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Investment Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	27,545,000					$	180,000					$	(228,000)					$	27,497,000
Mortgage-backed securities			270,336,000						6,737,000						(649,000)						276,424,000
State and political subdivisions			35,271,000						1,240,000						(292,000)						36,219,000
			$	333,152,000					$	8,157,000					$	(1,169,000)					$	340,140,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	26,146,000					$	294,000					$	—					$	26,440,000
Mortgage-backed securities			43,414,000						844,000						(119,000)						44,139,000
State and political subdivisions			245,152,000						8,660,000						(69,000)						253,743,000
Corporate securities			17,250,000						490,000						—						17,740,000
			$	331,962,000					$	10,288,000					$	(188,000)					$	342,062,000
Restricted equity securities
Federal Home Loan Bank Stock			$	9,508,000					$	—					$	—					$	9,508,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	10,545,000					$	—					$	—					$	10,545,000

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 September 30, 2019:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
Mortgage-backed securities			$	317,553,000					$	5,327,000					$	(690,000)					$	322,190,000
State and political subdivisions			4,580,000						28,000						—						4,608,000
			$	322,133,000					$	5,355,000					$	(690,000)					$	326,798,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	32,840,000					$	93,000					$	—					$	32,933,000
Mortgage-backed securities			15,584,000						502,000						(16,000)						16,070,000
State and political subdivisions			236,612,000						7,136,000						(48,000)						243,700,000
Corporate securities			13,750,000						194,000						—						13,944,000
			$	298,786,000					$	7,925,000					$	(64,000)					$	306,647,000
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 September 30, 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			$	7,097,000					$	7,159,000					$	2,454,000					$	2,462,000
Due in 1 to 5 years			23,789,000						24,260,000						32,595,000						33,683,000
Due in 5 to 10 years			58,430,000						60,086,000						176,400,000						182,370,000
Due after 10 years			243,836,000						248,635,000						120,513,000						123,547,000
			$	333,152,000					$	340,140,000					$	331,962,000					$	342,062,000

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 September 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			$	189,000					$	189,000					$	1,241,000					$	1,245,000
Due in 1 to 5 years			36,304,000						36,703,000						23,460,000						23,920,000
Due in 5 to 10 years			91,242,000						93,419,000						184,234,000						188,811,000
Due after 10 years			194,398,000						196,487,000						89,851,000						92,671,000
			$	322,133,000					$	326,798,000					$	298,786,000					$	306,647,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the nine months and quarters ended September 30, 2020 and 2019:

			For the nine months ended September 30,												For the quarter ended September 30,
			2020						2019						2020						2019
Proceeds from sales of securities			$	79,469,000					$	4,725,000					$	—					$	4,725,000
Gross realized gains			1,526,000						82,000						—						82,000
Gross realized losses			(347,000)						(67,000)						—						(67,000)
Net gain			$	1,179,000					$	15,000					$	—					$	15,000
Related income taxes			$	248,000					$	3,000					$	—					$	3,000

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of September 30, 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
U.S. Government-sponsored agencies			$	16,817,000					$	(228,000)					$	—					$	—					$	16,817,000					$	(228,000)
Mortgage-backed securities			79,816,000						(654,000)						4,216,000						(114,000)						84,032,000						(768,000)
State and political subdivisions			19,201,000						(361,000)						—						—						19,201,000						(361,000)
			$	115,834,000					$	(1,243,000)					$	4,216,000					$	(114,000)					$	120,050,000					$	(1,357,000)

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 September 30, 2019, there were 60 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 29 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 0.13% of overall state and municipal security holdings and were subsequently sold during the third quarter 2019.

Information regarding securities temporarily impaired as of September 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			$	30,249,000					$	(233,000)					$	22,569,000					$	(473,000)					$	52,818,000					$	(706,000)
State and political subdivisions			5,073,000						(42,000)						306,000						(6,000)						5,379,000						(48,000)
			$	35,322,000					$	(275,000)					$	22,875,000					$	(479,000)					$	58,197,000					$	(754,000)

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- Definition

Tabular presentation of available for sale securities, held-to-maturity securities and restricted equity securities as of the balance sheet date.

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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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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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Tabular disclosure of investments in an unrealized loss position for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), including: (a) the aggregate related fair value of investments with unrealized losses, (b) the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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