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SECURITIES | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Amortized cost and estimated fair value of securities available for sale at December 31, 2020 and 2019 are as follows (in thousands):
|  | 2020 |  | 2019
|  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Mortgage-backed securities, residential |  | $ | 458,245 |  |  | $ | 467,866 |  |  | $ | 225,029 |  |  | $ | 225,234 |
Obligations of states and political subdivisions |  | 40,662 |  |  | 43,405 |  |  | 41,265 |  |  | 42,845 |
Corporate bonds and notes |  | 9,000 |  |  | 9,035 |  |  | 250 |  |  | 250 |
SBA loan pools |  | 34,455 |  |  | 34,305 |  |  | 15,712 |  |  | 15,761 |
Total |  | $ | 542,362 |  |  | $ | 554,611 |  |  | $ | 282,256 |  |  | $ | 284,090 |
Gross unrealized gains and losses on securities available for sale at December 31, 2020 and 2019, were as follows (in thousands):
|  | 2020 |  | 2019
|  | Unrealized Gains |  | Unrealized Losses |  | Unrealized Gains |  | Unrealized Losses
Mortgage-backed securities, residential |  | $ | 9,822 |  |  | $ | 201 |  |  | $ | 1,471 |  |  | $ | 1,266 |
Obligations of states and political subdivisions |  | 2,743 |  |  | — |  |  | 1,580 |  |  | — |
Corporate bonds and notes |  | 47 |  |  | 12 |  |  | — |  |  | — |
SBA loan pools |  | 42 |  |  | 192 |  |  | 95 |  |  | 46 |
Total |  | $ | 12,654 |  |  | $ | 405 |  |  | $ | 3,146 |  |  | $ | 1,312 |
The amortized cost and estimated fair value of debt securities available for sale are shown below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately (in thousands):
|  | December 31, 2020
|  | Amortized Cost |  | Fair Value
Within one year |  |  |  |
After one, but within five years |  | 27,215 |  |  | 28,757 |
After five, but within ten years |  | 21,688 |  |  | 22,875 |
After ten years |  | 759 |  |  | 808 |
Mortgage-backed securities, residential |  | 458,245 |  |  | 467,866 |
SBA loan pools |  | 34,455 |  |  | 34,305 |
Total |  | $ | 542,362 |  |  | $ | 554,611 |
Actual maturities may differ from contractual maturities above because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. The proceeds from sales and calls of securities resulting in gains or losses are listed below (in thousands):
|  | 2020 |  | 2019 |  | 2018
Proceeds |  | $ | — |  |  | $ | 8,513 |  |  | $ | — |
Gross gains |  | $ | — |  |  | $ | 159 |  |  | $ | — |
Gross losses |  | $ | — |  |  | $ | (140) |  |  | $ | — |
Tax expense |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Amortized cost and estimated fair value of securities held to maturity at December 31, 2020 and 2019 are as follows (in thousands):
|  | 2020 |  | 2019
|  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 326 |  |  | $ | 326 |  |  | $ | 1,045 |  |  | $ | 1,045 |
Time deposits with other financial institutions |  | 2,143 |  |  | 2,175 |  |  | 2,070 |  |  | 2,094 |
|  | $ | 2,469 |  |  | $ | 2,501 |  |  | $ | 3,115 |  |  | $ | 3,139 |
Gross unrealized gains and losses on securities held to maturity at December 31, 2020 and 2019, were as follows (in thousands):
|  | 2020 |  | 2019
|  | Unrealized Gains |  | Unrealized Losses |  | Unrealized Gains |  | Unrealized Losses
Obligations of states and political subdivisions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Time deposits with other financial institutions |  | 32 |  |  | — |  |  | 24 |  |  | — |
Total |  | $ | 32 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |
There were no sales of securities held to maturity in 2020 or 2019. The contractual maturity of securities held to maturity is as follows at December 31, 2020 (in thousands):
|  | December 31, 2020
|  | Amortized Cost |  | Fair Value
Within one year |  | $ | 856 |  |  | $ | 863 |
After one, but within five years |  | 1,613 |  |  | 1,638 |
After five, but within ten years |  | — |  |  | — |
After ten years |  | — |  |  | — |
Total |  | $ | 2,469 |  |  | $ | 2,501 |
The following table summarizes the investment securities available for sale with unrealized losses at December 31, 2020 and December 31, 2019 by aggregated major security type and length of time in a continuous unrealized position (in thousands):
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
2020 |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential |  | 70,037 |  |  | 200 |  |  | 970 |  |  | 1 |  |  | 71,007 |  |  | 201 |
Obligations of states and political subdivisions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds and notes |  | 2,988 |  |  | 12 |  |  | — |  |  | — |  |  | 2,988 |  |  | 12 |
SBA loan pools |  | 15,245 |  |  | 156 |  |  | 3,636 |  |  | 36 |  |  | 18,881 |  |  | 192 |
Total temporarily impaired securities |  | $ | 88,270 |  |  | $ | 368 |  |  | $ | 4,606 |  |  | $ | 37 |  |  | $ | 92,876 |  |  | $ | 405 |
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
2019 |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential |  | 71,506 |  |  | 791 |  |  | 54,343 |  |  | $ | 475 |  |  | 125,849 |  |  | 1,266 |
Obligations of states and political subdivisions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds and notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
SBA loan pools |  | 3,014 |  |  | 9 |  |  | 1,405 |  |  | 37 |  |  | 4,419 |  |  | 46 |
Total temporarily impaired securities |  | $ | 74,520 |  |  | $ | 800 |  |  | $ | 55,748 |  |  | $ | 512 |  |  | $ | 130,268 |  |  | $ | 1,312 |
Other-Than-Temporary-Impairment As of December 31, 2020, the majority of the Corporation’s unrealized losses in the investment securities portfolio related to mortgage-backed securities. At December 31, 2020, all of the unrealized losses related to mortgage-backed securities were issued by U.S. government sponsored entities, Fannie Mae and Freddie Mac. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at December 31, 2020. Pledged Securities The fair value of securities pledged to secure public funds on deposit or for other purposes as required by law was $180.8 million at December 31, 2020 and $205.9 million at December 31, 2019. There are no securities pledged to secure securities sold under agreements to repurchase at December 31, 2020 and 2019, respectively. Concentrations There are no securities of a single issuer (other than securities of U.S. Government sponsored enterprises) that exceed 10% of shareholders' equity at December 31, 2020 or 2019. Equity Method Investments The Corporation has an equity investment in Cephas Capital Partners, L.P. This small business investment company was established for the purpose of providing financing to small businesses in market areas served by the Corporation, including minority-owned small businesses and those that are anticipated to create jobs for the low to moderate income levels in the targeted areas. As of December 31, 2020 and 2019, this investment totaled $0.2 million and $0.3 million respectively, is included in other assets, and is accounted for under the equity method of accounting.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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