Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

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



	March 31, 2020
Available-for-Sale Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Debt securities:
U.S. Government agencies	$	43,550	$	28	$	(366	)	$	43,212
Obligations of states and political subdivisions	200,677		6,393		(1,816		)	205,254
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	205,987		2,804		(6,486		)	202,305
Private label mortgage and asset backed securities	65,615		679		(2,371		)	63,923
Corporate debt securities	9,000		—		(751		)	8,249
Total available-for-sale	$	524,829	$	9,904	$	(11,790	)	$	522,943



	December 31, 2019
Available-for-Sale Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
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
Total available-for-sale	$	466,747	$	8,688	$	(4,689	)	$	470,746

Realized gains and losses

Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended March 31, 2020 and 2019 are shown below (in thousands):



	For the Quarter Ended March 31,
Available-for-Sale Securities	2020		2019
Proceeds from sales or calls	$	106,037	$	52,985
Gross realized gains from sales or calls	4,198		1,099
Gross realized losses from sales or calls	—		(47		)

Securities in a continuous unrealized loss position

Investment securities, aggregated by investment category, with unrealized losses as of the dates indicated are summarized and classified according to the duration of the loss period as follows (in thousands):



	March 31, 2020
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Available-for-Sale Securities	Value		Losses			Value		Losses			Value		Losses
Debt securities:
U.S. Government agencies	$	28,966	$	(151	)	$	13,457	$	(215	)	$	42,423	$	(366	)
Obligations of states and political subdivisions	50,756		(1,816		)	—		—			50,756		(1,816		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	54,165		(1,327		)	75,561		(5,159		)	129,726		(6,486		)
Private label mortgage and asset backed securities	47,232		(2,359		)	5,674		(12		)	52,906		(2,371		)
Corporate debt securities	8,249		(751		)	—		—			8,249		(751		)
Total available-for-sale	$	189,368	$	(6,404	)	$	94,692	$	(5,386	)	$	284,060	$	(11,790	)



	December 31, 2019
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Available-for-Sale Securities	Value		Losses			Value		Losses			Value		Losses
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 mortgage and asset backed securities	17,811		(81		)	5,624		(72		)	23,435		(153		)
Corporate debt securities	3,965		(35		)	—		—			3,965		(35		)
Total available-for-sale	$	159,032	$	(2,476	)	$	88,855	$	(2,213	)	$	247,887	$	(4,689	)

Investments by contractual maturity



	March 31, 2020
Available-for-Sale Securities	Amortized Cost		Estimated Fair Value
Within one year	$	—	$	—
After one year through five years	1,577		1,705
After five years through ten years	23,097		24,616
After ten years	176,003		178,933
	200,677		205,254
Investment securities not due at a single maturity date:
U.S. Government agencies	43,550		43,212
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	205,987		202,305
Private label mortgage and asset backed securities	65,615		63,923
Corporate debt securities	9,000		8,249
Total available-for-sale	$	524,829	$	522,943