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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

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 debt securities available-for-sale are as follows

(in thousands):

	Amortized		Gross Unrealized				Fair/Book
June 30, 2020	Cost		Gains		Losses		Value
US Treasury Notes	$	64,802	$	583	$	1	$	65,384
US Government Agency SBA		9,397		1		110		9,288
Mortgage Backed Securities⁽¹⁾		448,904		20,326		5		469,225
Corporate Securities		10,190		25		12		10,203
Other		15,307		-		-		15,307
Total	$	548,600	$	20,935	$	128	$	569,407

	Amortized		Gross Unrealized				Fair/Book
December 31, 2019	Cost		Gains		Losses		Value
US Treasury Notes	$	54,745	$	250	$	-	$	54,995
US Government Agency SBA		10,902		9		113		10,798
Mortgage Backed Securities⁽¹⁾		436,531		4,646		99		441,078
Other		515		-		-		515
Total	$	502,693	$	4,905	$	212	$	507,386

	Amortized		Gross Unrealized				Fair/Book
June 30, 2019	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	3,009	$	5	$	-	$	3,014
US Treasury Notes		174,688		245		25		174,908
US Government Agency SBA		13,289		23		114		13,198
Mortgage Backed Securities⁽¹⁾		288,550		3,727		116		292,161
Other		4,812		-		-		4,812
Total	$	484,348	$	4,000	$	255	$	488,093

⁽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 debt securities classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
June 30, 2020	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	69,036	$	1,158	$	-	$	70,194
Total	$	69,036	$	1,158	$	-	$	70,194

	Book		Gross Unrealized				Fair
December 31, 2019	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	60,229	$	880	$	12	$	61,097
Total	$	60,229	$	880	$	12	$	61,097

	Book		Gross Unrealized				Fair
June 30, 2019	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	60,310	$	845	$	-	$	61,155
Total	$	60,310	$	845	$	-	$	61,155

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

The amortized cost and estimated fair values of investment securities at June 30, 2020 by contractual maturity are shown in the following table (in thousands):

	Available-for-Sale				Held-to-Maturity
June 30, 2020	Amortized Cost		Fair/Book Value		Book Value		Fair Value
Within one year	$	70,271	$	70,354	$	5,497	$	5,497
After one year through five years		20,391		20,901		4,120		4,127
After five years through ten years		797		795		25,389		26,423
After ten years		8,237		8,132		34,030		34,147
		99,696		100,182		69,036		70,194

Investment securities not due at a single maturity date:
Mortgage-backed securities		448,904		469,225		-		-

Total	$	548,600	$	569,407	$	69,036	$	70,194

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
June 30, 2020	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	49,996	$	1	$	-	$	-	$	49,996	$	1
US Government Agency SBA		4,396		14		4,293		96		8,689		110
Mortgage Backed Securities		-		-		215		5		215		5
Corporate Securities		2,547		12		-		-		2,547		12
Total	$	56,939	$	27	$	4,508	$	101	$	61,447	$	128

There were no HTM investments with gross unrealized losses at June 30, 2020.

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

Securities Available-for-Sale
US Government Agency SBA	$	2,693	$	6	$	5,198	$	107	$	7,891	$	113
Mortgage Backed Securities		131,005		88		713		11		131,718		99
Total	$	133,698	$	94	$	5,911	$	118	$	139,609	$	212

Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	355	$	12	$	-	$	-	$	355	$	12
Total	$	355	$	12	$	-	$	-	$	355	$	12

	Less Than 12 Months				12 Months or More				Total
June 30, 2019	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Securities Available-for-Sale
US Treasury Notes	$	159,966	$	25	$	-	$	-	$	159,966	$	25
US Government Agency SBA		60		-		6,750		114		6,810		114
Mortgage Backed Securities		1,331		1		35,247		115		36,578		116
Total	$	161,357	$	26	$	41,997	$	229	$	203,354	$	255

Proceeds from Sales and Calls of Securities

Proceeds from sales and calls of securities were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Proceeds	$	745	$	1,310	$	3,000	$	1,310
Gains		-		-		13		-
Losses		-		-		-		-