Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investment Securities [Abstract]

Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows (in thousands):

	Amortized		Gross Unrealized				Fair/Book
March 31, 2020	Cost		Gains		Losses		Value
US Treasury Notes	$	14,777	$	622	$	-		15,399
US Govt SBA		10,043		9		98		9,954
Mortgage Backed Securities (1)		482,439		18,945		8		501,376
Other		5,517		-		-		5,517
Total	$	512,776	$	19,576	$	106	$	532,246

	Amortized		Gross Unrealized				Fair/Book
December 31, 2019	Cost		Gains		Losses		Value
US Treasury Notes	$	54,745	$	250	$	-	$	54,995
US Govt SBA		10,902		9		113		10,798
Mortgage Backed Securities (1)		436,531		4,646		99		441,078
Other		515		-		-		515
Total	$	502,693	$	4,905	$	212	$	507,386

	Amortized		Gross Unrealized				Fair/Book
March 31, 2019	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,021	$	6	$	-	$	3,027
US Treasury Notes		164,660		48		34		164,674
US Govt SBA		14,554		5		147		14,412
Mortgage Backed Securities (1)		303,895		1,764		1,639		304,020
Other		5,156		-		-		5,156
Total	$	491,286	$	1,823	$	1,820	$	491,289

⁽¹⁾ All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-to-Maturity

The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
March 31, 2020	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	58,701	$	812	$	10	$	59,503
Total	$	58,701	$	812	$	10	$	59,503

	Book		Gross Unrealized				Fair
December 31, 2019	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	60,229	$	880	$	12	$	61,097
Total	$	60,229	$	880	$	12	$	61,097

	Book		Gross Unrealized				Fair
March 31, 2019	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	54,412	$	571	$	1	$	54,982
Total	$	54,412	$	571	$	1	$	54,982

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity

The amortized cost and estimated fair values of investment securities at March 31, 2020 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2020	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	5,574	$	5,574	$	3,980	$	3,980
After one year through five years		15,092		15,713		4,894		4,899
After five years through ten years		829		829		24,064		24,783
After ten years		8,842		8,754		25,763		25,841
		30,337		30,870		58,701		59,503
Investment securities not due at a single maturity date:
Mortgage-backed securities		482,439		501,376		-		-
Total	$	512,776	$	532,246	$	58,701	$	59,503

Investments with Gross Unrealized Losses and Their Market Value Aggregated by Investment Category and Length of Time that Individual Securities Have Been in a Continuous Unrealized Loss Position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
March 31, 2020	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities Available-for-Sale
US Govt SBA	$	2,458	$	5	$	4,674	$	93	$	7,132	$	98
Mortgage Backed Securities		1,503		2		255		6		1,758		8
Total	$	3,961	$	7	$	4,929	$	99	$	8,890	$	106
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	728	$	10	$	-	$	-	$	728	$	10
Total	$	728	$	10	$	-	$	-	$	728	$	10

	Less Than 12 Months				12 Months or More				Total
December 31, 2019	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities Available-for-Sale
US Govt SBA	$	2,693	$	6	$	5,198	$	107	$	7,891	$	113
Mortgage Backed Securities		131,005		88		713		11		131,718		99
Total	$	133,698	$	94	$	5,911	$	118	$	139,609	$	212
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	355	$	12	$	-	$	-	$	355	$	12
Total	$	355	$	12	$	-	$	-	$	355	$	12

	Less Than 12 Months				12 Months or More				Total
March 31, 2019	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities Available-for-Sale
US Treasury Notes	$	149,962	$	28	$	4,909	$	6	$	154,871	$	34
US Govt SBA		1,310		-		10,823		147		12,133		147
Mortgage Backed Securities		5,434		25		190,452		1,614		195,886		1,639
Total	$	156,706	$	53	$	206,184	$	1,767	$	362,890	$	1,820
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	229	$	1	$	360	$	-	$	589	$	1
Total	$	229	$	1	$	360	$	-	$	589	$	1

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities for the periods shown were as follows:

(in thousands)	Proceeds		Gains		Losses
Three Months Ended March 31, 2020	$	2,255	$	13	$	-
Three Months Ended March 31, 2019	$	-	$	-	$	-