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SECURITIES

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

SECURITIES

SECURITIES

Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):

						March 31, 2021
						Amortized Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises						$	610					$	1					$	—					$	611
Mortgage-backed securities, residential						523,974						5,698						9,175						520,497
Obligations of states and political subdivisions						40,630						2,192						—						42,822
Corporate bonds and notes						9,000						112						36						9,076
SBA loan pools						53,364						52						227						53,189
Total						$	627,578					$	8,055					$	9,438					$	626,195

						December 31, 2020
						Amortized Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value
Mortgage-backed securities, residential						$	458,245					$	9,822					$	201					$	467,866
Obligations of states and political subdivisions						40,662						2,743						—						43,405
Corporate bonds and notes						9,000						47						12						9,035
SBA loan pools						34,455						42						192						34,305
Total						$	542,362					$	12,654					$	405					$	554,611

Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):

						March 31, 2021
						Amortized Cost						Unrecognized Gains						Unrecognized Losses						Estimated Fair Value
Obligations of states and political subdivisions						$	316					$	—					$	—					$	316
Time deposits with other financial institutions						2,137						29						—						2,166
Total						$	2,453					$	29					$	—					$	2,482

						December 31, 2020
						Amortized Cost						Unrecognized Gains						Unrecognized Losses						Estimated Fair Value
Obligations of states and political subdivisions						$	326					$	—					$	—					$	326
Time deposits with other financial institutions						2,143						32						—						2,175
Total						$	2,469					$	32					$	—					$	2,501

The amortized cost and estimated fair value of debt securities are shown below by expected 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):

						March 31, 2021
						Available for Sale												Held to Maturity
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Within one year						$	610					$	611					$	1,064					$	1,074
After one, but within five years						31,385						32,858						1,389						1,408
After five, but within ten years						17,487						18,234						—						—
After ten years						758						806						—						—
						50,240						52,509						2,453						2,482
Mortgage-backed securities, residential						523,974						520,497						—						—
SBA loan pools						53,364						53,189						—						—
Total						$	627,578					$	626,195					$	2,453					$	2,482

There were no proceeds from sales and calls of securities resulting in gains or losses for the three months ended March 31, 2021 and 2020.

The following tables summarize the investment securities available for sale with unrealized losses at March 31, 2021 and December 31, 2020 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):

			Less than 12 months												12 months or longer												Total
March 31, 2021			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Mortgage-backed securities, residential			$	339,140					$	9,175					$	—					$	—					$	339,140					$	9,175
Corporate bonds and notes			2,964						36						—						—						2,964						36
SBA loan pools			23,172						131						11,470						96						34,642						227
Total temporarily impaired securities			$	365,276					$	9,342					$	11,470					$	96					$	376,746					$	9,438

			Less than 12 months												12 months or longer												Total
December 31, 2020			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Mortgage-backed securities, residential			$	70,037					$	200					$	970					$	1					$	71,007					$	201
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

Other-Than-Temporary Impairment

As of March 31, 2021, the Corporation’s unrealized and unrecognized losses were not material.

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- References

No definition available.

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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

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