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Securities (Tables)
6 Months Ended
Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]  
Available for Sale 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:

 

June 30, 2020

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

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

   government agencies

 

$

19,124

 

 

$

377

 

 

$

(1

)

 

$

19,500

 

Obligations of states and political subdivisions

 

 

206,192

 

 

 

18,139

 

 

 

(12

)

 

 

224,319

 

Mortgage-backed securities in government sponsored

   entities

 

 

118,322

 

 

 

6,247

 

 

 

(5

)

 

 

124,564

 

Total debt securities

 

$

343,638

 

 

$

24,763

 

 

$

(18

)

 

$

368,383

 

 

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

 

Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at June 30, 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

 

$

8,185

 

 

$

8,252

 

Due after one year through five years

 

 

17,501

 

 

 

17,966

 

Due after five years through ten years

 

 

26,404

 

 

 

28,233

 

Due after ten years

 

 

173,226

 

 

 

189,368

 

Mortgage-backed securities

 

 

118,322

 

 

 

124,564

 

Total securities available for sale

 

$

343,638

 

 

$

368,383

 

Proceeds from Sales of Securities Available for Sale, Gross Realized Gains and Losses

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Sale proceeds

 

$

 

 

$

 

 

$

 

 

$

16,829

 

Gross realized gains

 

 

 

 

 

 

 

 

 

 

 

47

 

Gross realized losses

 

 

 

 

 

 

 

 

 

 

 

43

 

Gains from securities called or settled by

   the issuer

 

 

 

 

 

10

 

 

 

 

 

 

10

 

Securities with Unrealized Losses Not Recognized in Income

Securities with unrealized losses at June 30, 2020 and December 31, 2019 not recognized in income are as follows:

 

June 30, 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

 

$

 

 

$

 

 

$

142

 

 

$

(1

)

 

$

142

 

 

$

(1

)

Obligations of states and political subdivisions

 

 

1,333

 

 

 

(12

)

 

 

 

 

 

 

 

 

1,333

 

 

 

(12

)

Mortgage-backed securities in gov’t sponsored

   entities

 

 

1,085

 

 

 

(5

)

 

 

 

 

 

 

 

 

1,085

 

 

 

(5

)

Total temporarily impaired

 

$

2,418

 

 

$

(17

)

 

$

142

 

 

$

(1

)

 

$

2,560

 

 

$

(18

)

 

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

)

Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments

The following table presents the net gains and losses on equity investments recognized in earnings for the three and six months ended June 30, 2020 and 2019, and the portion of unrealized gains and losses for the period that relates to equity investments held at June 30, 2020 and 2019:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net losses recognized on equity securities

   during the period

 

$

(5

)

 

$

(33

)

 

$

(146

)

 

$

(31

)

Less: Net losses realized on the sale of

   equity securities during the period

 

 

 

 

 

 

 

 

6

 

 

 

 

Unrealized losses recognized on equity

   securities held at reporting date

 

$

(5

)

 

$

(33

)

 

$

(140

)

 

$

(31

)