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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

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

The following tables summarize the amortized cost and estimated fair value of investment securities at December 31, 2020 and 2019:

			Amortized						Unrealized						Unrealized						Fair Value
As of December 31, 2020			Cost						Gains						Losses						(Estimated)
Securities available for sale
U.S. government-sponsored agencies			$	23,045,000					$	—					$	(315,000)					$	22,730,000
Mortgage-backed securities			238,516,000						5,507,000						(617,000)						243,406,000
State and political subdivisions			37,752,000						1,722,000						—						39,474,000
Asset-backed securities			7,723,000						43,000						—						7,766,000
			$	307,036,000					$	7,272,000					$	(932,000)					$	313,376,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	44,149,000					$	143,000					$	(18,000)					$	44,274,000
Mortgage-backed securities			53,594,000						736,000						(195,000)						54,135,000
State and political subdivisions			245,620,000						10,427,000						(3,000)						256,044,000
Corporate securities			22,250,000						433,000						(2,000)						22,681,000
			$	365,613,000					$	11,739,000					$	(218,000)					$	377,134,000
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

			Amortized						Unrealized						Unrealized						Fair Value
As of December 31, 2019			Cost						Gains						Losses						(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

Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at December 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			$	117,000					$	120,000					$	3,607,000					$	3,641,000
Due in 1 to 5 years			17,718,000						17,915,000						30,867,000						31,792,000
Due in 5 to 10 years			49,697,000						51,001,000						183,679,000						190,153,000
Due after 10 years			239,504,000						244,340,000						147,460,000						151,548,000
			$	307,036,000					$	313,376,000					$	365,613,000					$	377,134,000

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

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for 2020, 2019 and 2018:

			2020						2019						2018
Proceeds from sales of securities			$	112,179,000					$	9,229,000					$	459,000
Gross realized gains			1,689,000						224,000						137,000
Gross realized losses			(534,000)						—						—
Net gain			$	1,155,000					$	224,000					$	137,000
Related income taxes			$	243,000					$	47,000					$	29,000

Schedule of Temporary Impairment Losses

Information regarding securities temporarily impaired as of December 31, 2020 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
As of December 31, 2020			Value						Losses						Value						Losses						Value						Losses
U.S. Government-sponsored agencies			$	30,212,000					$	(333,000)					$	—					$	—					$	30,212,000					$	(333,000)
Mortgage-backed securities			65,505,000						(724,000)						3,878,000						(88,000)						69,383,000						(812,000)
State and political subdivisions			855,000						(3,000)						—						—						855,000						(3,000)
Corporate securities			2,498,000						(2,000)						—						—						2,498,000						(2,000)
			$	99,070,000					$	(1,062,000)					$	3,878,000					$	(88,000)					$	102,948,000					$	(1,150,000)

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						Unrealized						Fair						Unrealized						Fair						Unrealized
As of December 31, 2019			Value						Losses						Value						Losses						Value						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)

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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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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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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).

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