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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2019:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	5,000,000	$	12,000	$	—		$	5,012,000
Mortgage-backed securities	309,133,000		4,249,000		(757,000		)	312,625,000
State and political subdivisions	4,955,000		14,000		(36,000		)	4,933,000
	$	319,088,000	$	4,275,000	$	(793,000	)	$	322,570,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	35,995,000	$	88,000	$	—		$	36,083,000
Mortgage-backed securities	16,569,000		500,000		(33,000		)	17,036,000
State and political subdivisions	236,213,000		5,331,000		(460,000		)	241,084,000
Corporate securities	13,750,000		122,000		—			13,872,000
	$	302,527,000	$	6,041,000	$	(493,000	)	$	308,075,000
Restricted equity securities
Federal Home Loan Bank Stock	$	7,945,000	$	—	$	—		$	7,945,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	8,982,000	$	—	$	—		$	8,982,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2018:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	5,000,000	$	7,000	$	—		$	5,007,000
Mortgage-backed securities	313,854,000		571,000		(6,732,000		)	307,693,000
State and political subdivisions	4,955,000		—		(239,000		)	4,716,000
	$	323,809,000	$	578,000	$	(6,971,000	)	$	317,416,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(472,000	)	$	10,683,000
Mortgage-backed securities	18,250,000		336,000		(255,000		)	18,331,000
State and political subdivisions	221,958,000		1,046,000		(5,418,000		)	217,586,000
Corporate securities	4,300,000		—		—			4,300,000
	$	255,663,000	$	1,382,000	$	(6,145,000	)	$	250,900,000
Restricted equity securities
Federal Home Loan Bank Stock	$	10,549,000	$	—	$	—		$	10,549,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	11,586,000	$	—	$	—		$	11,586,000

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2018:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities	$	306,286,000	$	144,000	$	(9,052,000	)	$	297,378,000
State and political subdivisions	4,955,000		—		(263,000		)	4,692,000
	$	311,241,000	$	144,000	$	(9,315,000	)	$	302,070,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	11,155,000	$	—	$	(584,000	)	$	10,571,000
Mortgage-backed securities	20,585,000		404,000		(365,000		)	20,624,000
State and political subdivisions	224,037,000		1,274,000		(4,490,000		)	220,821,000
Corporate securities	4,300,000		—		—			4,300,000
	$	260,077,000	$	1,678,000	$	(5,439,000	)	$	256,316,000
Restricted equity securities
Federal Home Loan Bank Stock	$	11,326,000	$	—	$	—		$	11,326,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	12,363,000	$	—	$	—		$	12,363,000

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at June 30, 2019:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	268,000	$	269,000	$	1,337,000	$	1,339,000
Due in 1 to 5 years	21,771,000		21,976,000		21,857,000		22,026,000
Due in 5 to 10 years	102,117,000		104,238,000		186,409,000		189,984,000
Due after 10 years	194,932,000		196,087,000		92,924,000		94,726,000
	$	319,088,000	$	322,570,000	$	302,527,000	$	308,075,000

The following table summarizes the contractual maturities of investment securities at December 31, 2018:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	—	$	—	$	1,432,000	$	1,433,000
Due in 1 to 5 years	13,501,000		13,518,000		20,717,000		20,778,000
Due in 5 to 10 years	83,954,000		83,326,000		157,544,000		155,313,000
Due after 10 years	226,354,000		220,572,000		75,970,000		73,376,000
	$	323,809,000	$	317,416,000	$	255,663,000	$	250,900,000

The following table summarizes the contractual maturities of investment securities at June 30, 2018:



	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	34,000	$	34,000	$	1,327,000	$	1,329,000
Due in 1 to 5 years	9,349,000		9,341,000		23,621,000		23,698,000
Due in 5 to 10 years	71,309,000		69,745,000		155,096,000		153,240,000
Due after 10 years	230,549,000		222,950,000		80,033,000		78,049,000
	$	311,241,000	$	302,070,000	$	260,077,000	$	256,316,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2019 and 2018:



	For the six months ended June 30,				For the quarter ended June 30,
	2019		2018		2019		2018
Proceeds from sales of securities	$	—	$	459,000	$	—	$	—
Gross realized gains	—		136,000		—		—
Gross realized losses	—		—		—		—
Net gain	$	—	$	136,000	$	—	$	—
Related income taxes	$	—	$	29,000	$	—	$	—

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of June 30, 2019 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
Mortgage-backed securities	$	4,150,000	$	—		$	49,270,000	$	(790,000	)	$	53,420,000	$	(790,000	)
State and political subdivisions	998,000		(9,000		)	30,325,000		(487,000		)	31,323,000		(496,000		)
	$	5,148,000	$	(9,000	)	$	79,595,000	$	(1,277,000	)	$	84,743,000	$	(1,286,000	)

As of December 31, 2018, there were 511 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 232 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2018 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	—	$	—		$	10,683,000	$	(472,000	)	$	10,683,000	$	(472,000	)
Mortgage-backed securities	76,050,000		(1,061,000		)	185,136,000		(5,926,000		)	261,186,000		(6,987,000		)
State and political subdivisions	76,809,000		(1,784,000		)	45,052,000		(3,873,000		)	121,861,000		(5,657,000		)
	$	152,859,000	$	(2,845,000	)	$	240,871,000	$	(10,271,000	)	$	393,730,000	$	(13,116,000	)

As of June 30, 2018, there were 480 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 160 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 30, 2018 is summarized below:



	Less than 12 months					12 months or more					Total
	Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses			Fair Value (Estimated)		Unrealized Losses
U.S. Government-sponsored agencies	$	6,882,000	$	(373,000	)	$	3,689,000	$	(211,000	)	$	10,571,000	$	(584,000	)
Mortgage-backed securities	202,673,000		(5,660,000		)	91,977,000		(3,757,000		)	294,650,000		(9,417,000		)
State and political subdivisions	70,674,000		(1,728,000		)	36,909,000		(3,025,000		)	107,583,000		(4,753,000		)
	$	280,229,000	$	(7,761,000	)	$	132,575,000	$	(6,993,000	)	$	412,804,000	$	(14,754,000	)