SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

SECURITIES [Abstract]

Amortized Cost and Fair Value of Investment Securities, by Category

Amortized cost and fair value of investment securities, by category, at September 30, 2020 are summarized as follows:

2020	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available for sale
Mortgage-backed securities
U. S. sponsored agency MBS - residential	$	331,400	$	10,388	$	(1,001	)	$	340,787
U. S. sponsored agency CMO’s - residential		37,872		1,065		–			38,937
Total mortgage-backed securities of government sponsored agencies		369,272		11,453		(1,001	)		379,724
U. S. government sponsored agency securities		5,983		170		–			6,153
Obligations of states and political subdivisions		43,554		1,317		–			44,871
Other securities		5,717		128		(13	)		5,832
Total available for sale	$	424,526	$	13,068	$	(1,014	)	$	436,580

Amortized cost and fair value of investment securities, by category, at December 31, 2019 are summarized as follows:

2019	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available for sale
Mortgage-backed securities
U. S. sponsored agency MBS - residential	$	276,013	$	3,618	$	(322	)	$	279,309
U. S. sponsored agency CMO’s - residential		61,989		768		(113	)		62,644
Total mortgage-backed securities of government sponsored agencies		338,002		4,386		(435	)		341,953
U. S. government sponsored agency securities		30,538		280		(88	)		30,730
Obligations of states and political subdivisions		15,570		453		(6	)		16,017
Other securities		1,956		98		–			2,054
Total available for sale	$	386,066	$	5,217	$	(529	)	$	390,754

Amortized Cost and Fair Value of Securities by Contractual Maturity

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

	Amortized Cost		Fair Value
Available for sale
Due in one year or less	$	10,662	$	10,745
Due after one year through five years		24,978		25,574
Due after five years through ten years		13,323		13,741
Due after ten years		6,291		6,796
Mortgage-backed securities of government sponsored agencies		369,272		379,724
Total available for sale	$	424,526	$	436,580

Securities with Unrealized Losses in Continuous Unrealized Loss Position

Securities with unrealized losses at September 30, 2020 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S government sponsored agency MBS – residential	$	90,516	$	(1,001)	$	–	$	–	$	90,516	$	(1,001)
Other securities		4,235		(13)		–		–		4,235		(13)
Total temporarily impaired	$	94,751	$	(1,014)	$	–	$	–	$	94,751	$	(1,014)

Securities with unrealized losses at December 31, 2019 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S government sponsored agency securities	$	10,851	$	(84)	$	3,957	$	(4)	$	14,808	$	(88)
U.S government sponsored agency MBS – residential		50,945		(199)		12,930		(123)		63,875		(322)
U.S government sponsored agency CMO’s – residential		4,376		(3)		8,815		(110)		13,191		(113)
Obligations of states and political subdivisions		1,866		(6)		–		–		1,866		(6)
Total temporarily impaired	$	68,038	$	(292)	$	25,702	$	(237)	$	93,740	$	(529)