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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	6,249			$	314			$	—			$	6,563
Mortgage-backed securities:
Federal National Mortgage Association			514,661				10,821				2,400				523,082
Federal Home Loan Mortgage Corporation			301,495				1,563				3,357				299,701
Government National Mortgage Association			45,710				537				224				46,023
Collateralized mortgage obligations:
Federal National Mortgage Association			20,362				69				79				20,352
Federal Home Loan Mortgage Corporation			6,747				—				47				6,700
Privately issued			—				424				—				424
Total mortgage-backed securities			888,975				13,414				6,107				896,282
Total available for sale securities		$	895,224			$	13,728			$	6,107			$	902,845
Securities held to maturity:
State and political subdivisions		$	113,437			$	3,383			$	—			$	116,820
Mortgage-backed securities:
Federal National Mortgage Association			9,649				509				—				10,158
Federal Home Loan Mortgage Corporation			5,099				212				—				5,311
Government National Mortgage Association			31,170				971				—				32,141
Collateralized mortgage obligations:
Federal National Mortgage Association			24,099				808				—				24,907
Federal Home Loan Mortgage Corporation			28,847				1,092				—				29,939
Government National Mortgage Association			6,563				205				—				6,768
Total mortgage-backed securities			105,427				3,797				—				109,224
Total held to maturity securities			218,864			$	7,180			$	—			$	226,044
Allowance for credit losses - securities			(6	)
Total held to maturity securities, net		$	218,858
December 31, 2020
Securities available for sale:
U.S. Government agency 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

(5.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2020 (continued)
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

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,
		2021				2020				2021				2020
Proceeds from sales		$	25,216			$	26,474			$	51,891			$	29,631
Gross realized gains			162				616				251				616
Gross realized losses			165				—				180				9

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, 2021 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		$	4,875			$	4,922
Due from one to five years			61,273				64,618
Due after five years through ten years			162,075				168,601
Due after ten years			667,001				664,704
Total available for sale securities		$	895,224			$	902,845
Debt securities held to maturity:
Due in one year or less		$	39,335			$	39,782
Due from one to five years			75,284				78,219
Due after five years through ten years			18,793				19,459
Due after ten years			85,452				88,584
Total held to maturity securities		$	218,864			$	226,044

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, 2021
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			212,724				2,400				72				—				212,796				2,400
Federal Home Loan Mortgage Corporation			211,699				3,293				3,565				64				215,264				3,357
Government National Mortgage Association			32,744				224				—				—				32,744				224
Collateralized mortgage obligations:
Federal National Mortgage Association			8,855				79				—				—				8,855				79
Federal Home Loan Mortgage Corporation			6,700				47				—				—				6,700				47
Privately issued			—				—				—				—				—				—
Total mortgage-backed securities			472,722				6,043				3,637				64				476,359				6,107
Total available for sale securities			472,722				6,043				3,637				64				476,359				6,107
Total temporarily impaired securities		$	472,722			$	6,043			$	3,637			$	64			$	476,359			$	6,107
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			—				—				—				—				—				—
Privately issued			—				—				—				—				—				—
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

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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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