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Securities | 12 Months Ended
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Dec. 31, 2020
Investments Debt And Equity Securities [Abstract] |
Securities | (4) SECURITIES The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities (1) |  | $ | 59 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 62 |
States and political subdivisions |  |  | 2,405 |  |  |  | 18 |  |  |  | (1 | ) |  |  | 2,422 |
Other securities |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |
Total |  | $ | 2,964 |  |  | $ | 21 |  |  | $ | (1 | ) |  | $ | 2,984 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities (1) |  | $ | 93 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 97 |
States and political subdivisions |  |  | 1,310 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 1,306 |
Other securities |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |
Total |  | $ | 1,903 |  |  | $ | 5 |  |  | $ | (5 | ) |  | $ | 1,903 |
The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 465,416 |  |  | $ | 9,820 |  |  | $ | — |  |  | $ | 475,236 |
U.S. federal agencies |  |  | 19,697 |  |  |  | 1 |  |  |  | (60 | ) |  |  | 19,638 |
Mortgage backed securities (1) |  |  | 15,268 |  |  |  | 428 |  |  |  | — |  |  |  | 15,696 |
States and political subdivisions |  |  | 28,571 |  |  |  | 377 |  |  |  | — |  |  |  | 28,948 |
Asset backed securities |  |  | 13,337 |  |  |  | — |  |  |  | (623 | ) |  |  | 12,714 |
Total |  | $ | 542,289 |  |  | $ | 10,626 |  |  | $ | (683 | ) |  | $ | 552,232 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 409,488 |  |  | $ | 4,974 |  |  | $ | (13 | ) |  | $ | 414,449 |
U.S. federal agencies |  |  | 23,039 |  |  |  | 23 |  |  |  | (38 | ) |  |  | 23,024 |
Mortgage backed securities (1) |  |  | 16,941 |  |  |  | 128 |  |  |  | (64 | ) |  |  | 17,005 |
States and political subdivisions |  |  | 22,294 |  |  |  | 282 |  |  |  | (45 | ) |  |  | 22,531 |
Asset backed securities |  |  | 13,320 |  |  |  | — |  |  |  | (606 | ) |  |  | 12,714 |
Total |  | $ | 485,082 |  |  | $ | 5,407 |  |  | $ | (766 | ) |  | $ | 489,723 |
(1) | Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.
The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 807 |  |  | $ | 809 |  |  | $ | 300 |  |  | $ | 300 |
After one year but within five years |  |  | 2,091 |  |  |  | 2,110 |  |  |  | 1,058 |  |  |  | 1,055 |
After five years but within ten years |  |  | 65 |  |  |  | 64 |  |  |  | 543 |  |  |  | 546 |
After ten years |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |
Total |  | $ | 2,964 |  |  | $ | 2,984 |  |  | $ | 1,903 |  |  | $ | 1,903 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 339,752 |  |  | $ | 341,102 |  |  | $ | 186,373 |  |  | $ | 186,539 |
After one year but within five years |  |  | 162,401 |  |  |  | 171,135 |  |  |  | 252,519 |  |  |  | 257,430 |
After five years but within ten years |  |  | 3,753 |  |  |  | 3,910 |  |  |  | 5,873 |  |  |  | 6,008 |
After ten years |  |  | 36,383 |  |  |  | 36,085 |  |  |  | 40,317 |  |  |  | 39,746 |
Total debt securities |  | $ | 542,289 |  |  | $ | 552,232 |  |  | $ | 485,082 |  |  | $ | 489,723 |
The following is a detail of proceeds from sales and realized securities losses, on available for sale debt securities:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (Dollars in thousands) |
Proceeds |  | $ | — |  |  | $ | — |  |  | $ | 31,285 |
Gross losses realized |  |  | — |  |  |  | — |  |  |  | 109 |
Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income. The following table is a summary of the Company’s book value of debt securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (Dollars in thousands) |
Book value of pledged securities |  | $ | 490,833 |  |  | $ | 445,702 |
The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at December 31, 2020 and 2019 respectively:
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
|  | (Dollars in thousands) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 119 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 119 |  |  | $ | 1 |
Total |  | $ | 119 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 119 |  |  | $ | 1 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal agencies |  | $ | 12,236 |  |  | $ | 41 |  |  | $ | 2,184 |  |  | $ | 19 |  |  | $ | 14,420 |  |  | $ | 60 |
Asset backed securities |  |  | — |  |  |  | — |  |  |  | 12,714 |  |  |  | 623 |  |  |  | 12,714 |  |  |  | 623 |
Total |  | $ | 12,236 |  |  | $ | 41 |  |  | $ | 14,898 |  |  | $ | 642 |  |  | $ | 27,134 |  |  | $ | 683 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
States and political subdivisions |  |  | 1,016 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 1,016 |  |  |  | 5 |
Total |  | $ | 1,016 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,019 |  |  | $ | 5 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 8,999 |  |  | $ | 10 |  |  | $ | 19,988 |  |  | $ | 3 |  |  | $ | 28,987 |  |  | $ | 13 |
U.S. federal agencies |  |  | 10,362 |  |  |  | 19 |  |  |  | 2,700 |  |  |  | 19 |  |  |  | 13,062 |  |  |  | 38 |
Mortgage backed securities |  |  | 15,165 |  |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | 15,165 |  |  |  | 64 |
States and political subdivisions |  |  | 3,890 |  |  |  | 45 |  |  |  | — |  |  |  | — |  |  |  | 3,890 |  |  |  | 45 |
Asset backed securities |  |  | — |  |  |  | — |  |  |  | 12,714 |  |  |  | 606 |  |  |  | 12,714 |  |  |  | 606 |
Total |  | $ | 38,416 |  |  | $ | 138 |  |  | $ | 35,402 |  |  | $ | 628 |  |  | $ | 73,818 |  |  | $ | 766 |
Management has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of December 31, 2020 and 2019, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. Management has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no significant impairment loss was realized in the Company’s consolidated statement of comprehensive income.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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