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Investment Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2020
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	6,234			$	421			$	—			$	6,655
Mortgage-backed securities:
Federal National Mortgage Association			303,740				15,923				66				319,597
Federal Home Loan Mortgage Corporation			139,875				2,684				140				142,419
Government National Mortgage Association			23,300				851				—				24,151
Collateralized mortgage obligations:
Federal National Mortgage Association			18,104				229				—				18,333
Federal Home Loan Mortgage Corporation			4,365				16				—				4,381
Privately issued			—				435				—				435
Total mortgage-backed securities			489,384				20,138				206				509,316
Total available for sale securities		$	495,618			$	20,559			$	206			$	515,971
Securities held to maturity:
State and political subdivisions		$	151,611			$	5,052			$	—			$	156,663
Mortgage-backed securities:
Federal National Mortgage Association			11,576				725				—				12,301
Federal Home Loan Mortgage Corporation			6,183				365				—				6,548
Government National Mortgage Association			39,631				1,402				—				41,033
Collateralized mortgage obligations:
Federal National Mortgage Association			33,396				1,236				—				34,632
Federal Home Loan Mortgage Corporation			39,905				1,835				—				41,740
Government National Mortgage Association			8,652				309				—				8,961
Total mortgage-backed securities			139,343				5,872				—				145,215
Total held to maturity securities			290,954			$	10,924			$	—			$	301,878
Allowance for credit losses - securities			(8	)
Total held to maturity securities, net		$	290,946
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

(4.) 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 September 30,								Nine months ended September 30,
		2020				2019				2020				2019
Proceeds from sales		$	20,576			$	65,427			$	70,729			$	110,042
Gross realized gains			554				1,608				1,458				1,811
Gross realized losses			—				—				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 September 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		$	1			$	1
Due from one to five years			36,525				38,323
Due after five years through ten years			162,953				175,586
Due after ten years			296,139				302,061
Total available for sale securities		$	495,618			$	515,971
Debt securities held to maturity:
Due in one year or less		$	48,688			$	49,234
Due from one to five years			102,292				106,631
Due after five years through ten years			19,076				20,008
Due after ten years			120,898				126,005
Total held to maturity securities		$	290,954			$	301,878

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
September 30, 2020
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			40,103				66				—				—				40,103				66
Federal Home Loan Mortgage Corporation			43,075				140				—				—				43,075				140
Government National Mortgage Association			—				—				—				—				—				—
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8				—				8				—
Federal Home Loan Mortgage Corporation			—				—				—				—				—				—
Total mortgage-backed securities			83,178				206				8				—				83,186				206
Total available for sale securities			83,178				206				8				—				83,186				206
Total temporarily impaired securities		$	83,178			$	206			$	8			$	—			$	83,186			$	206
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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