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Investment Securities (Tables)

12 Months Ended

Dec. 31, 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 Cost				Unrealized Gains				Unrealized Losses				Fair Value
December 31, 2020
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	6,239			$	396			$	-			$	6,635
Mortgage-backed securities:
Federal National Mortgage Association			350,627				15,549				44				366,132
Federal Home Loan Mortgage Corporation			225,645				3,155				24				228,776
Government National Mortgage Association			22,107				830				-				22,937
Collateralized mortgage obligations:
Federal National Mortgage Association			3,047				97				-				3,144
Federal Home Loan Mortgage Corporation			-				-				-				-
Privately issued			-				435				-				435
Total mortgage-backed securities			601,426				20,066				68				621,424
Total available for sale securities		$	607,665			$	20,462			$	68			$	628,059
Securities held to maturity:
State and political subdivisions		$	144,506			$	4,478			$	-			$	148,984
Mortgage-backed securities:
Federal National Mortgage Association			10,776				703				-				11,479
Federal Home Loan Mortgage Corporation			5,858				382				-				6,240
Government National Mortgage Association			37,084				1,578				-				38,662
Collateralized mortgage obligations:
Federal National Mortgage Association			29,988				1,075				-				31,063
Federal Home Loan Mortgage Corporation			35,897				1,581				-				37,478
Government National Mortgage Association			7,864				265				-				8,129
Total mortgage-backed securities			127,467				5,584				-				133,051
Total held to maturity securities			271,973			$	10,062			$	-			$	282,035
Allowance for credit losses - securities			(7	)
Total held to maturity securities, net		$	271,966
December 31, 2019
Securities available for sale:
U.S. Government agencies 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 Cost				Unrealized Gains				Unrealized Losses				Fair 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

Interest and Dividends on Securities

Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):

		2020				2019				2018
Taxable interest and dividends		$	14,186			$	14,382			$	16,510
Tax-exempt interest and dividends			3,278				4,150				5,091
Total interest and dividends on securities		$	17,464			$	18,532			$	21,601

Sales of Securities Available for Sale

Sales of securities available for sale for the years ended December 31 were as follows (in thousands):

		2020				2019				2018
Proceeds from sales		$	107,098			$	178,059			$	29,851
Gross realized gains			1,642				2,391				73
Gross realized losses			43				714				200

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 December 31, 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 Cost				Fair Value
Debt securities available for sale:
Due in one year or less		$	1,907			$	1,920
Due from one to five years			39,712				41,903
Due after five years through ten years			159,570				171,036
Due after ten years			406,476				413,200
Total available for sale securities		$	607,665			$	628,059
Debt securities held to maturity:
Due in one year or less		$	47,086			$	47,505
Due from one to five years			97,363				101,311
Due after five years through ten years			17,371				18,194
Due after ten years			110,153				115,025
Total held to maturity securities		$	271,973			$	282,035

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 as of December 31 are summarized as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
December 31, 2020
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	-			$	-			$	-			$	-			$	-			$	-
Mortgage-backed securities:
Federal National Mortgage Association			18,155				44				-				-				18,155				44
Federal Home Loan Mortgage Corporation			10,932				24				-				-				10,932				24
Government National Mortgage Association			-				-				-				-				-				-
Collateralized mortgage obligations:
Federal National Mortgage Association			-				-				8				-				8				-
Federal Home Loan Mortgage Corporation			-				-				-				-				-				-
Total mortgage-backed securities			29,087				68				8				-				29,095				68
Total available for sale securities			29,087				68				8				-				29,095				68
Total temporarily impaired securities		$	29,087			$	68			$	8			$	-			$	29,095			$	68
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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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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