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AFS Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
AFS Securities | AFS Securities The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows as of December 31:
| 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
States and political subdivisions | $ | 165,005 |  |  | $ | 4,747 |  |  | $ | — |  |  | $ | 169,752 |
Auction rate money market preferred | 3,200 |  |  | — |  |  | 81 |  |  | 3,119 |
Mortgage-backed securities | 139,831 |  |  | 933 |  |  | 560 |  |  | 140,204 |
Collateralized mortgage obligations | 115,944 |  |  | 1,007 |  |  | 187 |  |  | 116,764 |
Total | $ | 423,980 |  |  | $ | 6,687 |  |  | $ | 828 |  |  | $ | 429,839 |
| 2018
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Government sponsored enterprises | $ | 172 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 170 |
States and political subdivisions | 188,992 |  |  | 2,125 |  |  | 251 |  |  | 190,866 |
Auction rate money market preferred | 3,200 |  |  | — |  |  | 646 |  |  | 2,554 |
Mortgage-backed securities | 189,688 |  |  | 76 |  |  | 5,280 |  |  | 184,484 |
Collateralized mortgage obligations | 119,193 |  |  | 71 |  |  | 2,504 |  |  | 116,760 |
Total | $ | 501,245 |  |  | $ | 2,272 |  |  | $ | 8,683 |  |  | $ | 494,834 |
The amortized cost and fair value of AFS securities by contractual maturity at December 31, 2019 are as follows:
| Maturing |  | Securities with Variable Monthly Payments or Noncontractual Maturities |  |
| Due in One Year or Less |  | After One Year But Within Five Years |  | After Five Years But Within Ten Years |  | After Ten Years |  |  | Total
States and political subdivisions | $ | 28,932 |  |  | $ | 70,795 |  |  | $ | 38,342 |  |  | $ | 26,936 |  |  | $ | — |  |  | $ | 165,005 |
Auction rate money market preferred | — |  |  | — |  |  | — |  |  | — |  |  | 3,200 |  |  | 3,200 |
Mortgage-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | 139,831 |  |  | 139,831 |
Collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | — |  |  | 115,944 |  |  | 115,944 |
Total amortized cost | $ | 28,932 |  |  | $ | 70,795 |  |  | $ | 38,342 |  |  | $ | 26,936 |  |  | $ | 258,975 |  |  | $ | 423,980 |
Fair value | $ | 29,091 |  |  | $ | 72,332 |  |  | $ | 39,875 |  |  | $ | 28,454 |  |  | $ | 260,087 |  |  | $ | 429,839 |
Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities because issuers may have the right to call or prepay obligations. As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group. A summary of the sales activity of AFS securities during the years ended December 31 is displayed in the following table.
| 2019 |  | 2018 |  | 2017
Proceeds from sales of AFS securities | $ | 33,840 |  |  | $ | — |  |  | $ | 12,827 |
Realized gains (losses) | $ | 6 |  |  | $ | — |  |  | $ | 142 |
Applicable income tax expense (benefit) (1) | $ | 1 |  |  | $ | — |  |  | $ | 48 |
(1) Calculations are based on a federal income tax rate of 21% in 2019 and 2018 and 34% in 2017. The following information pertains to AFS securities with gross unrealized losses at December 31 aggregated by investment category and length of time that individual securities have been in a continuous loss position.
| 2019
| Less Than Twelve Months |  | Twelve Months or More |  |
| Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Total Unrealized Losses
States and political subdivisions | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Auction rate money market preferred | — |  |  | — |  |  | 81 |  |  | 3,119 |  |  | 81 |
Mortgage-backed securities | 3 |  |  | 3,974 |  |  | 557 |  |  | 49,701 |  |  | 560 |
Collateralized mortgage obligations | 43 |  |  | 20,262 |  |  | 144 |  |  | 13,309 |  |  | 187 |
Total | $ | 46 |  |  | $ | 24,236 |  |  | $ | 782 |  |  | $ | 66,129 |  |  | $ | 828 |
Number of securities in an unrealized loss position: |  |  | 9 |  |  |  |  | 19 |  |  | 28 |
| 2018
| Less Than Twelve Months |  | Twelve Months or More |  |
| Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Total Unrealized Losses
Government sponsored enterprises | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 170 |  |  | $ | 2 |
States and political subdivisions | 83 |  |  | 14,732 |  |  | 168 |  |  | 15,090 |  |  | 251 |
Auction rate money market preferred | — |  |  | — |  |  | 646 |  |  | 2,554 |  |  | 646 |
Mortgage-backed securities | 896 |  |  | 43,485 |  |  | 4,384 |  |  | 124,253 |  |  | 5,280 |
Collateralized mortgage obligations | 199 |  |  | 21,886 |  |  | 2,305 |  |  | 87,929 |  |  | 2,504 |
Total | $ | 1,178 |  |  | $ | 80,103 |  |  | $ | 7,505 |  |  | $ | 229,996 |  |  | $ | 8,683 |
Number of securities in an unrealized loss position: |  |  | 66 |  |  |  |  | 102 |  |  | 168 |
The reduction in unrealized losses on our AFS securities portfolio resulted from recent decreases in intermediate-term and long-term benchmark interest rates. As of December 31, 2019 and 2018, we conducted an analysis to determine whether any AFS securities currently in an unrealized loss position should be identified as other-than-temporarily impaired. Such analyses considered, among other factors, the following criteria:
• | Has the value of the investment declined more than what is deemed to be reasonable based on a risk and maturity adjusted discount rate?
• | Is the investment credit rating below investment grade?
• | Is it probable the issuer will be unable to pay the amount when due?
• | Is it more likely than not that we will have to sell the security before recovery of its cost basis?
• | Has the duration of the investment been extended?
Based on our analysis, which included the criteria outlined above and the fact that we have asserted that we do not have to sell any AFS securities in an unrealized loss position, we do not believe that the values of any AFS securities are other-than-temporarily impaired as of December 31, 2019 and 2018, with the exception of one municipal bond previously identified which had no activity during the period.

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