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Securities | 9 Months Ended
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Sep. 30, 2021
Securities [Abstract] |
Securities | 7. Securities The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale were as follows: September 30, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands)Available for Sale: U.S. Treasury securities$ 15,596 $ 1 $ (91) $ 15,506U.S. Government agencies 14,222 21 (195) 14,048States and political subdivisions 120,562 2,003 (1,214) 121,351Mortgage-backed securities- government sponsored entities 211,083 1,756 (1,756) 211,083Total debt securities$ 361,463 $ 3,781 $ (3,256) $ 361,988 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands)Available for Sale: U.S. Government agencies$ 3,998 $ - $ (29) $ 3,969States and political subdivisions 70,672 2,419 - 73,091Corporate obligations 3,019 13 - 3,032Mortgage-backed securities-government sponsored entities 143,712 2,809 (27) 146,494Total debt securities$ 221,401 $ 5,241 $ (56) $ 226,586 The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands): September 30, 2021 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized LossesU.S. Treasury securities$ 13,566 $ (91) $ - $ - $ 13,566 $ (91)U.S. Government agencies 4,850 (160) 1,964 (35) 6,814 (195)States and political subdivisions 58,432 (1,214) - - 58,432 (1,214)Mortgage-backed securities-government sponsored entities 121,046 (1,756) - - 121,046 (1,756) $ 197,894 $ (3,221) $ 1,964 $ (35) $ 199,858 $ (3,256) December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized LossesU.S. Government agencies$ 3,969 $ (29) $ - $ - $ 3,969 $ (29)Mortgage-backed securities-government sponsored entities 4,980 (27) - - 4,980 (27) $ 8,949 $ (56) $ - $ - $ 8,949 $ (56) At September 30, 2021, the Company had 98 debt securities in an unrealized loss position in the less than twelve months category and one debt security in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2021. Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis. The amortized cost and fair value of debt securities as of September 30, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. Available for Sale Amortized Cost Fair Value (In Thousands)Due in one year or less$ 939 $ 941Due after one year through five years 11,003 11,307Due after five years through ten years 44,400 44,125Due after ten years 94,038 94,532 150,380 150,905Mortgage-backed securities-government sponsored entities 211,083 211,083 $ 361,463 $ 361,988 Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands): Three Months Nine Months Ended September 30, Ended September 30, 2021 2020 2021 2020Gross realized gains$ 35 $ 33 $ 56 $ 71Gross realized losses — — — —Net realized gain$ 35 $ 33 $ 56 $ 71Proceeds from sales of securities$ 2,714 $ 2,425 $ 3,841 $ 24,497 Securities with a carrying value of $303,809,000 and $199,361,000 at September 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

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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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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