Securities

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Securities

(3) Securities

The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:

March 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S.    government agencies	$	19,184	$	428	$	(1	)	$	19,611
Obligations of states and political subdivisions		198,309		13,923		(83	)		212,149
Mortgage-backed securities in government sponsored    entities		128,343		5,818		(35	)		134,126
Total debt securities	$	345,836	$	20,169	$	(119	)	$	365,886

December 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S.    government agencies	$	19,401	$	204	$	(4	)	$	19,601
Obligations of states and political subdivisions		193,646		12,409		(21	)		206,034
Mortgage-backed securities in government sponsored    entities		129,145		3,863		(144	)		132,864
Total debt securities	$	342,192	$	16,476	$	(169	)	$	358,499

The amortized cost and fair value of securities at March 31, 2020, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities are shown separately.

Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	8,169	$	8,255
Due after one year through five years		17,590		18,083
Due after five years through ten years		25,230		26,371
Due after ten years		166,504		179,051
Mortgage-backed securities		128,343		134,126
Total securities available for sale	$	345,836	$	365,886

Proceeds from sales of securities available for sale, gross realized gains and gross realized losses were as follows:

	Three Months Ended
	March 31,
	2020		2019
Sale proceeds	$	—	$	17,570
Gross realized gains		—		—
Gross realized losses		—		47
Gains from securities called or settled by the issuer		—		43

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $156,691 and $139,004 as of March 31, 2020 and December 31, 2019, respectively.

Securities with unrealized losses at March 31, 2020 and December 31, 2019 not recognized in income are as follows:

March 31, 2020	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of    U.S. government agencies	$	—	$	—		$	150	$	(1	)	$	150	$	(1	)
Obligations of states and political subdivisions		3,586		(83	)		—		—			3,586		(83	)
Mortgage-backed securities in gov’t sponsored    entities		8,576		(35	)		—		—			8,576		(35	)
Total temporarily impaired	$	12,162	$	(118	)	$	150	$	(1	)	$	12,312	$	(119	)

December 31, 2019	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of    U.S. government agencies	$	—	$	—		$	3,408	$	(4	)	$	3,408	$	(4	)
Obligations of states and political subdivisions		1,947		(21	)		—		—			1,947		(21	)
Mortgage-backed securities in gov’t sponsored    entities		10,653		(91	)		7,732		(53	)		18,385		(144	)
Total temporarily impaired	$	12,600	$	(112	)	$	11,140	$	(57	)	$	23,740	$	(169	)

At March 31, 2020, there were a total of 13 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to market yields increasing. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

The following table presents the net gains and losses on equity investments recognized in earnings for the three months ended March 31, 2020 and 2019, and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020			2019
Net gains (losses) recognized on equity securities    during the period	$	(141	)	$	2
Less: Net (gains) losses realized on the sale of    equity securities during the period		6			—
Unrealized gains (losses) recognized on equity    securities held at reporting date	$	(135	)	$	2