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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of investment securities at September 30, 2019 and December 31, 2018 were as follows (in thousands):

     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
September 30, 2019
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. agency securities
 
$
86,514
  
$
1,622
  
$
(97
)
 
$
88,039
 
  U.S. treasury securities
  
32,347
   
266
   
(1
)
  
32,612
 
  Obligations of state and
                
    political subdivisions
  
60,149
   
984
   
(17
)
  
61,116
 
  Corporate obligations
  
3,000
   
76
   
-
   
3,076
 
  Mortgage-backed securities in
                
    government sponsored entities
  
61,832
   
498
   
(146
)
  
62,184
 
Total available-for-sale securities
 
$
243,842
  
$
3,446
  
$
(261
)
 
$
247,027
 
                 
December 31, 2018
                
Available-for-sale securities:
                
  U.S. agency securities
 
$
106,516
  
$
509
  
$
(640
)
 
$
106,385
 
  U.S. treasury securities
  
33,813
   
-
   
(455
)
  
33,358
 
  Obligations of state and
                
    political subdivisions
  
52,074
   
150
   
(177
)
  
52,047
 
  Corporate obligations
  
3,000
   
34
   
-
   
3,034
 
  Mortgage-backed securities in
                
    government sponsored entities
  
46,839
   
59
   
(712
)
  
46,186
 
Total available-for-sale securities
 
$
242,242
  
$
752
  
$
(1,984
)
 
$
241,010
 
Unrealized Losses and Fair Value of Investments
The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at September 30, 2019 and December 31, 2018 (in thousands). As of September 30, 2019, the Company owned 48 securities whose fair value was less than their cost basis.

September 30, 2019
 
Less than Twelve Months
  
Twelve Months or Greater
  
Total
 
     
Gross
     
Gross
     
Gross
 
  
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
 
 
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
U.S. agency securities
 
$
13,096
  
$
(44
)
 
$
26,192
  
$
(53
)
 
$
39,288
  
$
(97
)
U.S. treasury securities
  
1,989
   
(1
)
  
-
   
-
   
1,989
   
(1
)
Obligations of state and
                        
    political subdivisions
  
2,185
   
(15
)
  
1,519
   
(2
)
  
3,704
   
(17
)
Mortgage-backed securities in
                        
   government sponsored entities
  
20,279
   
(68
)
  
12,599
   
(78
)
  
32,878
   
(146
)
    Total securities
 
$
37,549
  
$
(128
)
 
$
40,310
  
$
(133
)
 
$
77,859
  
$
(261
)
                         
December 31, 2018
                        
U.S. agency securities
 
$
5,981
  
$
(5
)
 
$
52,673
  
$
(635
)
 
$
58,654
  
$
(640
)
U.S. treasury securities
  
4,948
   
(31
)
  
28,410
   
(424
)
  
33,358
   
(455
)
Obligations of states and
                        
     political subdivisions
  
8,979
   
(22
)
  
12,441
   
(155
)
  
21,420
   
(177
)
Mortgage-backed securities in
                        
   government sponsored entities
  
5,272
   
(18
)
  
32,570
   
(694
)
  
37,842
   
(712
)
    Total securities
 
$
25,180
  
$
(76
)
 
$
126,094
  
$
(1,908
)
 
$
151,274
  
$
(1,984
)
Gross Gains and Losses on Available-for-sale Securities
The gross gains and losses were as follows (in thousands):

  
Three Months Ended
  
Nine Months Ended
 
  
September 30,
  
September 30,
 
 
 
2019
  
2018
  
2019
  
2018
 
Gross gains on available for sale securities
 
$
9
  
$
161
  
$
9
  
$
161
 
Gross losses on available for sale securities
  
(1
)
  
(169
)
 
$
(1
)
 
$
(169
)
Net gains
 
$
8
  
$
(8
)
 
$
8
  
$
(8
)
Unrealized Gains (Losses) Related to Equity Securities
The following table presents the net gains on the Company’s equity investments recognized in earnings during the three month and nine month periods ended September 30, 2019 and 2018, and the portion of unrealized gains for the period that relates to equity investments held at September 30, 2019 and 2018 (in thousands):

  
Three Months Ended
  
Nine Months Ended
 
  
September 30,
  
September 30,
 
Equity securities
 
2019
  
2018
  
2019
  
2018
 
Net gains (losses) recognized in equity securities during the period
 
$
29
  
$
(4
)
 
$
70
  
$
9
 
Less: Net gains realized on the sale of equity securities during the period
  
-
   
-
   
-
   
-
 
Net unrealized  gains (losses)
 
$
29
  
$
(4
)
 
$
70
  
$
9
 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities (excludes equity securities) at September 30, 2019, by contractual maturity, are shown below (in thousands):



  
Amortized
    
 
 
Cost
  
Fair Value
 
Available-for-sale debt securities:
      
  Due in one year or less
 
$
22,771
  
$
22,742
 
  Due after one year through five years
  
92,295
   
94,069
 
  Due after five years through ten years
  
40,656
   
41,115
 
  Due after ten years
  
88,120
   
89,101
 
Total
 
$
243,842
  
$
247,027