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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]  
Available for Sale and Held for Maturity Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2020 and December 31, 2019 were as follows (in thousands):

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair Value

 

September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S.

   government corporations & agencies

 

$

93,990

 

 

$

1,011

 

 

$

(135

)

 

$

94,866

 

Obligations of states and political subdivisions

 

 

223,082

 

 

 

10,188

 

 

 

(335

)

 

 

232,935

 

Mortgage-backed securities: GSE residential

 

 

386,226

 

 

 

13,082

 

 

 

(8

)

 

 

399,300

 

Other securities

 

 

9,990

 

 

 

141

 

 

 

(5

)

 

 

10,126

 

Total available-for-sale

 

$

713,288

 

 

$

24,422

 

 

$

(483

)

 

$

737,227

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

   U.S. government corporations & agencies

 

$

10,015

 

 

$

147

 

 

$

—

 

 

$

10,162

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S.

   government corporations & agencies

 

$

106,428

 

 

$

952

 

 

$

(60

)

 

$

107,320

 

Obligations of states and political subdivisions

 

 

172,460

 

 

 

5,990

 

 

 

(17

)

 

 

178,433

 

Mortgage-backed securities: GSE residential

 

 

391,307

 

 

 

5,331

 

 

 

(512

)

 

 

396,126

 

Other securities

 

 

3,750

 

 

 

7

 

 

 

—

 

 

 

3,757

 

Total available-for-sale

 

$

673,945

 

 

$

12,280

 

 

$

(589

)

 

$

685,636

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S.

   government corporations & agencies

 

$

69,542

 

 

$

99

 

 

$

(69

)

 

$

69,572

 
Realized Gains and Losses From Sale of Securities

Realized gains and losses resulting from sales of securities were as follows during the three and nine months ended September 30, 2020 and 2019 (in thousands):

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gross gains

 

$

116

 

 

$

51

 

 

$

934

 

 

$

365

 

Gross losses

 

 

(21

)

 

 

—

 

 

 

(21

)

 

 

(42

)
Investments Classified by Contractual Maturity Date

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at September 30, 2020 and the weighted average yield for each range of maturities (dollars in thousands):

 

 

 

One year

or less

 

 

After 1

through

5 years

 

 

After 5

through

10 years

 

 

After

ten years

 

 

Total

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

   U.S. government corporations and agencies

 

$

67,365

 

 

$

15,561

 

 

$

11,940

 

 

$

—

 

 

$

94,866

 

Obligations of state and political subdivisions

 

 

30,007

 

 

 

75,417

 

 

 

125,585

 

 

 

1,926

 

 

 

232,935

 

Mortgage-backed securities: GSE residential

 

 

67,766

 

 

 

266,128

 

 

 

65,406

 

 

 

—

 

 

 

399,300

 

Other securities

 

 

—

 

 

 

9,127

 

 

 

999

 

 

 

—

 

 

 

10,126

 

Total available-for-sale investments

 

$

165,138

 

 

$

366,233

 

 

$

203,930

 

 

$

1,926

 

 

$

737,227

 

Weighted average yield

 

 

2.02

%

 

 

2.61

%

 

 

2.18

%

 

 

3.58

%

 

 

2.36

%

Full tax-equivalent yield

 

 

2.22

%

 

 

2.83

%

 

 

2.72

%

 

 

4.89

%

 

 

2.67

%

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

   U.S. government corporations and agencies

 

$

4,995

 

 

$

5,020

 

 

$

—

 

 

$

—

 

 

$

10,015

 

Weighted average yield

 

 

2.53

%

 

 

2.06

%

 

 

—

%

 

 

—

%

 

 

2.29

%

Full tax-equivalent yield

 

 

2.53

%

 

 

2.06

%

 

 

—

%

 

 

—

%

 

 

2.29

%
Fair Value of Investments with Sustained Gross Unrealized Losses

The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 2020 and December 31, 2019 (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

   U.S. government corporations and agencies

 

$

20,000

 

 

$

(135

)

 

$

—

 

 

$

—

 

 

$

20,000

 

 

$

(135

)

Obligations of states and political subdivisions

 

 

27,300

 

 

 

(335

)

 

 

—

 

 

 

—

 

 

 

27,300

 

 

 

(335

)

Mortgage-backed securities: GSE residential

 

 

5,199

 

 

 

(8

)

 

 

4,991

 

 

 

—

 

 

 

10,190

 

 

 

(8

)

Other securities

 

 

4,000

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

4,000

 

 

 

(5

)

Total

 

$

56,499

 

 

$

(483

)

 

$

4,991

 

 

$

—

 

 

$

61,490

 

 

$

(483

)

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

   U.S. government corporations and agencies

 

$

23,375

 

 

$

(60

)

 

$

—

 

 

$

—

 

 

$

23,375

 

 

$

(60

)

Obligations of states and political subdivisions

 

 

3,469

 

 

 

(16

)

 

 

347

 

 

 

(1

)

 

 

3,816

 

 

 

(17

)

Mortgage-backed securities: GSE residential

 

 

67,080

 

 

 

(322

)

 

 

20,888

 

 

 

(190

)

 

 

87,968

 

 

 

(512

)

Total

 

$

93,924

 

 

$

(398

)

 

$

21,235

 

 

$

(191

)

 

$

115,159

 

 

$

(589

)

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

   U.S. government corporations and agencies

 

$

14,996

 

 

$

(25

)

 

$

24,565

 

 

$

(44

)

 

$

39,561

 

 

$

(69

)