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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	7,500,000	$	52,000	$	—		$	7,552,000
Mortgage-backed securities	276,235,000		9,106,000		(189,000		)	285,152,000
State and political subdivisions	19,206,000		1,018,000		—			20,224,000
	$	302,941,000	$	10,176,000	$	(189,000	)	$	312,928,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	35,981,000	$	207,000	$	—		$	36,188,000
Mortgage-backed securities	51,142,000		1,392,000		(7,000		)	52,527,000
State and political subdivisions	239,719,000		5,819,000		(345,000		)	245,193,000
Corporate securities	14,750,000		590,000		—			15,340,000
	$	341,592,000	$	8,008,000	$	(352,000	)	$	349,248,000
Restricted equity securities
Federal Home Loan Bank Stock	$	8,957,000	$	—	$	—		$	8,957,000
Federal Reserve Bank Stock	1,037,000		—		—			1,037,000
	$	9,994,000	$	—	$	—		$	9,994,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2019:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	7,500,000	$	—	$	(102,000	)	$	7,398,000
Mortgage-backed securities	323,277,000		4,173,000		(833,000		)	326,617,000
State and political subdivisions	25,113,000		1,392,000		—			26,505,000
	$	355,890,000	$	5,565,000	$	(935,000	)	$	360,520,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	32,840,000	$	47,000	$	(26,000	)	$	32,861,000
Mortgage-backed securities	14,431,000		450,000		(16,000		)	14,865,000
State and political subdivisions	219,585,000		4,936,000		(109,000		)	224,412,000
Corporate securities	14,750,000		157,000		—			14,907,000
	$	281,606,000	$	5,590,000	$	(151,000	)	$	287,045,000
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 March 31, 2019:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies	$	5,000,000	$	16,000	$	—		$	5,016,000
Mortgage-backed securities	317,269,000		1,394,000		(3,240,000		)	315,423,000
State and political subdivisions	4,955,000		4,000		(122,000		)	4,837,000
	$	327,224,000	$	1,414,000	$	(3,362,000	)	$	325,276,000
Securities to be held to maturity
U.S. Government-sponsored agencies	$	31,155,000	$	48,000	$	(280,000	)	$	30,923,000
Mortgage-backed securities	17,560,000		372,000		(146,000		)	17,786,000
State and political subdivisions	225,204,000		3,162,000		(1,801,000		)	226,565,000
Corporate securities	7,300,000		—		(6,000		)	7,294,000
	$	281,219,000	$	3,582,000	$	(2,233,000	)	$	282,568,000
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

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at March 31, 2020:



	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	$	66,000	$	66,000	$	1,331,000	$	1,337,000
Due in 1 to 5 years	25,221,000		26,159,000		27,854,000		28,361,000
Due in 5 to 10 years	62,462,000		65,032,000		184,037,000		189,214,000
Due after 10 years	215,192,000		221,671,000		128,370,000		130,336,000
	$	302,941,000	$	312,928,000	$	341,592,000	$	349,248,000

The following table summarizes the contractual maturities of investment securities at December 31, 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	$	127,000	$	127,000	$	1,334,000	$	1,338,000
Due in 1 to 5 years	36,534,000		36,778,000		25,860,000		26,323,000
Due in 5 to 10 years	93,134,000		95,014,000		179,133,000		182,834,000
Due after 10 years	226,095,000		228,601,000		75,279,000		76,550,000
	$	355,890,000	$	360,520,000	$	281,606,000	$	287,045,000

The following table summarizes the contractual maturities of investment securities at March 31, 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	$	—	$	—	$	1,429,000	$	1,431,000
Due in 1 to 5 years	15,670,000		15,736,000		21,096,000		21,203,000
Due in 5 to 10 years	107,978,000		108,698,000		176,967,000		178,044,000
Due after 10 years	203,576,000		200,842,000		81,727,000		81,890,000
	$	327,224,000	$	325,276,000	$	281,219,000	$	282,568,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the three months ended March 31, 2020 and 2019:



	For the three months ended March 31,
	2020			2019
Proceeds from sales of securities	$	68,620,000		$	—
Gross realized gains	1,098,000			—
Gross realized losses	(346,000		)	—
Net gain	$	752,000		$	—
Related income taxes	$	158,000		$	—

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of March 31, 2020 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	$	2,963,000	$	(27,000	)	$	7,424,000	$	(169,000	)	$	10,387,000	$	(196,000	)
State and political subdivisions	19,556,000		(345,000		)	—		—			19,556,000		(345,000		)
	$	22,519,000	$	(372,000	)	$	7,424,000	$	(169,000	)	$	29,943,000	$	(541,000	)

As of December 31, 2019, there were 86 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 28 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 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
U.S. Government-sponsored agencies	$	12,372,000	$	(128,000	)	$	—	$	—		$	12,372,000	$	(128,000	)
Mortgage-backed securities	54,244,000		(359,000		)	18,696,000		(490,000		)	72,940,000		(849,000		)
State and political subdivisions	10,532,000		(101,000		)	304,000		(8,000		)	10,836,000		(109,000		)
	$	77,148,000	$	(588,000	)	$	19,000,000	$	(498,000	)	$	96,148,000	$	(1,086,000	)

As of March 31, 2019, there were 291 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 274 had been temporarily impaired for 12 months or more. In the first quarter of 2019, one issuer of securities held in the portfolio was downgraded by a rating agency to less than investment grade. These securities totaled approximately 0.09% of overall state and municipal security holdings and were subsequently sold during the third quarter 2019. Information regarding securities temporarily impaired as of March 31, 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
U.S. Government-sponsored agencies	$	—	$	—		$	10,875,000	$	(280,000	)	$	10,875,000	$	(280,000	)
Mortgage-backed securities	24,525,000		(138,000		)	198,272,000		(3,248,000		)	222,797,000		(3,386,000		)
State and political subdivisions	1,264,000		(3,000		)	58,168,000		(1,920,000		)	59,432,000		(1,923,000		)
Corporate securities	2,994,000		(6,000		)	—		—			2,994,000		(6,000		)
	$	28,783,000	$	(147,000	)	$	267,315,000	$	(5,448,000	)	$	296,098,000	$	(5,595,000	)