Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains and losses, and fair values of equity and trading investment securities

The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at September 30, 2020 and December 31, 2019 are as follows:

	September 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
Mortgage-backed securities	$	2,267	$	25	$	—	$	2,292
State and political securities	84,873		5,136		(13)		89,996
Other debt securities	56,915		969		(497)		57,387
Total debt securities	$	144,055	$	6,130	$	(510)	$	149,675
Investment equity securities:
Other equity securities	$	1,300	$	11	$	(20)	$	1,291
Trading:
Other equity securities	$	50	$	—	$	(15)	$	35

	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
Mortgage-backed securities	$	4,956	$	56	$	(46)	$	4,966
State and political securities	79,064		3,299		(77)		82,286
Other debt securities	61,492		401		(526)		61,367
Total debt securities	$	145,512	$	3,756	$	(649)	$	148,619
Investment equity securities:
Other equity securities	$	1,300	$	—	$	(39)	$	1,261
Trading:
Other equity securities	$	50	$	3	$	(2)	$	51

Schedule of gross unrealized losses and fair value

The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019.

	September 30, 2020
	Less than Twelve Months				Twelve Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In Thousands)	Value		Losses		Value		Losses		Value		Losses
Available for sale (AFS):
Mortgage-backed securities	$	—	$	—	$	—	$	—	$	—	$	—
State and political securities	4,179		(6)		904		(7)		5,083		(13)
Other debt securities	9,682		(260)		3,271		(237)		12,953		(497)
Total debt securities	$	13,861	$	(266)	$	4,175	$	(244)	$	18,036	$	(510)

	December 31, 2019
	Less than Twelve Months				Twelve Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In Thousands)	Value		Losses		Value		Losses		Value		Losses
Available for sale (AFS):
Mortgage-backed securities	$	—	$	—	$	2,115	$	(46)	$	2,115	$	(46)
State and political securities	7,958		(40)		224		(37)		8,182		(77)
Other debt securities	13,373		(216)		14,258		(310)		27,631		(526)
Total debt securities	$	21,331	$	(256)	$	16,597	$	(393)	$	37,928	$	(649)

Schedule of amortized cost and fair value of debt securities by contractual maturity

The amortized cost and fair value of debt securities at September 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(In Thousands)	Amortized Cost		Fair Value
Due in one year or less	$	10,744	$	10,812
Due after one year to five years	66,984		68,131
Due after five years to ten years	56,013		60,132
Due after ten years	10,314		10,600
Total	$	144,055	$	149,675

Schedule of gross realized gains and losses

The following table represents gross realized gains and losses from the sales of debt securities available for sale:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Available for sale (AFS):
Gross realized gains:
Mortgage-backed securities	$	—	$	—	$	83	$	—
State and political securities	839		190		943		204
Other debt securities	174		—		194		4
Total gross realized gains	$	1,013	$	190	$	1,220	$	208
Gross realized losses:
State and political securities	$	—	$	1	$	—	$	3
Other debt securities	—		—		—		5
Total gross realized losses	$	—	$	1	$	—	$	8

Schedule of unrealized and realized gains and losses recognized in net income

The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Net gains (losses) recognized in equity securities during the period(	$	—	$	(21)	$	30	$	44
Less: Net gains realized on the sale of equity securities during the period	—		—		—		—
Unrealized gains recognized in equity securities held at reporting date	$	—	$	(21)	$	30	$	44

Net gains and losses on trading account securities are as follows for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Net gains on sale transactions	$	—	$	—	$	—	$	8
Net mark-to-market (losses) gains	(2)		2		(16)		7
Net (loss) gain on trading account securities	$	(2)	$	2	$	(16)	$	15