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Securities | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Securities | (3) Securities The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:
September 30, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 53,247 |  |  | $ | 186 |  |  | $ | (156 | ) |  | $ | 53,277 |
Obligations of states and political subdivisions |  |  | 240,179 |  |  |  | 17,086 |  |  |  | (550 | ) |  |  | 256,715 |
Mortgage-backed securities in government sponsored entities |  |  | 184,553 |  |  |  | 3,974 |  |  |  | (370 | ) |  |  | 188,157 |
Total debt securities |  | $ | 477,979 |  |  | $ | 21,246 |  |  | $ | (1,076 | ) |  | $ | 498,149 |
December 31, 2020 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 21,479 |  |  | $ | 220 |  |  | $ | (6 | ) |  | $ | 21,693 |
Obligations of states and political subdivisions |  |  | 208,013 |  |  |  | 21,000 |  |  |  | (1 | ) |  |  | 229,012 |
Mortgage-backed securities in government sponsored entities |  |  | 106,824 |  |  |  | 5,963 |  |  |  | (28 | ) |  |  | 112,759 |
Total debt securities |  | $ | 336,316 |  |  | $ | 27,183 |  |  | $ | (35 | ) |  | $ | 363,464 |
The amortized cost and fair value of securities at September 30, 2021, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.
Available for sale |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 9,132 |  |  | $ | 9,172 |
Due after one year through five years |  |  | 31,533 |  |  |  | 31,732 |
Due after five years through ten years |  |  | 45,283 |  |  |  | 47,236 |
Due after ten years |  |  | 207,478 |  |  |  | 221,852 |
Mortgage-backed securities |  |  | 184,553 |  |  |  | 188,157 |
Total securities available for sale |  | $ | 477,979 |  |  | $ | 498,149 |
Proceeds from sales of securities available for sale, gross realized gains and gross realized losses were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Sale proceeds |  | $ | — |  |  | $ | 1,455 |  |  | $ | 1,785 |  |  | $ | 1,455 |
Gross realized gains |  |  | — |  |  |  | 94 |  |  |  | 1,785 |  |  |  | 94 |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gains (losses) from securities called or settled by the issuer |  |  | 4 |  |  |  | (2 | ) |  |  | 2 |  |  |  | (2 | )
During the second quarter of 2021, the Company recorded a $1.785 million gain on the sale of its 7,361 shares of Visa Class B shares. As a result of this sale, the Company no longer owns any Visa Class B shares. The carrying value of the Visa Class B shares on the Company’s balance sheet was nominal as the Bank had no other historical cost basis in the shares. Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $174,794 and $159,527 as of September 30, 2021 and December 31, 2020, respectively. Securities with unrealized losses at September 30, 2021 and December 31, 2020 not recognized in income are set forth in the tables below, segregated by securities with maturities of 12 months or less and securities with maturities of more than 12 months:
September 30, 2021 |  | 12 Months or less |  |  | More than 12 months |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 23,327 |  |  | $ | (119 | ) |  | $ | 2,048 |  |  | $ | (37 | ) |  | $ | 25,375 |  |  | $ | (156 | )
Obligations of states and political subdivisions |  |  | 36,646 |  |  |  | (550 | ) |  |  | — |  |  |  | — |  |  |  | 36,646 |  |  |  | (550 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 72,464 |  |  |  | (282 | ) |  |  | 3,521 |  |  |  | (88 | ) |  |  | 75,985 |  |  |  | (370 | )
Total temporarily impaired |  | $ | 132,437 |  |  | $ | (951 | ) |  | $ | 5,569 |  |  | $ | (125 | ) |  | $ | 138,006 |  |  | $ | (1,076 | )
December 31, 2020 |  | 12 Months or less |  |  | More than 12 months |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 6,501 |  |  | $ | (5 | ) |  | $ | 126 |  |  | $ | (1 | ) |  | $ | 6,627 |  |  | $ | (6 | )
Obligations of states and political subdivisions |  |  | 1,874 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 1,874 |  |  |  | (1 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 5,755 |  |  |  | (28 | ) |  |  | — |  |  |  | — |  |  |  | 5,755 |  |  |  | (28 | )
Total temporarily impaired |  | $ | 14,130 |  |  | $ | (34 | ) |  | $ | 126 |  |  | $ | (1 | ) |  | $ | 14,256 |  |  | $ | (35 | )
At September 30, 2021, there were a total of 60 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery. The following table presents the net gains and losses on equity investments recognized in earnings for the three- and nine-months ended September 30, 2021 and 2020, and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net gains (losses) recognized on equity securities during the period |  | $ | 50 |  |  | $ | 20 |  |  | $ | 191 |  |  | $ | (126 | )
Less: Net losses realized on the sale of equity securities during the period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Unrealized gains (losses) recognized on equity securities held at reporting date |  | $ | 50 |  |  | $ | 20 |  |  | $ | 191 |  |  | $ | (120 | )

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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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