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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                                   to

Commission File Number                        000-13232                                                                            

Juniata Valley Financial Corp.

(Exact name of registrant as specified in its charter)

Pennsylvania

23-2235254

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

Bridge and Main Streets, Mifflintown, Pennsylvania

17059

(Address of principal executive offices)

(Zip Code)

(855) 582-5101

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

NONE

N/A

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes        No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes        No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes        No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding as of May 14, 2021

Common Stock ($1.00 par value)

5,006,695 shares

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Statements of Financial Condition as of March 31, 2021 (Unaudited) and December 31, 2020

3

Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

4

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

5

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

6

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Not applicable.

Item 4.

Controls and Procedures

48

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3.

Defaults upon Senior Securities

49

Item 4.

Mine Safety Disclosures

49

Item 5.

Other Information

50

Item 6.

Exhibits

50

Signatures

51

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Financial Condition

(Unaudited)

(Dollars in thousands, except share data)

    

March 31, 2021

    

December 31, 2020

ASSETS

 

  

 

  

Cash and due from banks

$

11,533

$

11,868

Interest bearing deposits with banks

 

460

 

19,753

Federal funds sold

 

10,000

 

10,000

Cash and cash equivalents

 

21,993

 

41,621

Interest bearing time deposits with banks

 

735

 

735

Equity securities

 

1,183

 

1,091

Debt securities available for sale

 

301,076

 

286,415

Restricted investment in bank stock

 

3,374

 

3,423

Total loans

 

437,007

 

422,661

Less: Allowance for loan losses

 

(4,056)

 

(4,094)

Total loans, net of allowance for loan losses

 

432,951

 

418,567

Premises and equipment, net

 

8,686

 

8,808

Other real estate owned

 

110

 

Bank owned life insurance and annuities

 

16,628

 

16,568

Investment in low income housing partnerships

 

2,905

 

3,105

Core deposit and other intangible assets

 

225

 

241

Goodwill

 

9,047

 

9,047

Mortgage servicing rights

 

147

 

158

Accrued interest receivable and other assets

 

6,573

 

3,939

Total assets

$

805,633

$

793,718

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Non-interest bearing

$

183,437

$

168,115

Interest bearing

 

486,023

 

454,751

Total deposits

 

669,460

 

622,866

Short-term borrowings and repurchase agreements

 

22,622

 

24,750

Federal Reserve Bank ("FRB") advances

27,955

Long-term debt

 

35,000

 

35,000

Other interest bearing liabilities

 

1,557

 

1,584

Accrued interest payable and other liabilities

 

4,420

 

4,966

Total liabilities

 

733,059

 

717,121

Commitments and contingent liabilities

Stockholders’ Equity:

 

  

 

  

Preferred stock, no par value: Authorized - 500,000 shares, none issued

 

 

Common stock, par value $1.00 per share: Authorized 20,000,000 shares Issued - 5,151,279 shares at March 31, 2021; 5,151,279 shares at December 31, 2020 Outstanding - 5,006,695 shares at March 31, 2021; 5,025,441 shares at December 31, 2020

 

5,151

 

5,151

Surplus

 

24,893

 

25,011

Retained earnings

 

45,629

 

45,096

Accumulated other comprehensive (loss) income

 

(590)

 

3,518

Cost of common stock in Treasury: 144,584 shares at March 31, 2021; 125,838 shares at December 31, 2020

 

(2,509)

 

(2,179)

Total stockholders’ equity

 

72,574

 

76,597

Total liabilities and stockholders’ equity

$

805,633

$

793,718

See Notes to Consolidated Financial Statements

3

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Income (Unaudited)

Three Months Ended

(Dollars in thousands, except share data)

March 31, 

    

2021

    

2020

Interest and dividend income:

  

Loans, including fees

$

4,777

$

4,878

Taxable securities

 

1,006

 

1,173

Tax-exempt securities

 

38

 

23

Other interest income

 

5

 

55

Total interest income

 

5,826

 

6,129

Interest expense:

 

  

 

  

Deposits

 

619

 

830

Short-term borrowings and repurchase agreements

 

32

 

8

FRB advances

18

Long-term debt

 

212

 

283

Other interest bearing liabilities

 

2

 

7

Total interest expense

 

883

 

1,128

Net interest income

 

4,943

 

5,001

Provision for loan losses

 

(79)

 

356

Net interest income after provision for loan losses

 

5,022

 

4,645

Non-interest income:

 

  

 

  

Customer service fees

 

325

 

415

Debit card fee income

 

413

 

324

Earnings on bank-owned life insurance and annuities

 

54

 

64

Trust fees

 

112

 

113

Commissions from sales of non-deposit products

 

80

 

74

Fees derived from loan activity

 

104

 

67

Mortgage banking income

 

8

 

16

Gain on sales and calls of securities

 

4

 

11

Change in value of equity securities

 

93

 

(172)

Other non-interest income

 

79

 

82

Total non-interest income

 

1,272

 

994

Non-interest expense:

 

  

 

  

Employee compensation expense

 

1,969

 

2,003

Employee benefits

 

545

 

728

Occupancy

 

330

 

314

Equipment

 

189

 

234

Data processing expense

 

583

 

501

Professional fees

 

188

 

173

Taxes, other than income

 

124

 

138

FDIC Insurance premiums

 

81

 

40

Gain on other real estate owned

 

(49)

 

Amortization of intangible assets

 

16

 

19

Amortization of investment in low-income housing partnerships

 

200

 

200

Other non-interest expense

 

412

 

410

Total non-interest expense

 

4,588

 

4,760

Income before income taxes

 

1,706

 

879

Income tax provision (benefit)

 

71

 

(159)

Net income

$

1,635

$

1,038

Earnings per share

 

  

 

  

Basic

$

0.33

$

0.20

Diluted

$

0.33

$

0.20

See Notes to Consolidated Financial Statements

4

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

Three Months Ended March 31, 

2021

2020

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

    

Amount

    

Effect

    

Amount

    

Amount

    

Effect

    

Amount

Net income

$

1,706

$

(71)

$

1,635

$

879

$

159

$

1,038

Other comprehensive (loss) income:

 

  

 

  

 

  

 

  

 

  

 

  

Available for sale securities:

 

  

 

  

 

  

 

  

 

  

 

  

Unrealized holding (losses) gains arising during the period

 

(5,911)

 

1,241

 

(4,670)

 

4,948

 

(1,039)

 

3,909

Less reclassification adjustment for gains included in net income for sales of debt securities (1) (3)

 

(4)

 

1

 

(3)

 

(11)

 

2

 

(9)

Unrealized gains on cash flow hedge

712

(150)

562

Less reclassification adjustment for losses included in net income (2) (3)

4

(1)

3

Other comprehensive (loss) income

 

(5,199)

 

1,091

 

(4,108)

 

4,937

 

(1,037)

 

3,900

Total comprehensive (loss) income

$

(3,493)

$

1,020

$

(2,473)

$

5,816

$

(878)

$

4,938

(1) Amounts are included in (loss) gain on sales and calls of securities on the Consolidated Statements of Income as a separate element within total non-interest income.
(2) Amounts are included in interest expense on short-term borrowings and repurchase agreements on the Consolidated Statements of Income.
(3) Income tax amounts are included in the provision for income taxes on the Consolidated Statements of Income.

See Notes to Consolidated Financial Statements

5

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Stockholders’ Equity (Unaudited)

Three months ended March 31, 2021

Accumulated

(Dollars in thousands, except share data)

 

Number 

 

 

 

Other

 

 

Total

of Shares

    

Common

    

    

Retained

    

Comprehensive

    

Treasury

    

Stockholders’

    

Outstanding

    

Stock

    

Surplus

    

Earnings

Income (Loss)

    

Stock

    

Equity

Balance, January 1, 2021

5,025,441

$

5,151

$

25,011

$

45,096

$

3,518

$

(2,179)

$

76,597

Net income

 

  

 

  

 

  

 

1,635

 

  

 

  

 

1,635

Other comprehensive loss

 

  

 

  

 

  

 

 

(4,108)

 

  

 

(4,108)

Cash dividends at $0.22 per share

 

  

 

  

 

  

 

(1,102)

 

  

 

  

 

(1,102)

Stock-based compensation

 

  

 

  

 

35

 

  

 

  

 

  

 

35

Purchase of treasury stock

 

(27,585)

(483)

 

(483)

Treasury stock issued for stock plans

 

8,839

(153)

153

 

Balance, March 31, 2021

 

5,006,695

$

5,151

$

24,893

$

45,629

$

(590)

$

(2,509)

$

72,574

Three months ended March 31, 2020

Accumulated

(Dollars in thousands, except share data)

 

Number 

 

 

 

Other

 

 

Total

of Shares

    

Common

    

    

Retained

    

Comprehensive

    

Treasury

    

Stockholders’

    

Outstanding

    

Stock

    

Surplus

    

Earnings

Income (Loss)

    

Stock

    

Equity

Balance, January 1, 2020

5,099,729

$

5,142

$

24,898

$

43,954

$

516

$

(803)

$

73,707

Net income

 

  

 

  

 

  

 

1,038

 

  

 

  

 

1,038

Other comprehensive income

 

  

 

  

 

  

 

  

 

3,900

 

  

 

3,900

Cash dividends at $0.22 per share

 

  

 

  

 

  

 

(1,122)

 

  

 

  

 

(1,122)

Stock-based compensation

 

  

 

  

 

29

 

  

 

  

 

  

 

29

Purchase of treasury stock

 

(15,400)

 

  

 

 

  

 

  

 

(186)

 

(186)

Common stock issued for stock plans

 

9,530

 

9

(9)

 

  

 

  

 

  

 

Balance, March 31, 2020

 

5,093,859

$

5,151

$

24,918

$

43,870

$

4,416

$

(989)

$

77,366

See Notes to Consolidated Financial Statements

6

Juniata Valley Financial Corp. and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

Three Months Ended March 31, 

    

2021

    

2020

Operating activities:

Net income

$

1,635

$

1,038

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision for loan losses

 

(79)

 

356

Depreciation

 

187

 

206

Net amortization of securities premiums

 

394

 

228

Net amortization of loan origination fees

 

151

 

5

Deferred net loan origination costs

 

(92)

 

(83)

Amortization of intangibles

 

16

 

19

Amortization of investment in low income housing partnerships

 

200

 

200

Net amortization of purchase fair value adjustments

 

(48)

 

(27)

Net realized gain on sales and calls of available for sale securities

 

(4)

 

(11)

Change in value of equity securities

 

(93)

 

172

Net gain on other real estate owned

 

(49)

 

Earnings on bank owned life insurance and annuities

 

(54)

 

(64)

Deferred income tax (benefit) expense

 

(9)

 

125

Stock-based compensation expense

 

35

 

29

Proceeds from mortgage loans sold to others

 

19

 

20

Mortgage banking income

 

(8)

 

(16)

Increase in accrued interest receivable and other assets

 

(817)

 

(1,561)

Decrease in accrued interest payable and other liabilities

 

(573)

 

(109)

Net cash provided by operating activities

 

811

 

527

Investing activities:

 

  

 

  

Purchases of:

 

  

 

  

Securities available for sale

 

(61,579)

 

(23,275)

Premises and equipment

 

(65)

 

(136)

Bank owned life insurance and annuities

 

(6)

 

(6)

Proceeds from:

 

 

  

Sales of securities available for sale

 

16,815

 

15,704

Maturities of and principal repayments on securities available for sale

 

23,799

 

22,339

Redemption of FHLB stock

 

49

 

406

Net decrease in interest bearing time deposits with banks

 

 

490

Net (increase) decrease in loans

 

(14,377)

 

10,698

Net cash (used in) provided by investing activities

 

(35,364)

 

26,220

Financing activities:

 

  

 

  

Net increase in deposits

 

46,593

 

9,991

Net decrease in short-term borrowings and securities sold under agreements to repurchase

 

(2,128)

 

(10,346)

Repayment of FRB advances

(27,955)

Cash dividends

 

(1,102)

 

(1,122)

Purchase of treasury stock

 

(483)

 

(186)

Net cash provided by (used in) financing activities

 

14,925

 

(1,663)

Net (decrease) increase in cash and cash equivalents

 

(19,628)

 

25,084

Cash and cash equivalents at beginning of year

 

41,621

 

12,740

Cash and cash equivalents at end of period

$

21,993

$

37,824

(Dollars in thousands)

Three Months Ended March 31, 

    

2021

    

2020

Supplemental information:

Interest paid

$

967

$

1,135

Income tax paid

 

75

 

Supplemental schedule of noncash investing and financing activities:

 

  

 

  

Transfer of loans to other real estate owned

$

61

$

Transfer of loans to repossessed vehicles

$

1

$

See Notes to Consolidated Financial Statements

7

JUNIATA VALLEY FINANCIAL CORP. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The consolidated financial statements include the accounts of Juniata Valley Financial Corp. (the “Company” or “Juniata”) and its wholly owned subsidiary, The Juniata Valley Bank (the “Bank” or “JVB”). All significant intercompany accounts and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the financial statements. Additionally, the ongoing effects of the COVID-19 pandemic may negatively impact significant estimates and the assumptions underlying those estimates. Estimates that are particularly susceptible to material change include the determination of the allowance for loan losses, and possible impairment of goodwill and other intangible assets. 

In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three month period ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and notes thereto included in Juniata Valley Financial Corp.’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2020.

The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of March 31, 2021 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

2. RECENT ACCOUNTING STANDARDS UPDATES

ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Issued: June 2016

Summary: ASU 2016-13 requires credit losses on most financial assets to be measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument.

The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above.

Further, the ASU made certain targeted amendments to the existing impairment model for available for sale debt securities. For an available for sale debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis.

8

Effective Date: On October 16, 2019, the FASB voted and approved to delay the effective date of this ASU for smaller reporting companies until fiscal years beginning after December 15, 2022. Since the Company is a smaller reporting company, the delay of the effective date of ASU 2016-13 approved by the FASB applies to the Company. While the Company’s senior management is currently in the process of evaluating the impact of the amended guidance on its consolidated financial statements and disclosures, it expects the allowance for loan and lease losses (“ALLL”) to increase upon adoption because the allowance will be required to cover the full remaining expected life of the portfolio, rather than the incurred loss under current U.S. GAAP. The extent of this increase is still being evaluated and will depend on economic conditions and the composition of the Company’s loan portfolio at the time of adoption. In preparation, the Company has taken steps to prepare for the implementation when it becomes effective by forming an internal taskforce, gathering pertinent data, participating in training courses, and partnering with a software provider that specializes in ALLL analysis, as well as assessing the sufficiency of data currently available through its core database.

3. ACCUMULATED OTHER COMPREHENSIVE INCOME

Components of accumulated other comprehensive income, net of tax, consisted of the following:

(Dollars in thousands)

March 31, 2021

    

Gains and (Losses) on Cash Flow Hedges

    

Unrealized Gains and (Losses) on Available for Sale Securities

    

Total

Beginning balance, December 31, 2020

$

(45)

$

3,563

$

3,518

Current period other comprehensive income (loss):

Other comprehensive income (loss) before reclassification

562

(4,670)

(4,108)

Amounts reclassified from accumulated other comprehensive loss

3

(3)

Net current period other comprehensive income (loss)

 

565

 

(4,673)

 

(4,108)

Ending balance, March 31, 2021

$

520

$

(1,110)

$

(590)

(Dollars in thousands)

December 31, 2020

    

Gains and (Losses) on Cash Flow Hedges

    

Unrealized Gains and (Losses) on Available for Sale Securities

    

Total

Beginning balance, December 31, 2019

$

$

516

$

516

Current period other comprehensive income:

Other comprehensive income before reclassification

(38)

3,727

3,689

Amounts reclassified from accumulated other comprehensive income

(7)

(675)

(682)

Net current period other comprehensive income

 

(45)

 

3,052

 

3,007

Reclassification for ASU 2018-02

(5)

(5)

Ending balance, December 31, 2020

$

(45)

$

3,563

$

3,518

4. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method.

9

The following table sets forth the computation of basic and diluted earnings per share:

(Amounts in thousands, except earnings per share data)

Three Months Ended March 31, 

2021

    

2020

Net income

$

1,635

$

1,038

Weighted-average common shares outstanding

 

5,017

 

5,103

Basic earnings per share

$

0.33

$

0.20

Weighted-average common shares outstanding

$

5,017

$

5,103

Common stock equivalents due to effect of stock options

 

9

 

8

Total weighted-average common shares and equivalents

5,026

5,111

Diluted earnings per share

$

0.33

$

0.20

Anti-dilutive stock options outstanding

 

8

 

5

5. SECURITIES

Equity Securities

Equity securities owned by the Company consist of common stock of various financial services providers. ASC Topic 321, Investments – Equity Securities requires all equity securities within its scope to be measured at fair value with changes in fair value recognized in net income. As of March 31, 2021, the Company had $1,183,000 in equity securities recorded at fair value, and $1,091,000 in equity securities were recorded at fair value at December 31, 2020. The Company recorded a net gain of $93,000 during the three months ended March 31, 2021 and a net loss of $172,000 during the three months ended March 31, 2020 because of the change in fair value of the Company’s equity securities during the applicable period.

Debt Securities Available for Sale

Debt securities classified as available for sale, which include marketable investment securities, are within the scope of ASC Topic 320, Investments – Debt Securities. Topic 320 requires all debt securities within its scope to be stated at fair value, with the unrealized gains and losses, net of tax, reported as a component of other comprehensive income (loss). Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Interest and dividends are recognized as income when earned. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains or losses on the disposition of securities available for sale are based on the net proceeds and the adjusted carrying amount of the securities sold, determined on a specific identification basis.

The Company’s available for sale investment portfolio includes primarily bonds issued by U.S. Government sponsored enterprises (approximately 13% of the investment portfolio), mortgage-backed securities issued by Government-sponsored entities and backed by residential mortgages (approximately 79%), corporate debt securities (approximately 5%) and municipal bonds (approximately 3%) as of March 31, 2021. Most of the municipal bonds are general obligation bonds with maturities or pre-refunding dates within 5 years.

10

The amortized cost and fair value of securities available for sale as of March 31, 2021 and December 31, 2020, by contractual maturity, are shown in the tables below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.

(Dollars in thousands)

    

March 31, 2021

Gross

    

Gross

Amortized

Fair

Unrealized

Unrealized

Debt Securities Available for Sale

    

Cost

    

Value

    

Gains

    

Losses

Type and Maturity

 

  

 

  

 

  

 

  

Obligations of U.S. Government sponsored enterprises

 

  

 

  

 

 

  

After five years but within ten years

$

39,054

$

37,634

$

$

(1,420)

 

39,054

 

37,634

 

 

(1,420)

Obligations of state and political subdivisions

 

  

 

  

 

  

 

  

Within one year

 

30

 

30

 

After one year but within five years

 

4,705

4,750

 

45

After five years but within ten years

 

3,294

 

3,395

 

139

(38)

 

8,029

 

8,175

 

184

 

(38)

Corporate debt securities

 

  

 

  

 

  

 

  

After five years but within ten years

 

15,487

16,039

580

(28)

 

15,487

 

16,039

 

580

 

(28)

Mortgage-backed securities

 

239,912

239,228

2,352

(3,036)

Total

$

302,482

$

301,076

$

3,116

$

(4,522)

(Dollars in thousands)

December 31, 2020

    

    

    

    

    

Gross

    

Gross

Amortized

Fair

Unrealized

Unrealized

Debt Securities Available for Sale

Cost

Value

Gains

Losses

Type and Maturity

 

  

 

  

 

  

 

  

Obligations of U.S. Government sponsored enterprises

 

  

 

  

 

  

 

  

After five years but within ten years

$

22,994

$

22,949

$

7

$

(52)

 

22,994

 

22,949

 

7

 

(52)

Obligations of state and political subdivisions

 

  

 

  

 

  

 

  

Within one year

 

31

 

31

 

After one year but within five years

 

4,708

4,767

 

59

After five years but within ten years

 

3,289

 

3,484

 

195

 

8,028

 

8,282

 

254

 

Corporate debt securities

 

  

 

  

 

  

 

  

Within one year

 

1,033

 

1,039

 

6

 

After five years but within ten years

 

10,058

10,484

485

(59)

 

11,091

 

11,523

 

491

 

(59)

Mortgage-backed securities

 

239,793

243,661

3,999

(131)

Total

$

281,906

$

286,415

$

4,751

$

(242)

Certain obligations of the U.S. Government and state and political subdivisions are pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. The carrying value of the pledged assets was $66,521,000 and $74,614,000 on March 31, 2021 and December 31, 2020, respectively.

In addition to cash received from the scheduled maturities of investment securities, some securities available for sale are sold or called at current market values during normal operations.

11

The following table summarizes proceeds received from sales or calls of available for sale investment securities transactions and the resulting realized gains and losses during the three months ended March 31, 2021 and 2020.

(Dollars in thousands)

Three Months Ended

March 31, 

    

2021

    

2020

Gross proceeds from sales and calls of securities

$

16,815

$

15,704

Securities available for sale:

 

 

  

Gross realized gains from sold and called securities

$

18

$

41

Gross realized losses from sold and called securities

 

(14)

 

(30)

Net gains from sales and calls of securities

$

4

$

11

Topic 320 clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. Management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are taken before an assessment is made as to whether the entity will recover the cost basis of the investment. In instances when a determination is made that an other-than-temporary impairment exists and the entity does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, the other-than-temporary impairment is separated into the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income.

The following tables show gross unrealized losses and fair values of debt securities available for sale, aggregated by category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020:

Unrealized Losses at March 31, 2021

Less Than 12 Months

12 Months or More

Total

(Dollars in thousands)

    

Number

    

    

    

Number

    

    

    

Number

    

    

of

Fair

Unrealized 

of

Fair

Unrealized 

of

Fair

Unrealized 

Securities

Value

Losses

Securities

Value

Losses

Securities

Value

Losses

Obligations of U.S. Government sponsored enterprises

 

7

$

37,634

$

(1,420)

 

$

$

 

7

$

37,634

$

(1,420)

Obligations of state and political subdivisions

 

4

1,191

 

(38)

 

 

 

 

4

 

1,191

 

(38)

Corporate debt securities

2

1,972

(28)

 

 

2

1,972

(28)

Mortgage-backed securities

 

27

143,709

(3,036)

 

 

27

143,709

(3,036)

Total temporarily impaired securities

 

40

$

184,506

$

(4,522)

 

$

$

 

40

$

184,506