Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Certain information concerning changes in fair value of equity securities with a readily determinable fair value for the three and six months ended June 30, 2021 and 2020 is as follows (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2021		2020	2021	2020
Net gains (losses) recognized	$	(22)	120	90	453
Less net realized gains on equity securities sold	—		—	—	559
Net unrealized gains (losses) recognized and still held at period end	$	(22)	120	90	(106)

Realized Gain (Loss) on Investments

Certain information concerning the sale of debt securities, available-for-sale, for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2021		2020	2021	2020
Proceeds from sales	$	—	—	—	8,786
Gross realized gains	—		—	—	221
Gross realized losses	—		—	—	—

Marketable Securities

The cost and estimated fair value of equity securities with a readily determinable fair value at June 30, 2021 and December 31, 2020 are summarized as follows (in thousands):


	June 30, 2021			December 31, 2020
	Cost		Fair Value	Cost	Fair Value
Mutual funds	$	1,403	1,394	1,395	1,402
Equity securities	778		1,094	778	987
Total equity securities with a readily determinable fair value	$	2,181	2,488	2,173	2,389

Investments Classified by Contractual Maturity Date

Contractual maturities of debt securities at June 30, 2021 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.


	Available-for-Sale			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	7,476	7,563	1,830	1,837
Due from one to five years	87,421		88,315	5,641	5,688
Due from five to ten years	113,868		113,528	2,038	2,066
Due after ten years	1,030		1,016	14,733	14,798
	209,795		210,422	24,242	24,389
U.S. Agency mortgage-backed securities	98,358		100,093	—	—
	$	308,153	310,515	24,242	24,389

Schedule of Unrealized Loss on Investments

Information concerning debt securities with gross unrealized losses at June 30, 2021 and December 31, 2020, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands):


	Less than Twelve Months			Twelve Months or Greater
	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses
June 30, 2021
Available-for-Sale:
U.S. Treasury notes	$	29,734	78	—	—
U.S. Agency notes	68,180		928	—	—
Corporate bonds	1,186		14	—	—
U.S. Agency mortgage-backed securities	32,947		388	—	—
Municipal securities:
Non-taxable	1,741		14	—	—
Taxable	13,488		204	—	—
	$	147,276	1,626	—	—







December 31, 2020
Available-for-Sale:
U.S. Treasury notes	$	—	—	—	—
U.S. Agency notes	10,674		33	—	—
Corporate Bonds	679		21	—	—
U.S. Agency mortgage-backed securities	290		1	—	—
Municipal securities:
Non-taxable	38		—	—	—
Taxable	3,063		3	—	—
	$	14,744	58	—	—

Held-to-Maturity:
Municipal securities:
Non-taxable	$	1	—	—
Taxable	3,113		37	—	—
	$	3,114	37	—	—

Unrealized Gain (Loss) on Investments

The amortized cost and estimated fair value of equity and debt securities at June 30, 2021 and December 31, 2020 are summarized as follows (in thousands):


	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
June 30, 2021
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	64,317	255	78	64,494
U.S. Agency notes	95,830		587	928	95,489
Corporate bonds	1,900		7	14	1,893
U.S. Agency mortgage-backed securities	98,358		2,123	388	100,093
Municipal securities:
Non-taxable	11,725		188	14	11,899
Taxable	36,023		828	204	36,647
	$	308,153	3,988	1,626	310,515

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	20,840	125	—	20,965
Taxable	3,402		22	—	3,424
	$	24,242	147	—	24,389

December 31, 2020
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	2,268	120	—	2,388
U.S. Agency notes	66,983		950	33	67,900
Corporate Bonds	1,200		—	21	1,179
U.S. Agency mortgage-backed securities	88,455		3,180	1	91,634
Municipal securities:
Non-taxable	12,651		282	—	12,933
Taxable	32,409		1,031	3	33,437
	$	203,966	5,563	58	209,471

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	21,408	181	—	21,589
Taxable	3,402		6	37	3,371
	$	24,810	187	37	24,960