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Investments (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 were as follows (in thousands):

March 31, 2021
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. agency securities
  
$
78,375
    
$
2,020
    
$
(686
)
  
$
79,709
  
U.S. treasury securities
    
39,995
      
458
      
(91
)
    
40,362
  
Obligations of state and political subdivisions
    
101,007
      
1,771
      
(433
)
    
102,345
  
Corporate obligations
    
6,902
      
86
      
(5
)
    
6,983
  
Mortgage-backed securities in government sponsored entities
    
92,165
      
1,162
      
(759
)
    
92,568
  
Total available-for-sale securities
  
$
318,444
    
$
5,497
    
$
(1,974
)
  
$
321,967
  
                                 
December 31, 2020
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                                
U.S. agency securities
  
$
79,065
    
$
2,403
    
$
(52
)
  
$
81,416
  
U.S. treasury securities
    
27,442
      
601
      
-
      
28,043
  
Obligations of state and political subdivisions
    
100,089
      
2,938
      
(55
)
    
102,972
  
Corporate obligations
    
6,413
      
96
      
-
      
6,509
  
Mortgage-backed securities in government sponsored entities
    
74,512
      
1,874
      
(137
)
    
76,249
  
Total available-for-sale securities
  
$
287,521
    
$
7,912
    
$
(244
)
  
$
295,189
  
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 March 31, 2021 and December 31, 2020 (in thousands). As of March 31, 2021, the Company owned 88 securities whose fair value was less than their cost basis.

  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
March 31, 2021
  
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
27,104
    
$
(686
)
  
$
-
    
$
-
    
$
27,104
    
$
(686
)
U.S. treasury securities
    
12,444
      
(91
)
    
-
      
-
      
12,444
      
(91
)
Obligations of state and political subdivisions
    
29,716
      
(346
)
    
3,361
      
(87
)
    
33,077
      
(433
)
Corporate obligations
    
495
      
(5
)
    
-
      
-
      
495
      
(5
)
Mortgage-backed securities in government sponsored entities
    
34,119
      
(720
)
    
5,550
      
(39
)
    
39,669
      
(759
)
Total securities
  
$
103,878
    
$
(1,848
)
  
$
8,911
    
$
(126
)
  
$
112,789
    
$
(1,974
)
                                                 
December 31, 2020
                                                
U.S. agency securities
  
$
13,720
    
$
(52
)
  
$
-
    
$
-
    
$
13,720
    
$
(52
)
U.S. treasury securities
    
-
      
-
      
-
      
-
      
-
      
-
  
Obligations of states and political subdivisions
    
5,407
      
(55
)
    
-
      
-
      
5,407
      
(55
)
Corporate obligations
    
-
      
-
      
-
      
-
      
-
      
-
  
Mortgage-backed securities in government sponsored entities
    
14,600
      
(99
)
    
5,633
      
(38
)
    
20,233
      
(137
)
Total securities
  
$
33,727
    
$
(206
)
  
$
5,633
    
$
(38
)
  
$
39,360
    
$
(244
)
Gross Gains and Losses on Available-for-sale Securities

Proceeds from sales of securities available-for-sale for the three months ended March 31, 2021 were $5,045,000. There were no sales of available for sale securities during the three months ended March 31, 2020. The gross gains and losses were as follows (in thousands):

  
Three Months Ended
  
   
March 31
  
   
2021
    
2020
  
Gross gains on available for sale securities
  
$
50
    
$
-
  
Gross losses on available for sale securities
    
-
      
-
  
Net gains
  
$
50
    
$
-
  
Unrealized Gains (Losses) Related to Equity Securities

The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three month periods ended March 31, 2021 and 2020, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2021 and 2020 (in thousands):

  
Three Months Ended
March 31,
  
Equity securities
  
2021
    
2020
  
Net gains (losses) recognized in equity securities during the period
  
$
187
    
$
(254
)
Less: Net gains realized on the sale of equity securities during the period
    
-
      
-
  
Net unrealized  gains (losses)
  
$
187
    
$
(254
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.   The amortized cost and fair value of debt securities (excludes equity securities) at March 31, 2021, by contractual maturity, are shown below (in thousands):

  
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
19,997
    
$
20,279
  
Due after one year through five years
    
68,523
      
70,801
  
Due after five years through ten years
    
82,046
      
82,528
  
Due after ten years
    
147,878
      
148,359
  
Total
  
$
318,444
    
$
321,967