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Securities
 12 Months Ended
Dec. 31, 2019
Securities [Abstract]  
Securities

NOTE 3 - SECURITIES



The amortized cost, gross unrealized gains and losses, and fair value of securities were as follows:





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2019



 

 

 

 

 

Gross

 

 

Gross

 

 

 



 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair



 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value



 

(In Thousands)

AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

 70,015 

 

$

 1,293 

 

$

 (3)

 

$

 71,305 

Corporate obligations

 

 

 4,097 

 

 

 3 

 

 

 -

 

 

 4,100 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 135,646 

 

 

 238 

 

 

 (1,084)

 

 

 134,800 

   Total debt securities

 

$

 209,758 

 

$

 1,534 

 

$

 (1,087)

 

$

 210,205 



 

 

 

 

 

 

 

 

 

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018



 

 

 

 

 

Gross

 

 

Gross

 

 

 



 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair



 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value



 

(In Thousands)

AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

 99,218 

 

$

 385 

 

$

 (1,990)

 

$

 97,613 

Corporate obligations

 

 

 8,896 

 

 

 -

 

 

 (256)

 

 

 8,640 

Mortgage-backed securities-

 

 

 

 

 

 

 

 

 

 

 

 

government sponsored entities

 

 

 142,197 

 

 

 25 

 

 

 (5,198)

 

 

 137,024 

   Total debt securities

 

$

 250,311 

 

$

 410 

 

$

 (7,444)

 

$

 243,277 



 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 2019



Less than 12 Months

 

12 Months or More

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

States and political subdivisions

$

 1,296 

 

$

 (2)

 

$

 481 

 

$

 (1)

 

$

 1,777 

 

$

 (3)

Mortgage-backed securities-government sponsored entities

 

 32,415 

 

 

 (241)

 

 

 61,096 

 

 

 (843)

 

 

 93,511 

 

 

 (1,084)



$

 33,711 

 

$

 (243)

 

$

 61,577 

 

$

 (844)

 

$

 95,288 

 

$

 (1,087)









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 2018



Less than 12 Months

 

12 Months or More

 

Total



Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

 

Fair Value

 

Unrealized Losses

States and political subdivisions

$

 19,140 

 

$

 (390)

 

$

 56,740 

 

$

 (1,600)

 

$

 75,880 

 

$

 (1,990)

Corporate obligations

 

 2,045 

 

 

 (21)

 

 

 6,595 

 

 

 (235)

 

 

 8,640 

 

 

 (256)

Mortgage-backed securities-government sponsored entities

 

 8,444 

 

 

 (22)

 

 

 122,950 

 

 

 (5,176)

 

 

 131,394 

 

 

 (5,198)



$

 29,629 

 

$

 (433)

 

$

 186,285 

 

$

 (7,011)

 

$

 215,914 

 

$

 (7,444)





The Company has 33 debt securities in the less than twelve month category and 57 debt securities in the twelve months or more category as of December 31, 2019.  In management’s opinion, the unrealized losses on securities reflect changes in interest rates subsequent to the acquisition of specific securities.  No other-than-temporary-impairment charges were recorded in 2019.  Management believes that all other unrealized losses represent temporary impairment of the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost basis.



The amortized cost and fair value of debt securities as of December 31, 2019 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.









 

 

 

 

 



Amortized

 

Fair



Cost

 

Value



 

(In Thousands)

Due in one year or less

$

4,252

 

$

4,264

Due after one year through five years

 

14,048

 

 

14,087

Due after five years through ten years

 

28,259

 

 

28,413

Due after ten years

 

27,553

 

 

28,641



 

74,112

 

 

75,405



 

 

 

 

 

Mortgage-backed securities - government sponsored entities

 

135,646

 

 

134,800



$

209,758

 

$

210,205



 Gross realized gains and gross realized losses on sales of securities available for sale were $254,000 and $0, respectively, in 2019, compared to $213,000 and $0, respectively, in 2018. The proceeds from the sales of securities totaled $27,247,000 and $17,745,000 for the years ended December 31, 2019 and 2018, respectively.



Securities with a carrying value of $157,233,000 and $193,918,000 at December 31, 2019 and 2018, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.