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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies			$	651					$	29					$	—					$	680
Obligations of states and political subdivisions			361,734						18,170						(339)						379,565
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			214,203						3,575						(1,480)						216,298
Private label mortgage and asset backed securities			82,413						1,337						(242)						83,508
Corporate debt securities			30,000						260						(219)						30,041
			$	689,001					$	23,371					$	(2,280)					$	710,092

			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

Securities in a continuous unrealized loss position

Investment securities with unrealized losses at December 31, 2020 and 2019 are summarized and classified according to the duration of the loss period as follows (in thousands):

			December 31, 2020
			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:
Obligations of states and political subdivisions			$	36,209					$	(339)					$	—					$	—					$	36,209					$	(339)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			30,755						(385)						77,337						(1,095)						108,092						(1,480)
Private label residential mortgage and asset backed securities			25,407						(242)						—						—						25,407						(242)
Corporate debt securities			12,881						(119)						3,900						(100)						16,781						(219)
			$	105,252					$	(1,085)					$	81,237					$	(1,195)					$	186,489					$	(2,280)

			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 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)

Realized gains and losses

Proceeds and gross realized gains (losses) on investment securities for the years ended December 31, 2020, 2019, and 2018 are shown below (in thousands):

						Years Ended December 31,
						2020						2019						2018
Available-for-Sale Securities
Proceeds from sales or calls						$	283,956					$	281,906					$	246,824
Gross realized gains from sales or calls						$	7,123					$	5,319					$	1,976
Gross realized losses from sales or calls						$	(2,871)					$	(120)					$	(662)

Investments by contractual maturity

The amortized cost and estimated fair value of available-for-sale investment securities at December 31, 2020 and 2019 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, 2020																					December 31, 2019
						Amortized  Cost						Estimated  Fair Value															Amortized  Cost						Estimated  Fair Value
Within one year						$	298					$	305														$	—					$	—
After one year through five years						3,254						3,631															1,561						1,697
After five years through ten years						18,330						20,644															20,280						21,088
After ten years						339,852						354,985															67,733						68,326
						361,734						379,565															89,574						91,111
Investment securities not due at a single maturity date:
U.S. Government agencies						651						680															14,740						14,494
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						214,203						216,298															198,125						196,719
Private label mortgage and asset backed securities						82,413						83,508															155,308						159,378
Corporate debt securities						30,000						30,041															9,000						9,044
						$	689,001					$	710,092														$	466,747					$	470,746

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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.

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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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