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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands):

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
June 30, 2020
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	6,229			$	441			$	—			$	6,670
Mortgage-backed securities:
Federal National Mortgage Association			287,014				15,623				29				302,608
Federal Home Loan Mortgage Corporation			105,422				2,905				14				108,313
Government National Mortgage Association			23,972				840				—				24,812
Collateralized mortgage obligations:
Federal National Mortgage Association			21,596				328				—				21,924
Federal Home Loan Mortgage Corporation			4,647				—				3				4,644
Privately issued			—				442				—				442
Total mortgage-backed securities			442,651				20,138				46				462,743
Total available for sale securities		$	448,880			$	20,579			$	46			$	469,413
Securities held to maturity:
State and political subdivisions		$	159,530			$	5,075			$	—			$	164,605
Mortgage-backed securities:
Federal National Mortgage Association			11,829				708				—				12,537
Federal Home Loan Mortgage Corporation			6,510				360				—				6,870
Government National Mortgage Association			42,002				1,417				—				43,419
Collateralized mortgage obligations:
Federal National Mortgage Association			36,547				1,252				—				37,799
Federal Home Loan Mortgage Corporation			43,715				1,927				—				45,642
Government National Mortgage Association			9,747				335				—				10,082
Total mortgage-backed securities			150,350				5,999				—				156,349
Total held to maturity securities			309,880			$	11,074			$	—			$	320,954
Allowance for credit losses - securities			(8	)
Total held to maturity securities, net		$	309,872
December 31, 2019
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	26,440			$	437			$	—			$	26,877
Mortgage-backed securities:
Federal National Mortgage Association			293,873				2,263				1,380				294,756
Federal Home Loan Mortgage Corporation			52,733				318				172				52,879
Government National Mortgage Association			14,065				60				4				14,121
Collateralized mortgage obligations:
Federal National Mortgage Association			23,834				—				57				23,777
Federal Home Loan Mortgage Corporation			4,907				—				18				4,889
Privately issued			—				618				—				618
Total mortgage-backed securities			389,412				3,259				1,631				391,040
Total available for sale securities		$	415,852			$	3,696			$	1,631			$	417,917

(3.)INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2019 (continued)
Securities held to maturity:
State and political subdivisions		$	192,215			$	3,803			$	—			$	196,018
Mortgage-backed securities:
Federal National Mortgage Association			12,049				227				6				12,270
Federal Home Loan Mortgage Corporation			6,995				77				47				7,025
Government National Mortgage Association			45,758				306				128				45,936
Collateralized mortgage obligations:
Federal National Mortgage Association			41,561				150				256				41,455
Federal Home Loan Mortgage Corporation			49,389				307				103				49,593
Government National Mortgage Association			11,033				12				83				10,962
Total mortgage-backed securities			166,785				1,079				623				167,241
Total held to maturity securities		$	359,000			$	4,882			$	623			$	363,259

Sales of Securities Available for Sale

Sales of securities available for sale were as follows (in thousands):

		Three months ended June 30,								Six months ended June 30,
		2020				2019				2020				2019
Proceeds from sales		$	29,896			$	39,667			$	50,153			$	44,615
Gross realized gains			674				203				904				203
Gross realized losses			—				37				9				90

Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity

The scheduled maturities of securities available for sale and securities held to maturity at June 30, 2020 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

		Amortized				Fair
		Cost				Value
Debt securities available for sale:
Due in one year or less		$	—			$	—
Due from one to five years			41,123				43,060
Due after five years through ten years			156,094				167,736
Due after ten years			251,663				258,617
Total available for sale securities		$	448,880			$	469,413
Debt securities held to maturity:
Due in one year or less		$	50,075			$	50,664
Due from one to five years			106,697				110,924
Due after five years through ten years			22,253				23,274
Due after ten years			130,855				136,092
Total held to maturity securities		$	309,880			$	320,954

Investments Gross Unrealized Losses and Fair Value

Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
June 30, 2020
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			9,246				29				—				—				9,246				29
Federal Home Loan Mortgage Corporation			5,080				14				—				—				5,080				14
Government National Mortgage Association			—				—				—				—				—				—
Collateralized mortgage obligations:
Federal National Mortgage Association			3,677				—				8				—				3,685				—
Federal Home Loan Mortgage Corporation			4,644				3				—				—				4,644				3
Total mortgage-backed securities			22,647				46				8				—				22,655				46
Total available for sale securities			22,647				46				8				—				22,655				46
Total temporarily impaired securities		$	22,647			$	46			$	8			$	—			$	22,655			$	46
December 31, 2019
Securities available for sale:
U.S. Government agencies and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			104,634				1,277				7,196				103				111,830				1,380
Federal Home Loan Mortgage Corporation			10,347				11				9,409				161				19,756				172
Government National Mortgage Association			533				4				—				—				533				4
Collateralized mortgage obligations:
Federal National Mortgage Association			8,803				57				8				—				8,811				57
Federal Home Loan Mortgage Corporation			4,889				18				—				—				4,889				18
Total mortgage-backed securities			129,206				1,367				16,613				264				145,819				1,631
Total available for sale securities			129,206				1,367				16,613				264				145,819				1,631
Securities held to maturity:
State and political subdivisions			—				—				—				—				—				—
Mortgage-backed securities:
Federal National Mortgage Association			2,388				6				—				—				2,388				6
Federal Home Loan Mortgage Corporation			2,967				19				2,598				28				5,565				47
Government National Mortgage Association			11,155				61				5,625				67				16,780				128
Collateralized mortgage obligations:
Federal National Mortgage Association			9,120				40				13,486				216				22,606				256
Federal Home Loan Mortgage Corporation			15,127				30				7,988				73				23,115				103
Government National Mortgage Association			8,760				72				892				11				9,652				83
Total mortgage-backed securities			49,517				228				30,589				395				80,106				623
Total held to maturity securities			49,517				228				30,589				395				80,106				623
Total temporarily impaired securities		$	178,723			$	1,595			$	47,202			$	659			$	225,925			$	2,254

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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