XML 31 R12.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Securities | 12 Months Ended
--- | ---
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Securities | Note 3 - Securities The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated:
(Dollars in thousands) December 31, 2021 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Net Carrying Amount |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 394,046 |  |  | $ | 14,095 |  |  | $ | (2,323) |  |  | $ | 405,818 |  |  | $ | — |  |  | $ | 405,818 |  |
Corporate bonds | 80,498 |  |  | 2,509 |  |  | (273) |  |  | 82,734 |  |  | — |  |  | 82,734 |  |
U.S. government and agency securities | 98,892 |  |  | 2 |  |  | (1,236) |  |  | 97,658 |  |  | — |  |  | 97,658 |  |
Commercial mortgage-backed securities | 65,691 |  |  | — |  |  | (1,448) |  |  | 64,243 |  |  | — |  |  | 64,243 |  |
Residential mortgage-backed securities | 559,655 |  |  | 3,751 |  |  | (5,605) |  |  | 557,801 |  |  | — |  |  | 557,801 |  |
Commercial collateralized mortgage obligations | 20,000 |  |  | 2 |  |  | (330) |  |  | 19,672 |  |  | — |  |  | 19,672 |  |
Residential collateralized mortgage obligations | 196,691 |  |  | 460 |  |  | (3,411) |  |  | 193,740 |  |  | — |  |  | 193,740 |  |
Asset-backed securities | 81,985 |  |  | 1,077 |  |  | — |  |  | 83,062 |  |  | — |  |  | 83,062 |  |
Total | $ | 1,497,458 |  |  | $ | 21,896 |  |  | $ | (14,626) |  |  | $ | 1,504,728 |  |  | $ | — |  |  | $ | 1,504,728 |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 22,934 |  |  | $ | 2,183 |  |  | $ | — |  |  | $ | 25,117 |  |  | $ | (167) |  |  | $ | 22,767 |  |
Securities carried at fair value through income: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities(1) | $ | 7,375 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,497 |  |  | $ | — |  |  | $ | 7,497 |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 420,559 |  |  | $ | 21,884 |  |  | $ | (258) |  |  | $ | 442,185 |  |  | $ | — |  |  | $ | 442,185 |  |
Corporate bonds | 64,313 |  |  | 1,762 |  |  | (137) |  |  | 65,938 |  |  | — |  |  | 65,938 |  |
U.S. government and agency securities | 851 |  |  | 3 |  |  | (5) |  |  | 849 |  |  | — |  |  | 849 |  |
Commercial mortgage-backed securities | 10,814 |  |  | 266 |  |  | — |  |  | 11,080 |  |  | — |  |  | 11,080 |  |
Residential mortgage-backed securities | 207,742 |  |  | 7,441 |  |  | (232) |  |  | 214,951 |  |  | — |  |  | 214,951 |  |
Residential collateralized mortgage obligations | 193,865 |  |  | 1,739 |  |  | (261) |  |  | 195,343 |  |  | — |  |  | 195,343 |  |
Asset-backed securities | 73,451 |  |  | 877 |  |  | — |  |  | 74,328 |  |  | — |  |  | 74,328 |  |
Total | $ | 971,595 |  |  | $ | 33,972 |  |  | $ | (893) |  |  | $ | 1,004,674 |  |  | $ | — |  |  | $ | 1,004,674 |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 38,194 |  |  | $ | 3,011 |  |  | $ | — |  |  | $ | 41,205 |  |  | $ | (66) |  |  | $ | 38,128 |  |
Securities carried at fair value through income: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities(1) | $ | 10,618 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,554 |  |  | $ | — |  |  | $ | 11,554 |  |
____________________________ (1)Securities carried at fair value through income have no unrealized gains or losses at the balance sheet date as all changes in value have been recognized in the consolidated statements of income. See Note 5 - Fair Value of Financial Instruments for more information. Securities with unrealized losses at December 31, 2021 and 2020, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) December 31, 2021 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Available for sale: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 82,627 |  |  | $ | (1,651) |  |  | $ | 16,617 |  |  | $ | (672) |  |  | $ | 99,244 |  |  | $ | (2,323) |
Corporate bonds | 13,299 |  |  | (201) |  |  | 2,928 |  |  | (72) |  |  | 16,227 |  |  | (273) |
U.S. government and agency securities | 97,010 |  |  | (1,234) |  |  | 440 |  |  | (2) |  |  | 97,450 |  |  | (1,236) |
Commercial mortgage-backed securities | 57,703 |  |  | (1,167) |  |  | 6,540 |  |  | (281) |  |  | 64,243 |  |  | (1,448) |
Residential mortgage-backed securities | 409,382 |  |  | (5,577) |  |  | 1,693 |  |  | (28) |  |  | 411,075 |  |  | (5,605) |
Commercial collateralized mortgage obligations | 14,568 |  |  | (330) |  |  | — |  |  | — |  |  | 14,568 |  |  | (330) |
Residential collateralized mortgage obligations | 127,080 |  |  | (2,623) |  |  | 31,301 |  |  | (788) |  |  | 158,381 |  |  | (3,411) |
Total | $ | 801,669 |  |  | $ | (12,783) |  |  | $ | 59,519 |  |  | $ | (1,843) |  |  | $ | 861,188 |  |  | $ | (14,626) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 21,979 |  |  | $ | (258) |  |  | $ | — |  |  | $ | — |  |  | $ | 21,979 |  |  | $ | (258) |
Corporate bonds | 30,513 |  |  | (137) |  |  | — |  |  | — |  |  | 30,513 |  |  | (137) |
U.S. government and agency securities | — |  |  | — |  |  | 568 |  |  | (5) |  |  | 568 |  |  | (5) |
Residential mortgage-backed securities | 23,178 |  |  | (232) |  |  | — |  |  | — |  |  | 23,178 |  |  | (232) |
Residential collateralized mortgage obligations | 43,911 |  |  | (261) |  |  | — |  |  | — |  |  | 43,911 |  |  | (261) |
Total | $ | 119,581 |  |  | $ | (888) |  |  | $ | 568 |  |  | $ | (5) |  |  | $ | 120,149 |  |  | $ | (893) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or non credit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. Management does not have the intent to sell any of the securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, at December 31, 2021, management believes that the unrealized losses detailed in the previous table are due to non credit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s consolidated statements of income. The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities.
(Dollars in thousands) | Municipal Securities
Allowance for credit losses: | 2021 |  | 2020
Balance at January 1, | $ | 66 |  |  | $ | — |
Impact of adopting ASC 326 | — |  |  | 96 |
Credit loss allowance (recovery) | 101 |  |  | (30) |
Balance at December 31, | $ | 167 |  |  | $ | 66 |
Accrued interest of $6.1 million and $5.4 million was not included in the calculation of the allowance at December 31, 2021 or 2020, respectively. There were no past due held-to-maturity securities or held-to-maturity securities in nonaccrual status at December 31, 2021 or 2020. Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.
| Year Ended December 31, |  |  |  |
(Dollars in thousands) | 2021 |  | 2020 |  | 2019 |  |  |  |
Proceeds from sales/calls | $ | 44,893 |  |  | $ | 64,702 |  |  | $ | 27,766 |  |  |  |  |
Gross realized gains | 1,780 |  |  | 774 |  |  | 161 |  |  |  |  |
Gross realized losses | (32) |  |  | (194) |  |  | (141) |  |  |  |  |
The following table presents the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2021, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands) | Held to Maturity |  | Available for Sale
December 31, 2021 | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | $ | — |  |  | $ | — |  |  | $ | 5,618 |  |  | $ | 5,623 |
Due after one year through five years | — |  |  | — |  |  | 117,609 |  |  | 120,398 |
Due after five years through ten years | 22,934 |  |  | 25,117 |  |  | 153,260 |  |  | 155,903 |
Due after ten years | — |  |  | — |  |  | 296,949 |  |  | 304,286 |
Commercial mortgage-backed securities | — |  |  | — |  |  | 65,691 |  |  | 64,243 |
Residential mortgage-backed securities | — |  |  | — |  |  | 559,655 |  |  | 557,801 |
Commercial collateralized mortgage obligations | — |  |  | — |  |  | 20,000 |  |  | 19,672 |
Residential collateralized mortgage obligations | — |  |  | — |  |  | 196,691 |  |  | 193,740 |
Asset-backed securities | — |  |  | — |  |  | 81,985 |  |  | 83,062 |
Total | $ | 22,934 |  |  | $ | 25,117 |  |  | $ | 1,497,458 |  |  | $ | 1,504,728 |
The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements for the period ends presented.
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020
Carrying value of securities pledged to secure public deposits | $ | 331,651 |  |  | $ | 289,537 |
Carrying value of securities pledged to repurchase agreements | 10,312 |  |  | 10,982 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration