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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

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
March 31, 2021	Cost		Gains		Losses		Value
US Treasury Notes	$	14,885	$	348	$	-	$	15,233
US Government Agency SBA		7,894		1		86		7,809
Mortgage Backed Securities⁽¹⁾⁽²⁾		494,399		8,192		10,080		492,511
Corporate Securities		44,998		488		711		44,775
Other		645		-		-		645
Total	$	562,821	$	9,029	$	10,877	$	560,973

	Amortized		Gross Unrealized				Fair
December 31, 2020	Cost		Gains		Losses		Value
US Treasury Notes	$	14,859	$	429	$	-	$	15,288
US Government Agency SBA		8,252		1		93		8,160
Mortgage Backed Securities⁽¹⁾		720,562		17,359		48		737,873
Corporate Securities		45,010		927		18		45,919
Other		492		-		-		492
Total	$	789,175	$	18,716	$	159	$	807,732

	Amortized		Gross Unrealized				Fair
March 31, 2020	Cost		Gains		Losses		Value
US Treasury Notes	$	14,777	$	622	$	-	$	15,399
US Government Agency 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

⁽¹⁾All Mortgage Backed Securities were issued by an agency or government sponsored entity of the U.S. Government.

⁽²⁾During Q1 2021, the Company transferred $316.9 million of AFS securities to HTM.

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

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

	Amortized		Gross Unrealized				Fair
March 31, 2021	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	70,454	$	905	$	-	$	71,359
Mortgage Backed Securities⁽¹⁾⁽²⁾		314,600		-		11,131		303,469
Total	$	385,054	$	905	$	11,131	$	374,828

	Amortized		Gross Unrealized				Fair
December 31, 2020	Cost		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	68,933	$	1,116	$	-	$	70,049
Total	$	68,933	$	1,116	$	-	$	70,049

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

⁽¹⁾All Mortgage Backed Securities were issued by an agency or government sponsored entity of the U.S. Government.

⁽²⁾During Q1 2021, the Company transferred $316.9 million of AFS securities to HTM.

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, 2021 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2021	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	5,642	$	5,650	$	8,152	$	8,152
After one year through five years		32,404		32,682		5,542		5,582
After five years through ten years		23,307		23,143		22,277		23,052
After ten years		7,069		6,987		34,483		34,573
		68,422		68,462		70,454		71,359

Investment securities not due at a single maturity date:
Mortgage-backed securities		494,399		492,511		314,600		303,469

Total	$	562,821	$	560,973	$	385,054	$	374,828

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, 2021	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Government Agency SBA	$	505	$	1	$	7,028	$	85	$	7,533	$	86
Mortgage Backed Securities		277,832		10,077		173		3		278,005		10,080
Corporate Securities		31,958		711		-		-		31,958		711
Total	$	310,295	$	10,789	$	7,201	$	88	$	317,496	$	10,877

Securities Held-to-Maturity
Mortgage Backed Securities		303,275		11,131		-		-		303,275		11,131
Total	$	303,275	$	11,131	$	-	$	-	$	303,275	$	11,131

	Less Than 12 Months				12 Months or More				Total
December 31, 2020	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Government Agency SBA	$	1,741	$	3	$	6,126	$	90	$	7,867	$	93
Mortgage Backed Securities		20,142		45		177		3		20,319		48
Corporate Securities		4,041		18		-		-		4,041		18
Total	$	25,924	$	66	$	6,303	$	93	$	32,227	$	159

There were no HTM investments with gross unrealized losses at December 31, 2020.

	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 Government Agency 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

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, 2021	$	63,788	$	1,840	$	-
Three Months Ended March 31, 2020	$	2,255	$	13	$	-