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Investment Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(1,106,000)					$	21,939,000
Mortgage-backed securities			247,606,000						2,751,000						(3,104,000)						247,253,000
State and political subdivisions			34,590,000						895,000						(306,000)						35,179,000
Asset-backed securities			4,777,000						76,000						—						4,853,000
			$	310,018,000					$	3,722,000					$	(4,516,000)					$	309,224,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	17,000					$	(1,161,000)					$	34,456,000
Mortgage-backed securities			64,651,000						354,000						(1,701,000)						63,304,000
State and political subdivisions			254,198,000						7,251,000						(1,042,000)						260,407,000
Corporate securities			21,250,000						415,000						(35,000)						21,630,000
			$	375,699,000					$	8,037,000					$	(3,939,000)					$	379,797,000
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 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

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at September 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			$	—					$	—					$	3,788,000					$	3,763,000
Due in 1 to 5 years			6,285,000						6,529,000						18,616,000						19,426,000
Due in 5 to 10 years			37,971,000						38,400,000						171,039,000						176,007,000
Due after 10 years			265,762,000						264,295,000						182,256,000						180,601,000
			$	310,018,000					$	309,224,000					$	375,699,000					$	379,797,000

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 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

Schedule of Securities Gains and Losses

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

			For the nine months ended September 30,												For the quarter ended September 30,
			2021						2020						2021						2020
Proceeds from sales of securities			$	19,435,000					$	79,469,000					$	3,743,000					$	—
Gross realized gains			627,000						1,526,000						1,000						—
Gross realized losses			(605,000)						(347,000)						(143,000)						—
Net gain (loss)			$	22,000					$	1,179,000					$	(142,000)					$	—
Related income taxes			$	5,000					$	248,000					$	(29,000)					$	—

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of September 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			$	37,054,000					$	(1,396,000)					$	16,174,000					$	(871,000)					$	53,228,000					$	(2,267,000)
Mortgage-backed securities			207,951,000						(4,207,000)						17,337,000						(598,000)						225,288,000						(4,805,000)
State and political subdivisions			50,050,000						(1,348,000)						—						—						50,050,000						(1,348,000)
Corporate securities			3,465,000						(35,000)						—						—						3,465,000						(35,000)
			$	298,520,000					$	(6,986,000)					$	33,511,000					$	(1,469,000)					$	332,031,000					$	(8,455,000)

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 September 30, 2020, there were 75 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 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)

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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
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