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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 LossesNet Carrying Amount
Available for sale:
State and municipal securities$394,046 $14,095 $(2,323)$405,818 $— $405,818 
Corporate bonds80,498 2,509 (273)82,734 — 82,734 
U.S. government and agency securities98,892 2 (1,236)97,658 — 97,658 
Commercial mortgage-backed securities65,691 — (1,448)64,243 — 64,243 
Residential mortgage-backed securities559,655 3,751 (5,605)557,801 — 557,801 
Commercial collateralized mortgage obligations20,000 2 (330)19,672 — 19,672 
Residential collateralized mortgage obligations196,691 460 (3,411)193,740 — 193,740 
Asset-backed securities81,985 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 bonds64,313 1,762 (137)65,938 — 65,938 
U.S. government and agency securities851 3 (5)849 — 849 
Commercial mortgage-backed securities10,814 266 — 11,080 — 11,080 
Residential mortgage-backed securities207,742 7,441 (232)214,951 — 214,951 
Residential collateralized mortgage obligations193,865 1,739 (261)195,343 — 195,343 
Asset-backed securities73,451 877 — 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 Months12 Months or MoreTotal
(Dollars in thousands)
December 31, 2021
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Available for sale:
State and municipal securities$82,627 $(1,651)$16,617 $(672)$99,244 $(2,323)
Corporate bonds13,299 (201)2,928 (72)16,227 (273)
U.S. government and agency securities97,010 (1,234)440 (2)97,450 (1,236)
Commercial mortgage-backed securities57,703 (1,167)6,540 (281)64,243 (1,448)
Residential mortgage-backed securities409,382 (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 bonds30,513 (137)— — 30,513 (137)
U.S. government and agency securities— — 568 (5)568 (5)
Residential mortgage-backed securities23,178 (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:20212020
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)202120202019
Proceeds from sales/calls$44,893 $64,702 $27,766 
Gross realized gains1,780 774 161 
Gross realized losses(32)(194)(141)
The following table presents the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2021, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands)Held to MaturityAvailable for Sale
December 31, 2021Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$— $— $5,618 $5,623 
Due after one year through five years— — 117,609 120,398 
Due after five years through ten years22,934 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, 2021December 31, 2020
Carrying value of securities pledged to secure public deposits$331,651 $289,537 
Carrying value of securities pledged to repurchase agreements10,312 10,982