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Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Realized and Unrealized Gains (Losses) Recognized on Equity Securities

The gross realized and unrealized gains (losses) recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:

(Dollars in thousands)						2021						2020						2019
Unrealized gains (losses) on equity securities still held at the reporting date						$	(322)					$	389					$	393
Realized gains (losses) on equity securities sold during the period						—						—						—
						$	(322)					$	389					$	393

Schedule of Amortized Cost of Securities and Their Estimated Fair Values

Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:

(Dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
December 31, 2021
Available for sale securities:
Mortgage-backed securities, residential						$	36,885					$	720					$	(156)					$	—					$	37,449
Asset-backed securities						6,763						2						(1)						—						6,764
State and municipal						26,309						516						—						—						26,825
CLO Securities						103,579						3,109						(54)						—						106,634
Corporate bonds						1,992						64						—						—						2,056
SBA pooled securities						2,536						162						—						—						2,698
Total available for sale securities						$	178,064					$	4,573					$	(211)					$	—					$	182,426

(Dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
December 31, 2021
Held to maturity securities:
CLO securities						$	7,029					$	—					$	(1,582)					$	5,447
Allowance for credit losses						(2,082)
Total held to maturity securities, net of ACL						$	4,947

(Dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
December 31, 2020
Available for sale securities:
U.S. Government agency obligations						$	14,942					$	146					$	—					$	—					$	15,088
Mortgage-backed securities, residential						26,547						1,139						(2)						—						27,684
Asset-backed securities						7,091						—						(52)						—						7,039
State and municipal						36,238						1,157						—						—						37,395
CLO Securities						118,128						4,335						(259)						—						122,204
Corporate bonds						11,373						205						(5)						—						11,573
SBA pooled securities						3,200						133						(6)						—						3,327
Total available for sale securities						$	217,519					$	7,115					$	(324)					$	—					$	224,310

(Dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
December 31, 2020
Held to maturity securities:
CLO securities						$	7,945					$	—					$	(2,095)					$	5,850
Allowance for credit losses						(2,026)
Total held to maturity securities, net of ACL						$	5,919

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity

The amortized cost and estimated fair value of debt securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

			Available for Sale Securities												Held to Maturity Securities
(Dollars in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	8,907					$	8,931					$	—					$	—
Due from one year to five years			2,860						2,907						—						—
Due from five years to ten years			62,607						64,885						7,029						5,447
Due after ten years			57,506						58,792						—						—
			131,880						135,515						7,029						5,447
Mortgage-backed securities, residential			36,885						37,449						—						—
Asset-backed securities			6,763						6,764						—						—
SBA pooled securities			2,536						2,698						—						—
			$	178,064					$	182,426					$	7,029					$	5,447

Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses

Proceeds from sales of debt securities and the associated gross gains and losses are as follows:

(Dollars in thousands)			2021						2020						2019
Proceeds			$	—					$	70,198					$	40,617
Gross gains			—						3,233						133
Gross losses			—						(140)						(125)
Net gains and losses from calls of securities			5						133						53

Schedule of Information Pertaining to Debt Securities with Gross Unrealized Losses

The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position:

						Less than 12 Months												12 Months or More												Total
(Dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
December 31, 2021
Available for sale securities:
Mortgage-backed securities, residential						$	20,386					$	(155)					$	6					$	(1)					$	20,392					$	(156)
Asset-backed securities						37						—						4,999						(1)						5,036						(1)
State and municipal						30						—						—						—						30						—
CLO Securities						22,707						(54)						—						—						22,707						(54)
Corporate bonds						—						—						—						—						—						—
SBA pooled securities						—						—						—						—						—						—
Total available for sale securities						$	43,160					$	(209)					$	5,005					$	(2)					$	48,165					$	(211)

						Less than 12 Months												12 Months or More												Total
(Dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
December 31, 2020
Available for sale securities:
U.S. Government agency obligations						$	—					$	—					$	—					$	—					$	—					$	—
Mortgage-backed securities, residential						100						(1)						215						(1)						315						(2)
Asset-backed securities						129						—						6,911						(52)						7,040						(52)
State and municipal						—						—						—						—						—						—
CLO Securities						12,083						(93)						29,785						(166)						41,868						(259)
Corporate bonds						498						(5)						150						—						648						(5)
SBA pooled securities						889						(6)						29						—						918						(6)
Total available for sale securities						$	13,699					$	(105)					$	37,090					$	(219)					$	50,789					$	(324)

Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities

The following table presents the activity in the allowance for credit losses for held to maturity debt securities:

(Dollars in thousands)						Year Ended December 31,
Held to Maturity CLO Securities						2021						2020						2019
Allowance for credit losses:
Beginning balance						$	2,026					$	—					$	—
Impact of adopting ASC 326						—						126						—
Credit loss expense (benefit)						56						1,900						—
Allowance for credit losses ending balance						$	2,082					$	2,026					$	—

X

- Definition

Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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-Topic 320
-SubTopic 10
-Section 50
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