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MARKETABLE SECURITIES | 6 Months Ended
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Jun. 30, 2019
Investments Debt And Equity Securities [Abstract] |
MARKETABLE SECURITIES | NOTE 3 - MARKETABLE SECURITIES The following tables summarize the amortized cost and fair value of securities available for sale and securities held to maturity as of June 30, 2019 and December 31, 2018 and the corresponding amounts of gross unrealized gains and losses:
June 30, 2019 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 19,705 |  |  | $ | 387 |  |  | $ | — |  |  | $ | 20,092 |
Municipal securities |  |  | 15,706 |  |  |  | 426 |  |  |  | — |  |  |  | 16,132 |
Mortgage-backed securities |  |  | 91,782 |  |  |  | 595 |  |  |  | 1,098 |  |  |  | 91,279 |
Collateralized mortgage obligations |  |  | 100,007 |  |  |  | 1,241 |  |  |  | 37 |  |  |  | 101,211 |
Total available for sale |  | $ | 227,200 |  |  | $ | 2,649 |  |  | $ | 1,135 |  |  | $ | 228,714 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 139,840 |  |  | $ | 4,022 |  |  | $ | 45 |  |  | $ | 143,817 |
Mortgage-backed securities |  |  | 15,832 |  |  |  | 163 |  |  |  | 187 |  |  |  | 15,808 |
Collateralized mortgage obligations |  |  | 3,243 |  |  |  | 104 |  |  |  | — |  |  |  | 3,347 |
Total held to maturity |  | $ | 158,915 |  |  | $ | 4,289 |  |  | $ | 232 |  |  | $ | 162,972 |
December 31, 2018 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 19,743 |  |  | $ | — |  |  | $ | 789 |  |  | $ | 18,954 |
Municipal securities |  |  | 15,778 |  |  |  | 75 |  |  |  | 260 |  |  |  | 15,593 |
Mortgage-backed securities |  |  | 93,083 |  |  |  | 52 |  |  |  | 3,676 |  |  |  | 89,459 |
Collateralized mortgage obligations |  |  | 111,341 |  |  |  | — |  |  |  | 2,372 |  |  |  | 108,969 |
Total available for sale |  | $ | 239,945 |  |  | $ | 127 |  |  | $ | 7,097 |  |  | $ | 232,975 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 141,942 |  |  | $ | 1,156 |  |  | $ | 1,094 |  |  | $ | 142,004 |
Mortgage-backed securities |  |  | 17,163 |  |  |  | 54 |  |  |  | 500 |  |  |  | 16,717 |
Collateralized mortgage obligations |  |  | 4,059 |  |  |  | 48 |  |  |  | 28 |  |  |  | 4,079 |
Total held to maturity |  | $ | 163,164 |  |  | $ | 1,258 |  |  | $ | 1,622 |  |  | $ | 162,800 |
Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company did not record any OTTI losses on any of its securities during the six months ended June 30, 2019 or for the year ended December 31, 2018. Information pertaining to securities with gross unrealized losses as of June 30, 2019 and December 31, 2018 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
June 30, 2019 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Municipal securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | (1,098 | ) |  |  | 69,896 |  |  |  | (1,098 | ) |  |  | 69,896 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | 3,314 |  |  |  | (37 | ) |  |  | 3,314 |
Total available for sale |  | $ | — |  |  | $ | — |  |  | $ | (1,135 | ) |  | $ | 73,210 |  |  | $ | (1,135 | ) |  | $ | 73,210 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | (2 | ) |  | $ | 920 |  |  | $ | (43 | ) |  | $ | 11,572 |  |  | $ | (45 | ) |  | $ | 12,492 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | (187 | ) |  |  | 11,742 |  |  |  | (187 | ) |  |  | 11,742 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total held to maturity |  | $ | (2 | ) |  | $ | 920 |  |  | $ | (230 | ) |  | $ | 23,314 |  |  | $ | (232 | ) |  | $ | 24,234 |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2018 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | (453 | ) |  | $ | 11,236 |  |  | $ | (336 | ) |  | $ | 7,718 |  |  | $ | (789 | ) |  | $ | 18,954 |
Municipal securities |  |  | (17 | ) |  |  | 2,219 |  |  |  | (243 | ) |  |  | 7,407 |  |  |  | (260 | ) |  |  | 9,626 |
Mortgage-backed securities |  |  | (89 | ) |  |  | 7,173 |  |  |  | (3,587 | ) |  |  | 76,717 |  |  |  | (3,676 | ) |  |  | 83,890 |
Collateralized mortgage obligations |  |  | (79 | ) |  |  | 9,232 |  |  |  | (2,293 | ) |  |  | 99,390 |  |  |  | (2,372 | ) |  |  | 108,622 |
Total available for sale |  | $ | (638 | ) |  | $ | 29,860 |  |  | $ | (6,459 | ) |  | $ | 191,232 |  |  | $ | (7,097 | ) |  | $ | 221,092 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | (512 | ) |  | $ | 55,793 |  |  | $ | (582 | ) |  | $ | 26,511 |  |  | $ | (1,094 | ) |  | $ | 82,304 |
Mortgage-backed securities |  |  | (21 | ) |  |  | 1,478 |  |  |  | (479 | ) |  |  | 12,317 |  |  |  | (500 | ) |  |  | 13,795 |
Collateralized mortgage obligations |  |  | (28 | ) |  |  | 2,171 |  |  |  | — |  |  |  | — |  |  |  | (28 | ) |  |  | 2,171 |
Total held to maturity |  | $ | (561 | ) |  | $ | 59,442 |  |  | $ | (1,061 | ) |  | $ | 38,828 |  |  | $ | (1,622 | ) |  | $ | 98,270 |
The number of investment positions in an unrealized loss position totaled 45 at June 30, 2019. The securities in a loss position were composed of tax-exempt municipal bonds, corporate bonds, collateralized mortgage obligations and mortgage backed securities. Management believes the unrealized loss on the remaining securities is a function of the movement of interest rates since the time of purchase. Based on evaluation of available evidence, including recent changes in interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment would be reduced and the resulting loss recognized in net income in the period the OTTI is identified. The Company 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. The Company does not consider these securities to be OTTI at June 30, 2019. Mortgage-backed securities and collateralized mortgage obligations are backed by pools of mortgages that are insured or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or the Government National Mortgage Association. As of June 30, 2019, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity. Securities with fair values of approximately $267,795 and $259,557 at June 30, 2019 and December 31, 2018, respectively, were pledged to secure public fund deposits and for other purposes as required or permitted by law. The proceeds from sales of available for sale securities and the associated gains and losses are listed below for the:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Proceeds from sales |  | $ | 3,957 |  |  | $ | 9,457 |  |  | $ | 3,957 |  |  | $ | 9,457 |
Gross gains |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross losses |  |  | (22 | ) |  |  | (51 | ) |  |  | (22 | ) |  |  | (51 | )
There were no held to maturity securities sold during the three or six months ended June 30, 2019 or 2018. The contractual maturities at June 30, 2019 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. The Company invests in mortgage-backed securities and collateralized mortgage obligations that have expected maturities that differ from their contractual maturities. These differences arise because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties.
|  | Available for Sale |  |  | Held to Maturity |
June 30, 2019 |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due within one year |  | $ | 1,030 |  |  | $ | 1,035 |  |  | $ | 984 |  |  | $ | 990 |
Due after one year through five years |  |  | 11,060 |  |  |  | 11,222 |  |  |  | 28,359 |  |  |  | 29,166 |
Due after five years through ten years |  |  | 15,717 |  |  |  | 16,262 |  |  |  | 34,497 |  |  |  | 35,860 |
Due after ten years |  |  | 7,604 |  |  |  | 7,705 |  |  |  | 76,000 |  |  |  | 77,801 |
Mortgage-backed securities |  |  | 91,782 |  |  |  | 91,279 |  |  |  | 15,832 |  |  |  | 15,808 |
Collateralized mortgage obligations |  |  | 100,007 |  |  |  | 101,211 |  |  |  | 3,243 |  |  |  | 3,347 |
Total Securities |  |  | 227,200 |  |  |  | 228,714 |  |  |  | 158,915 |  |  |  | 162,972 |

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