XML 35 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at June 30, 2020 and December 31, 2019 were as follows (in thousands):

June 30, 2020
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. agency securities
  
$
75,652
    
$
2,818
    
$
(34
)
  
$
78,436
  
U.S. treasury securities
    
27,418
      
839
      
-
      
28,257
  
Obligations of state and political subdivisions
    
81,695
      
1,991
      
(159
)
    
83,527
  
Corporate obligations
    
4,250
      
71
      
-
      
4,321
  
Mortgage-backed securities in government sponsored entities
    
75,828
      
2,038
      
(47
)
    
77,819
  
Total available-for-sale securities
  
$
264,843
    
$
7,757
    
$
(240
)
  
$
272,360
  
                                 
December 31, 2019
                                
Available-for-sale securities:
                                
U.S. agency securities
  
$
83,410
    
$
1,523
    
$
(70
)
  
$
84,863
  
U.S. treasury securities
    
27,394
      
267
      
-
      
27,661
  
Obligations of state and political subdivisions
    
60,667
      
865
      
(77
)
    
61,455
  
Corporate obligations
    
3,250
      
78
      
-
      
3,328
  
Mortgage-backed securities in government sponsored entities
    
63,086
      
468
      
(155
)
    
63,399
  
Total available-for-sale securities
  
$
237,807
    
$
3,201
    
$
(302
)
  
$
240,706
  
Unrealized Losses and Fair Value of Investments

The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at June 30, 2020 and December 31, 2019 (in thousands). As of June 30, 2020, the Company owned 21 securities whose fair value was less than their cost basis.

June 30, 2020
  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
   
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
4,022
    
$
(34
)
  
$
-
    
$
-
    
$
4,022
    
$
(34
)
Obligations of state and political subdivisions
    
8,947
      
(159
)
    
-
      
-
      
8,947
      
(159
)
Mortgage-backed securities in government sponsored entities
    
4,344
      
(22
)
    
3,580
      
(25
)
    
7,924
      
(47
)
Total securities
  
$
17,313
    
$
(215
)
  
$
3,580
    
$
(25
)
  
$
20,893
    
$
(240
)
                                                 
December 31, 2019
                                                
U.S. agency securities
  
$
14,587
    
$
(63
)
  
$
13,094
    
$
(7
)
  
$
27,681
    
$
(70
)
Obligations of states and political subdivisions
    
7,508
      
(75
)
    
1,507
      
(2
)
    
9,015
      
(77
)
Mortgage-backed securities in government sponsored entities
    
27,737
      
(97
)
    
9,559
      
(58
)
    
37,296
      
(155
)
Total securities
  
$
49,832
    
$
(235
)
  
$
24,160
    
$
(67
)
  
$
73,992
    
$
(302
)
Gross Gains and Losses on Available-for-sale Securities

Proceeds from sales of securities available-for-sale for the three and six months ended June 30, 2020 were $5,476,000.There were no sales of available for sale securities during the three or six months ended June 30, 2019. The gross gains and losses were as follows (in thousands):

  
Three Months Ended
    
Six Months Ended
  
   
June 30
    
June 30
  
   
2020
    
2019
    
2020
    
2019
  
Gross gains on available for sale securities
  
$
117
    
$
-
    
$
117
    
$
-
  
Gross losses on available for sale securities
    
-
      
-
      
-
      
-
  
Net gains
  
$
117
    
$
-
    
$
117
    
$
-
  
Unrealized Gains (Losses) Related to Equity Securities

The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three and six month periods ended June 30, 2020 and 2019, and the portion of unrealized gains for the period that relates to equity investments held at June 30, 2020 and 2019 (in thousands):

  
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
Equity securities
  
2020
    
2019
    
2020
    
2019
  
Net gains (losses) recognized in equity securities during the period
  
$
11
    
$
30
    
$
(243
)
  
$
41
  
Less: Net gains realized on the sale of equity securities during the period
    
-
      
-
      
-
      
-
  
Net unrealized gains (losses)
  
$
11
    
$
30
    
$
(243
)
  
$
41
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.   The amortized cost and fair value of debt securities (excludes equity securities) at June 30, 2020, by contractual maturity, are shown below (in thousands):

  
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
15,308
    
$
15,477
  
Due after one year through five years
    
66,358
      
69,524
  
Due after five years through ten years
    
51,976
      
53,386
  
Due after ten years
    
131,201
      
133,973
  
Total
  
$
264,843
    
$
272,360