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Investment in Securities | 6 Months Ended
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Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment in Securities | Note 11 – Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
|  | June 30, 2021
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 335,739 |  | $ | 16,004 |  | $ | 48 |  | $ | 351,695
U.S. government agencies |  |  | 90,756 |  |  | 601 |  |  | 424 |  |  | 90,933
Corporate Bonds |  |  | 63,567 |  |  | 852 |  |  | ─ |  |  | 64,419
Total |  | $ | 490,062 |  | $ | 17,457 |  | $ | 472 |  | $ | 507,047
|  | December 31, 2020
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 287,059 |  | $ | 18,915 |  | $ | ─ |  | $ | 305,974
U.S. government agencies |  |  | 50,988 |  |  | 764 |  |  | ─ |  |  | 51,752
Total |  | $ | 338,047 |  | $ | 19,679 |  | $ | ─ |  | $ | 357,726
The fair values of securities with unrealized losses are as follows:
|  | June 30, 2021
|  | Less than 12 months |  | 12 months or more |  | Total
(In thousands) |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
State and political subdivisions |  | $ | 8,184 |  | $ | 48 |  | $ | ─ |  | $ | ─ |  | $ | 8,184 |  | $ | 48
U.S. government agencies |  |  | 59,998 |  |  | 424 |  |  | ─ |  |  | ─ |  |  | 59,998 |  |  | 424
Total |  | $ | 68,182 |  | $ | 472 |  | $ | ─ |  | $ | ─ |  | $ | 68,182 |  | $ | 472
There were 15 securities, or 5%, (0 greater than 12 months) in an unrealized loss position as of June 30, 2021. There were no securities in an unrealized loss position as of December 31, 2020. The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
|  | June 30, 2021
(In thousands) |  | Amortized Cost |  | Fair Value
Due in 1 year or less |  | $ | 58,144 |  | $ | 58,412
Due after 1 year through 5 years |  |  | 95,443 |  |  | 100,135
Due after 5 years through 10 years |  |  | 216,180 |  |  | 227,682
Due after 10 years |  |  | 120,295 |  |  | 120,818
Total |  | $ | 490,062 |  | $ | 507,047
-18- Table of Contents Proceeds from sales of investment securities classified as available-for-sale were $10,125,000 and $0 for the three months ended June 30, 2021 and 2020, respectively, and were $13,116,000 and $19,629,000 for the six months ended June 30, 2021 and 2020, respectively. Gross realized losses were $3,000 and $0 for the three months ended June 30, 2021 and 2020, respectively. Gross realized gains were $45,000 and $1,069,000 for the six months ended June 30, 2021 and 2020, respectively. There were no securities pledged to secure public deposits and for other purposes at June 30, 2021.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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