Investment Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

The following tables set forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands):



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	14,740	$	12	$	(258	)	$	14,494
Obligations of states and political subdivisions	89,574		2,965		(1,428		)	91,111
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	198,125		1,409		(2,815		)	196,719
Private label mortgage and asset backed securities	155,308		4,223		(153		)	159,378
Corporate debt securities	9,000		79		(35		)	9,044
	$	466,747	$	8,688	$	(4,689	)	$	470,746



	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	21,723	$	—	$	(402	)	$	21,321
Obligations of states and political subdivisions	79,886		2,205		(587		)	81,504
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	239,388		253		(4,711		)	234,930
Private label mortgage and asset backed securities	129,165		756		(3,771		)	126,150
`	$	470,162	$	3,214	$	(9,471	)	$	463,905

Securities in a continuous unrealized loss position

Investment securities with unrealized losses at December 31, 2019 and 2018 are summarized and classified according to the duration of the loss period as follows (in thousands):



	December 31, 2019
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	—	$	—		$	13,713	$	(258	)	$	13,713	$	(258	)
Obligations of states and political subdivisions	65,606		(1,428		)	—		—			65,606		(1,428		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	71,650		(932		)	69,518		(1,883		)	141,168		(2,815		)
Private label residential mortgage and asset backed securities	17,811		(81		)	5,624		(72		)	23,435		(153		)
Corporate debt securities	3,965		(35		)	—		—			3,965		(35		)
	$	159,032	$	(2,476	)	$	88,855	$	(2,213	)	$	247,887	$	(4,689	)



	December 31, 2018
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	14,891	$	(254	)	$	6,430	$	(148	)	$	21,321	$	(402	)
Obligations of states and political subdivisions	10,056		(99		)	22,945		(488		)	33,001		(587		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	61,866		(424		)	124,673		(4,287		)	186,539		(4,711		)
Private label residential mortgage backed securities	31,325		(195		)	84,784		(3,576		)	116,109		(3,771		)
	$	118,138	$	(972	)	$	238,832	$	(8,499	)	$	356,970	$	(9,471	)

Realized gains and losses

Proceeds and gross realized gains (losses) on investment securities for the years ended December 31, 2019, 2018, and 2017 are shown below (in thousands):



	Years Ended December 31,
	2019			2018			2017
Available-for-Sale Securities
Proceeds from sales or calls	$	281,906		$	246,824		$	228,405
Gross realized gains from sales or calls	$	5,319		$	1,976		$	4,701
Gross realized losses from sales or calls	$	(120	)	$	(662	)	$	(1,899	)

Credit losses recorded in earnings

The following table provides a rollforward for the years ended December 31, 2019 and 2018 of investment securities credit losses recorded in earnings (in thousands). The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized.



	Years ended December 31,
	2019		2018
Beginning balance of credit losses recognized	$	874	$	874
Amounts related to credit loss for which an OTTI charge was not previously recognized	—		—
Realized losses for securities sold	—		—
Ending balance of credit losses recognized	$	874	$	874

Investments by contractual maturity

The amortized cost and estimated fair value of available-for-sale investment securities at December 31, 2019 and 2018 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.



	December 31, 2019				December 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	—	$	—	$	—	$	—
After one year through five years	1,561		1,697		2,769		2,899
After five years through ten years	20,280		21,088		21,831		22,278
After ten years	67,733		68,326		55,286		56,327
	89,574		91,111		79,886		81,504
Investment securities not due at a single maturity date:
Treasuries	—		—		—		—
U.S. Government agencies	14,740		14,494		21,723		21,321
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	198,125		196,719		239,388		234,930
Private label mortgage and asset backed securities	155,308		159,378		129,165		126,150
Corporate debt securities	9,000		9,044		—		—
	$	466,747	$	470,746	$	470,162	$	463,905