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Securities (Tables)
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Securities
The fair value of securities is as follows:
December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$19,750 — $(35)$19,715 
State and municipal803,100 35,014 (271)837,843 
Federal agency collateralized mortgage obligations144,022 3,448 (17)147,453 
Federal agency mortgage–backed pools114,484 4,315 — 118,799 
Corporate notes9,007 1,208 — 10,215 
Total available for sale investment securities$1,090,363 $43,985 $(323)$1,134,025 
Held to maturity
State and municipal$157,421 $11,035 $— $168,456 
Federal agency collateralized mortgage obligations2,661 36 — 2,697 
Federal agency mortgage–backed pools8,594 243 — 8,837 
Total held to maturity investment securities$168,676 $11,314 $— $179,990 

December 31, 2019
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$1,415 $— $(2)$1,413 
State and municipal396,931 11,288 (2,451)405,768 
Federal agency collateralized mortgage obligations267,272 2,543 (563)269,252 
Federal agency mortgage–backed pools145,623 1,207 (258)146,572 
Corporate notes10,848 923 — 11,771 
Total available for sale investment securities$822,089 $15,961 $(3,274)$834,776 
Held to maturity
State and municipal$190,767 $7,129 $(54)$197,842 
Federal agency collateralized mortgage obligations4,560 13 (5)4,568 
Federal agency mortgage–backed pools12,572 194 (29)12,737 
Total held to maturity investment securities$207,899 $7,336 $(88)$215,147 
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity
The amortized cost and fair value of securities available for sale and held to maturity at December 31, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2020December 31, 2019
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available for sale
Within one year$44,206 $44,192 $37,386 $37,321 
One to five years61,594 63,006 41,230 41,293 
Five to ten years136,857 145,102 117,004 122,145 
After ten years589,200 615,473 213,574 218,193 
831,857 867,773 409,194 418,952 
Federal agency collateralized mortgage obligations144,022 147,453 267,272 269,252 
Federal agency mortgage–backed pools114,484 118,799 145,623 146,572 
Total available for sale investment securities$1,090,363 $1,134,025 $822,089 $834,776 
Held to maturity
Within one year$7,302 $7,327 $7,811 $7,874 
One to five years42,742 44,358 56,037 57,048 
Five to ten years82,087 88,300 94,756 98,480 
After ten years25,290 28,471 32,163 34,440 
157,421 168,456 190,767 197,842 
Federal agency collateralized mortgage obligations2,661 2,697 4,560 4,568 
Federal agency mortgage–backed pools8,594 8,837 12,572 12,737 
Total held to maturity investment securities$168,676 $179,990 $207,899 $215,147 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
December 31, 2020
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$17,215 $(35)$— $— $17,215 $(35)
State and municipal56,287 (242)1,245 (29)57,532 (271)
Federal agency collateralized mortgage obligations6,358 (17)— — 6,358 (17)
Total securities$79,860 $(294)$1,245 $(29)$81,105 $(323)
December 31, 2019
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$1,413 $(2)$— $— $1,413 $(2)
State and municipal129,942 (2,374)6,279 (131)136,221 (2,505)
Federal agency collateralized mortgage obligations68,043 (308)23,301 (260)91,344 (568)
Federal agency mortgage–backed pools24,740 (104)37,822 (183)62,562 (287)
Total securities$224,138 $(2,788)$67,402 $(574)$291,540 $(3,362)
Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
Year Ended December 31
202020192018
Sales of securities available for sale
Proceeds$77,213 $98,425 $38,519 
Gross gains4,372 168 37 
Gross losses(75)(243)(480)