Securities (Tables)

9 Months Ended

Sep. 30, 2020

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2020	Cost1		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	4,013	$	121	$	-	$	4,134
U.S. government agencies		7,169		-		(164)		7,005
U.S. government agencies mortgage-backed		17,056		1,165		(2)		18,219
States and political subdivisions		232,416		18,316		(955)		249,777
Collateralized mortgage obligations		54,597		2,839		(423)		57,013
Asset-backed securities		81,986		905		(1,306)		81,585
Collateralized loan obligations		31,202		19		(533)		30,688
Total securities available-for-sale	$	428,439	$	23,365	$	(3,383)	$	448,421

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost1		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	4,010	$	26	$	-	$	4,036
U.S. government agencies		8,502		-		(165)		8,337
U.S. government agencies mortgage-backed		16,164		443		(19)		16,588
States and political subdivisions		240,399		11,207		(2,431)		249,175
Collateralized mortgage obligations		57,059		963		(38)		57,984
Asset-backed securities		82,114		617		(887)		81,844
Collateralized loan obligations		66,898		29		(243)		66,684
Total securities available-for-sale	$	475,146	$	13,285	$	(3,783)	$	484,648

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations

			Weighted
	Amortized		Average		Fair
Securities available-for-sale	Cost		Yield		Value
Due in one year or less	$	413	2.01	%	$	415
Due after one year through five years		6,056	2.11			6,309
Due after five years through ten years		28,014	2.31			28,993
Due after ten years		209,115	3.03			225,199
		243,598	2.92			260,916
Mortgage-backed and collateralized mortgage obligations		71,653	3.08			75,232
Asset-backed securities		81,986	1.51			81,585
Collateralized loan obligations		31,202	2.12			30,688
Total securities available-for-sale	$	428,439	2.62	%	$	448,421

Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity

At September 30, 2020, the Company had invested in securities issued from one originator that individually amounted to over 10% of the Company’s stockholders’ equity.  Information regarding this issuer and the value of the securities issued follows:

	September 30, 2020
	Amortized		Fair
Issuer	Cost		Value
Towd Point Mortgage Trust	$	33,242	$	35,477

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

	Less than 12 months					12 months or more
September 30, 2020	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
Securities available-for-sale	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agencies	-	$	-	$	-	4	$	164	$	7,005	4	$	164	$	7,005
U.S. government agencies mortgage-backed	1		2		260	-		-		-	1		2		260
States and political subdivisions	-		-		-	1		955		3,872	1		955		3,872
Collateralized mortgage obligations	4		421		8,027	1		2		279	5		423		8,306
Asset-backed securities	5		425		22,603	3		881		33,069	8		1,306		55,672
Collateralized loan obligations	1		123		7,376	4		410		21,245	5		533		28,621
Total securities available-for-sale	11	$	971	$	38,266	13	$	2,412	$	65,470	24	$	3,383	$	103,736

	Less than 12 months					12 months or more
December 31, 2019	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized			Fair	Number of	Unrealized			Fair	Number of	Unrealized			Fair
Securities available-for-sale	Securities	Losses			Value	Securities	Losses			Value	Securities	Losses			Value
U.S. government agencies	-	$	-	$	-	4	$	165	$	8,337	4	$	165	$	8,337
U.S. government agencies mortgage-backed	3		10		3,018	2		9		843	5		19		3,861
States and political subdivisions	6		1,665		41,043	2		766		6,593	8		2,431		47,636
Collateralized mortgage obligations	2		26		9,054	2		12		1,209	4		38		10,263
Asset-backed securities	4		839		54,540	1		48		3,238	5		887		57,778
Collateralized loan obligations	4		62		21,927	4		181		25,020	8		243		46,947
Total securities available-for-sale	19	$	2,602	$	129,582	15	$	1,181	$	45,240	34	$	3,783	$	174,822

Schedule of proceeds from sale and gross realized gains and losses on sale of securities

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
Securities available-for-sale	2020			2019			2020			2019
Proceeds from sales of securities	$	-		$	57,228		$	18,006		$	177,824
Gross realized gains on securities	$	-		$	3,841		$	17		$	5,432
Gross realized losses on securities		(1)			(378)			(42)			(956)
Net realized (losses) gains	$	(1)		$	3,463		$	(25)		$	4,476
Income tax (expense) benefit on net realized gains (losses)	$	-		$	(973)		$	7		$	(1,257)
Effective tax rate applied		0.0	%		28.1	%		28.0	%		28.1	%