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Investments (Tables)

9 Months Ended

Sep. 30, 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): 

						September 30, 2020
Available-for-Sale Securities						Amortized Cost						Gross Unrealized  Gains						Gross Unrealized Losses						Estimated  Fair Value
Debt securities:
U.S. Government agencies						$	40,913					$	32					$	(317)					$	40,628
Obligations of states and political subdivisions						280,506						14,930						(563)						294,873
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						216,084						3,985						(2,787)						217,282
Private label mortgage and asset backed securities						54,072						1,253						(103)						55,222
Corporate debt securities						24,000						145						(296)						23,849
Total available-for-sale						$	615,575					$	20,345					$	(4,066)					$	631,854

						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 September 30, 2020 and 2019 are shown below (in thousands):

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Available-for-Sale Securities						2020						2019						2020						2019
Proceeds from sales or calls						$	25,442					$	77,375					$	147,811					$	280,991
Gross realized gains from sales or calls						1,035						1,709						5,539						5,316
Gross realized losses from sales or calls						(978)						(24)						(1,342)						(120)

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): 

						September 30, 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						$	27,125					$	(132)					$	12,812					$	(185)					$	39,937					$	(317)
Obligations of states and political subdivisions						50,672						(563)						—						—						50,672						(563)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						32,953						(287)						81,338						(2,500)						114,291						(2,787)
Private label mortgage and asset backed securities						12,698						(103)						—						—						12,698						(103)
Corporate debt securities						8,704						(296)						—						—						8,704						(296)
Total available-for-sale						$	132,152					$	(1,381)					$	94,150					$	(2,685)					$	226,302					$	(4,066)

						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

						September 30, 2020
Available-for-Sale Securities						Amortized Cost						Estimated Fair Value
Within one year						$	295					$	304
After one year through five years						1,314						1,454
After five years through ten years						31,221						34,368
After ten years						247,676						258,747
						280,506						294,873
Investment securities not due at a single maturity date:
U.S. Government agencies						40,913						40,628
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						216,084						217,282
Private label mortgage and asset backed securities						54,072						55,222
Corporate debt securities						24,000						23,849
Total available-for-sale						$	615,575					$	631,854

X

- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

+ References

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27357-111563

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