XML 53 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1

Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of 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.

Schedule of Securities with Unrealized Loss

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			$	—					$	—					$	—					$	—					$	—					$	—

Schedule of Allowance for Credit Losses for Held -to -Maturity Securities

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

Proceeds from Sales of Securities Available for Sale and Gross Gains

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)

Securities Classified by Contractual Maturity

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

Securities Pledged as Collateral

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Name:	us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

No definition available.

+ Details

Name:	us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

+ Details

Name:	us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration