Investment Securities (Tables)

3 Months Ended

Mar. 31, 2019

Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows (in thousands):

	Amortized		Gross Unrealized				Fair/Book
March 31, 2019	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,021	$	6	$	-	$	3,027
US Treasury Notes		164,660		48		34		164,674
US Govt SBA		14,554		5		147		14,412
Mortgage Backed Securities⁽¹⁾		303,895		1,764		1,639		304,020
Other		5,156		-		-		5,156
Total	$	491,286	$	1,823	$	1,820	$	491,289

	Amortized		Gross Unrealized				Fair/Book
December 31, 2018	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,033	$	6	$	-	$	3,039
US Treasury Notes		164,672		-		158		164,514
US Govt SBA		15,601		6		160		15,447
Mortgage Backed Securities⁽¹⁾		310,982		1,196		5,133		307,045
Other		5,351		-		-		5,351
Total	$	499,639	$	1,208	$	5,451	$	495,396

	Amortized		Gross Unrealized				Fair/Book
March 31, 2018	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,068	$	27	$	-	$	3,095
US Treasury Notes		144,147		3		741		143,409
US Govt SBA		27,786		12		261		27,537
Mortgage Backed Securities⁽¹⁾		324,251		393		5,881		318,763
Other		3,010		-		-		3,010
Total	$	502,262	$	435	$	6,883	$	495,814

⁽¹⁾All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-to-Maturity

The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
March 31, 2019	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	54,412	$	571	$	1	$	54,982
Total	$	54,412	$	571	$	1	$	54,982

	Book		Gross Unrealized				Fair
December 31, 2018	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	53,566	$	211	$	39	$	53,738
Total	$	53,566	$	211	$	39	$	53,738

	Book		Gross Unrealized				Fair
March 31, 2018	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	53,527	$	274	$	56	$	53,745
Total	$	53,527	$	274	$	56	$	53,745

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity

The amortized cost and estimated fair values of investment securities at March 31, 2019 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
March 31, 2019	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	156,785	$	156,762	$	760	$	761
After one year through five years		16,814		16,856		3,329		3,330
After five years through ten years		1,387		1,386		24,797		25,189
After ten years		12,405		12,265		25,526		25,702
		187,391		187,269		54,412		54,982

Investment securities not due at a single maturity date:
Mortgage-backed securities		303,895		304,020		-		-

Total	$	491,286	$	491,289	$	54,412	$	54,982

Investments with Gross Unrealized Losses and Their Market Value Aggregated by Investment Category and Length of Time that Individual Securities Have Been in a Continuous Unrealized Loss Position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
March 31, 2019	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	149,962	$	28	$	4,909	$	6	$	154,871	$	34
US Govt SBA		1,310		-		10,823		147		12,133		147
Mortgage Backed Securities		5,434		25		190,452		1,614		195,886		1,639
Total	$	156,706	$	53	$	206,184	$	1,767	$	362,890	$	1,820

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	229	$	1	$	360	$	-	$	589	$	1
Total	$	229	$	1	$	360	$	-	$	589	$	1

	Less Than 12 Months				12 Months or More				Total
December 31, 2018	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	124,985	$	7	$	39,529	$	151	$	164,514	$	158
US Govt SBA		3,250		28		8,618		132		11,868		160
Mortgage Backed Securities		52,289		528		207,271		4,605		259,560		5,133
Total	$	180,524	$	563	$	255,418	$	4,888	$	435,942	$	5,451

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	6,052	$	23	$	849	$	16	$	6,901	$	39
Total	$	6,052	$	23	$	849	$	16	$	6,901	$	39

	Less Than 12 Months				12 Months or More				Total
March 31, 2018	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	23,551	$	436	$	59,866	$	305	$	83,417	$	741
US Govt SBA		10,848		82		11,737		179		22,585		261
Mortgage Backed Securities		259,314		4,606		41,230		1,275		300,544		5,881
Total	$	293,713	$	5,124	$	112,833	$	1,759	$	406,546	$	6,883

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	7,654	$	56	$	-	$	-	$	7,654	$	56
Total	$	7,654	$	56	$	-	$	-	$	7,654	$	56