SECURITIES

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

SECURITIES

NOTE 2 – SECURITIES

The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are listed below.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2020
Available-for-sale securities
Residential mortgage-backed securities (issued by    government-sponsored entities)	$	181,965	$	5,858	$	(11	)	$	187,812
	$	181,965	$	5,858	$	(11	)	$	187,812
December 31, 2019
Available-for-sale securities
Residential mortgage-backed securities (issued by    government-sponsored entities)	$	141,082	$	1,261	$	(276	)	$	142,067
	$	141,082	$	1,261	$	(276	)	$	142,067

The amortized cost and fair value of held-to-maturity securities and the related gross unrecognized gains and losses are listed in the following table.

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
March 31, 2020
Held-to-maturity securities
U.S. Government-sponsored entities	$	993	$	42	$	—		$	1,035
Residential mortgage-backed (securities issued by    government sponsored entities)		561,258		25,618		(17	)		586,859
Corporate		24,992		680		(726	)		24,946
Small Business Administration loan pools		1,307		42		—			1,349
State and political subdivisions		133,442		3,543		(274	)		136,711
	$	721,992	$	29,925	$	(1,017	)	$	750,900
December 31, 2019
Held-to-maturity securities
U.S. Government-sponsored entities	$	1,991	$	23	$	(1	)	$	2,013
Residential mortgage-backed (securities issued by    government sponsored entities)		593,236		11,272		(536	)		603,972
Corporate		22,992		503		—			23,495
Small Business Administration loan pools		1,478		12		—			1,490
State and political subdivisions		149,362		3,604		(25	)		152,941
	$	769,059	$	15,414	$	(562	)	$	783,911

The tables above present unrecognized gains and losses on held-to-maturity securities since date of designation.

The fair value and amortized cost of debt securities at March 31, 2020, by contractual maturity, is shown below.  Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	—	$	—	$	5,495	$	5,525
One to five years		—		—		33,555		34,380
Five to ten years	—		—			53,778		54,682
After ten years		—		—		67,906		69,454
Mortgage-backed securities		181,965		187,812		561,258		586,859
Total debt securities	$	181,965	$	187,812	$	721,992	$	750,900

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $748,333 at March 31, 2020 and $780,038 at December 31, 2019.

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020, and December 31, 2019.

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
March 31, 2020
Available-for-sale securities
Residential mortgage-backed (issued by    government-sponsored entities)	$	—	$	—		$	2,264	$	(11	)	$	2,264	$	(11	)
Total temporarily impaired securities	$	—	$	—		$	2,264	$	(11	)	$	2,264	$	(11	)
December 31, 2019
Available-for-sale securities
Residential mortgage-backed (issued by    government-sponsored entities)	$	2,017	$	(3	)	$	32,466	$	(273	)	$	34,483	$	(276	)
Total temporarily impaired securities	$	2,017	$	(3	)	$	32,466	$	(273	)	$	34,483	$	(276	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
March 31, 2020
Held-to-maturity securities
Residential mortgage-backed (issued by    government-sponsored entities)	$	525	$	(17	)	$	4,993	$	(3	)	$	5,518	$	(20	)
Corporate		7,190		(726	)		—		—			7,190		(726	)
State and political subdivisions		5,476		(251	)		565		(23	)		6,041		(274	)
Total temporarily impaired securities	$	13,191	$	(994	)	$	5,558	$	(26	)	$	18,749	$	(1,020	)
December 31, 2019
Held-to-maturity securities
U.S. Government-sponsored entities	$	—	$	—		$	999	$	(1	)	$	999	$	(1	)
Residential mortgage-backed (issued by    government-sponsored entities)		26,246		(51	)		96,987		(639	)		123,233		(690	)
Small Business Administration loan pools		811		(14	)		—		—			811		(14	)
State and political subdivisions		1,771		(4	)		1,354		(21	)		3,125		(25	)
Total temporarily impaired securities	$	28,828	$	(69	)	$	99,340	$	(661	)	$	128,168	$	(730	)

The tables above present unrealized losses on held-to-maturity securities since the date of purchase, independent of the impact associated with changes in cost basis upon transfer from the available-for-sale designation to the held-to-maturity designation. As of March 31, 2020, the Company held 1 available-for-sale securities and 46 held-to-maturity securities in an unrealized loss position.

Unrealized losses on securities have not been recognized into income because the security issuers are of high credit quality, management does not intend to sell, it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates.  The fair value is expected to recover as the securities approach maturity.

There were no proceeds from sales of available-for-sale securities during the three months ended March 31, 2020, or 2019.