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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(848,000)					$	22,197,000
Mortgage-backed securities			245,187,000						3,264,000						(2,161,000)						246,290,000
State and political subdivisions			31,544,000						1,170,000						(26,000)						32,688,000
Asset-backed securities			4,964,000						108,000						—						5,072,000
			$	304,740,000					$	4,542,000					$	(3,035,000)					$	306,247,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	45,000					$	(897,000)					$	34,748,000
Mortgage-backed securities			69,086,000						406,000						(1,424,000)						68,068,000
State and political subdivisions			253,245,000						8,829,000						(161,000)						261,913,000
Corporate securities			18,250,000						497,000						(22,000)						18,725,000
			$	376,181,000					$	9,777,000					$	(2,504,000)					$	383,454,000
Restricted equity securities
Federal Home Loan Bank Stock			$	7,802,000					$	—					$	—					$	7,802,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	8,839,000					$	—					$	—					$	8,839,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2020:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (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

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2020:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	15,500,000					$	68,000					$	(12,000)					$	15,556,000
Mortgage-backed securities			267,805,000						7,937,000						(251,000)						275,491,000
State and political subdivisions			19,208,000						1,245,000						—						20,453,000
			$	302,513,000					$	9,250,000					$	(263,000)					$	311,500,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	31,144,000					$	177,000					$	—					$	31,321,000
Mortgage-backed securities			50,983,000						1,089,000						(52,000)						52,020,000
State and political subdivisions			245,085,000						8,492,000						(32,000)						253,545,000
Corporate securities			14,750,000						589,000						—						15,339,000
			$	341,962,000					$	10,347,000					$	(84,000)					$	352,225,000
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

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at June 30, 2021:

			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			$	—					$	—					$	3,813,000					$	3,800,000
Due in 1 to 5 years			5,683,000						5,909,000						20,629,000						21,477,000
Due in 5 to 10 years			38,136,000						39,018,000						167,850,000						173,699,000
Due after 10 years			260,921,000						261,320,000						183,889,000						184,478,000
			$	304,740,000					$	306,247,000					$	376,181,000					$	383,454,000

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 June 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			$	584,000					$	573,000					$	1,860,000					$	1,863,000
Due in 1 to 5 years			26,736,000						27,310,000						32,303,000						33,367,000
Due in 5 to 10 years			63,422,000						65,575,000						179,877,000						185,994,000
Due after 10 years			211,771,000						218,042,000						127,922,000						131,001,000
			$	302,513,000					$	311,500,000					$	341,962,000					$	352,225,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2021 and 2020:

			For the six months ended June 30,												For the quarter ended June 30,
			2021						2020						2021						2020
Proceeds from sales of securities			$	15,692,000					$	79,469,000					$	14,478,000					$	10,849,000
Gross realized gains			626,000						1,526,000						507,000						428,000
Gross realized losses			(462,000)						(347,000)						(462,000)						(1,000)
Net gain			$	164,000					$	1,179,000					$	45,000					$	427,000
Related income taxes			$	34,000					$	248,000					$	9,000					$	90,000

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of June 30, 2021 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			$	53,750,000					$	(1,745,000)					$	—					$	—					$	53,750,000					$	(1,745,000)
Mortgage-backed securities			202,134,000						(3,403,000)						5,168,000						(182,000)						207,302,000						(3,585,000)
State and political subdivisions			17,053,000						(187,000)						—						—						17,053,000						(187,000)
Corporate securities			3,478,000						(22,000)						—						—						3,478,000						(22,000)
			$	276,415,000					$	(5,357,000)					$	5,168,000					$	(182,000)					$	281,583,000					$	(5,539,000)

As of December 31, 2020, there were 50 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 10 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of December 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
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 June 30, 2020, there were 52 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 11 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of June 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			$	7,988,000					$	(12,000)					$	—					$	—					$	7,988,000					$	(12,000)
Mortgage-backed securities			28,116,000						(160,000)						4,771,000						(143,000)						32,887,000						(303,000)
State and political subdivisions			7,623,000						(32,000)						—						—						7,623,000						(32,000)
			$	43,727,000					$	(204,000)					$	4,771,000					$	(143,000)					$	48,498,000					$	(347,000)

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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
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