds
0

 
0

 
9,759

 
(601
)
 
9,759

 
(601
)
Pooled SBA
760

 
(7
)
 
20,795

 
(917
)
 
21,555

 
(924
)
Other
0

 
0

 
934

 
(86
)
 
934

 
(86
)
 
98,395

 
(766
)
 
210,530

 
(6,561
)
 
308,925

 
(7,327
)

The Corporation evaluates securities for other-than-temporary impairment on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation.

During 2017, two structured pooled trust preferred securities with an adjusted amortized cost of $800 were sold, resulting in a gain of $1,383.

A roll-forward of the other-than-temporary impairment amount related to credit losses for the years ended December 31, 2019, 2018, and 2017 is as follows:
 
2019
 
2018
 
2017
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period
$
0

 
$
0

 
$
2,071

Credit losses previously recognized on securities sold during the period
0

 
0

 
(2,071
)
Additional credit loss for which other-than-temporary impairment was not previously recognized
0

 
0

 
0

Additional credit loss for which other-than-temporary impairment was previously recognized
0

 
0

 
0

Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period
$
0

 
$
0

 
$
0



For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities for other-than-temporary impairment. For financial institution issuers, management monitors information from quarterly “call" report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed, as appropriate given the following considerations. When reviewing securities for other-than-temporary impairment, management considers the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Management also considers the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery.

As of December 31, 2019 and 2018, management concluded that the securities described in the previous paragraph were not other-than-temporarily impaired for the following reasons:
•
There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities.
•
All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received.

The Corporation does not intend to sell and it is not "more likely than not" that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis.

On December 31, 2019 and 2018, securities carried at $268,447 and $290,717, respectively, were pledged to secure public deposits and for other purposes as provided by law.

The following is a schedule of the contractual maturity of securities available for sale, excluding other securities, at December 31, 2019:
 
December 31, 2019
 
Amortized Cost
 
Fair Value
1 year or less
$
59,815

 
$
59,831

1 year – 5 years
104,134

 
106,084

5 years – 10 years
66,534

 
70,191

After 10 years
4,253

 
4,397

 
234,736

 
240,503

Residential and multi-family mortgage
273,404

 
276,636

Pooled SBA
25,063

 
25,174

Total debt securities
$
533,203

 
$
542,313



Mortgage securities and pooled SBA securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral.

Information pertaining to security sales is as follows:
Year ended December 31
Proceeds
 
Gross Gains
 
Gross Losses
2019
$
11,403

 
$
152

 
$
4

2018
0

 
0

 
0

2017
16,340

 
1,614

 
71



The tax provision related to these net realized gains at December 31, 2019, 2018 and 2017 was $31, $0, and $540, respectively.

During 2019, 2018, and 2017, the Corporation sold trading securities. Proceeds were $301 in 2019, $455 in 2018 and $1,091 in 2017, resulting in net realized gains of $16 in 2019, $151 in 2018, and $93 in 2017. During 2019, the Corporation sold Visa Class B shares. The proceeds and realized gain related to the sale of the Visa Class B shares were $463.