Investment in Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:

	June 30, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	287,151	$	18,615	$	—	$	305,766
U.S. government agencies		72,589		1,366		—		73,955
Certificates of deposit		250		—		—		250
Total	$	359,990	$	19,981	$	—	$	379,971

	December 31, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	310,720	$	13,727	$	—	$	324,447
U.S. government agencies		97,380		507		169		97,718
Certificates of deposit		500		—		—		500
Total	$	408,600	$	14,234	$	169	$	422,665

Schedule of the Fair Value of Securities with Unrealized Losses

The fair values of securities with unrealized losses at December 31, 2019 are as follows:

	December 31, 2019
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	—	$	—	$	—	$	—	$	—	$	—
U.S. government agencies		3,801		12		17,593		157		21,394		169
Certificates of deposit		—		—		—		—		—		—
Total	$	3,801	$	12	$	17,593	$	157	$	21,394	$	169

Schedule of Amortized Cost and Fair Value of Investment

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

	June 30, 2020
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	54,652	$	55,208
Due after 1 year through 5 years		85,421		89,213
Due after 5 years through 10 years		188,475		202,974
Due after 10 years		31,442		32,576
Total	$	359,990	$	379,971