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Securities
 12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Securities

Note 2.

Securities

 

The amortized cost and fair value of securities available for sale, are summarized as follows:

 

 

 

December 31, 2019

 

(In thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair

Value

 

Obligations of U.S. Government corporations and agencies

 

$

63,090

 

 

$

937

 

 

$

(86

)

 

$

63,941

 

Obligations of states and political subdivisions

 

 

15,054

 

 

 

802

 

 

 

(14

)

 

 

15,842

 

 

 

$

78,144

 

 

$

1,739

 

 

$

(100

)

 

$

79,783

 

 

 

 

December 31, 2018

 

(In thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Fair

Value

 

Obligations of U.S. Government corporations and agencies

 

$

57,673

 

 

$

26

 

 

$

(1,290

)

 

$

56,409

 

Obligations of states and political subdivisions

 

 

14,605

 

 

 

93

 

 

 

(118

)

 

 

14,580

 

Corporate bonds

 

 

680

 

 

 

215

 

 

 

-

 

 

 

895

 

 

 

$

72,958

 

 

$

334

 

 

$

(1,408

)

 

$

71,884

 

 

The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.

 

 

 

December 31, 2019

 

(In thousands)

 

Amortized

Cost

 

 

Fair

Value

 

Due in one year or less

 

$

1,007

 

 

$

1,007

 

Due after one year through five years

 

 

14,321

 

 

 

14,534

 

Due after five years through ten years

 

 

10,121

 

 

 

10,340

 

Due after ten years

 

 

52,695

 

 

 

53,902

 

 

 

$

78,144

 

 

$

79,783

 

 

Proceeds from maturities, calls and principal repayments of securities available for sale during 2019, 2018 and 2017 were $8.2 million, $11.7 million and $12.9 million, respectively, which includes the call of two corporate bonds in 2018, that went to auction and were settled at their par value of $4.0 million.  Proceeds from the sales of securities available for sale were $13.9 million in 2019, including one corporate bond with a cost basis, net of OTTI, totaling $680,000.  There were no sales of securities available for sale in 2018 and 2017.  Gains on sales and/or calls of securities available for sale were $79,000 and $838,000, during 2019 and 2018, respectively.  There were no gains on sales and/or calls of securities available for sale during 2017. Securities available for sale totaling $27.6 million, $12.4 million and $34.2 million were purchased in 2019, 2018 and 2017, respectively.

 

The following table presents securities with gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018, respectively.

 

(In thousands)

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2019

 

Fair

Value

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

Unrealized

(Losses)

 

Obligations of U.S. Government corporations and agencies

 

$

11,460

 

 

$

(42

)

 

$

5,651

 

 

$

(44

)

 

$

17,111

 

 

$

(86

)

Obligations of states and political subdivisions

 

 

2,049

 

 

 

(14

)

 

 

-

 

 

 

-

 

 

 

2,049

 

 

 

(14

)

Total temporarily impaired securities

 

$

13,509

 

 

$

(56

)

 

$

5,651

 

 

$

(44

)

 

$

19,160

 

 

$

(100

)

 

(In thousands)

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

December 31, 2018

 

Fair

Value

 

 

Unrealized

(Losses)

 

 

Fair Value

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

Unrealized

(Losses)

 

Obligations of U.S. Government corporations and agencies

 

$

14,901

 

 

$

(104

)

 

$

37,186

 

 

$

(1,186

)

 

$

52,087

 

 

$

(1,290

)

Obligations of states and political subdivisions

 

 

3,179

 

 

 

(31

)

 

 

4,086

 

 

 

(87

)

 

 

7,265

 

 

 

(118

)

Total temporarily impaired securities

 

$

18,080

 

 

$

(135

)

 

$

41,272

 

 

$

(1,273

)

 

$

59,352

 

 

$

(1,408

)

 

At December 31, 2019, there were 21 securities that were considered temporarily impaired due to market conditions, primarily interest rates, and not due to credit concerns.  Because the Company intends to hold these investments to maturity and it is more-likely-than-not that the Company will not be required to sell these investments before a recovery of unrealized losses, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019 and no OTTI has been recognized.

 

The carrying value of securities pledged to secure deposits and for other purposes amounted to $16.6 million and $16.5 million at December 31, 2019 and 2018, respectively.