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Securities (Tables)

12 Months Ended

Dec. 31, 2020

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2020		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	4,014		$	103		$	-		$	4,117
U.S. government agencies			6,811			-			(154)			6,657
U.S. government agencies mortgage-backed			16,098			1,112			(1)			17,209
States and political subdivisions			229,352			21,269			(1,362)			249,259
Collateralized mortgage obligations			53,999			2,866			(280)			56,585
Asset-backed securities			130,959			1,370			(511)			131,818
Collateralized loan obligations			30,728			15			(210)			30,533
Total securities available-for-sale		$	471,961		$	26,735		$	(2,518)		$	496,178


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2019		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	4,010		$	26		$	-		$	4,036
U.S. government agencies			8,502			-			(165)			8,337
U.S. government agencies mortgage-backed			16,164			443			(19)			16,588
States and political subdivisions			240,399			11,207			(2,431)			249,175
Collateralized mortgage obligations			57,059			963			(38)			57,984
Asset-backed securities			82,114			617			(887)			81,844
Collateralized loan obligations			66,898			29			(243)			66,684
Total securities available-for-sale		$	475,146		$	13,285		$	(3,783)		$	484,648

¹ Excludes interest receivable of $2.7 million and $3.2 million at December 31, 2020 and December 31, 2019, respectively, that is recorded in other assets on the consolidated balance sheet.

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations


					Weighted
		Amortized			Average			Fair
Securities available-for-sale		Cost			Yield			Value
Due in one year or less		$	423		2.09	%		$	427
Due after one year through five years			5,833		2.11				6,062
Due after five years through ten years			27,802		2.33				29,027
Due after ten years			206,119		3.02				224,517
			240,177		2.92				260,033
Mortgage-backed and collateralized mortgage obligations			70,097		2.95				73,794
Asset-backed securities			130,959		1.37				131,818
Collateralized loan obligations			30,728		2.04				30,533
Total securities available-for-sale		$	471,961		2.44	%		$	496,178

Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity


		December 31, 2020
		Amortized			Fair
Issuer		Cost			Value
Towd Point Mortgage Trust			33,198			35,479

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position


		Less than 12 months								12 months or more
December 31, 2020		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized			Fair			Number of		Unrealized			Fair			Number of		Unrealized			Fair
Securities available-for-sale		Securities		Losses			Value			Securities		Losses			Value			Securities		Losses			Value
U.S. government agencies		-		$	-		$	-		4		$	154		$	6,657		4		$	154		$	6,657
U.S. government agencies mortgage-backed		1			1			141		-			-			-		1			1			141
States and political subdivisions		-			-			-		1			1,362			3,433		1			1,362			3,433
Collateralized mortgage obligations		4			279			8,142		1			1			146		5			280			8,288
Asset-backed securities		1			2			251		3			509			49,572		4			511			49,823
Collateralized loan obligations		1			31			7,468		4			179			21,477		5			210			28,945
Total securities available-for-sale		7		$	313		$	16,002		13		$	2,205		$	81,285		20		$	2,518		$	97,287


		Less than 12 months								12 months or more
December 31, 2019		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized				Fair		Number of		Unrealized				Fair		Number of		Unrealized				Fair
Securities available-for-sale		Securities		Losses				Value		Securities		Losses				Value		Securities		Losses				Value
U.S. government agencies		-		$	-		$	-		4		$	165		$	8,337		4		$	165		$	8,337
U.S. government agencies mortgage-backed		3			10			3,018		2			9			843		5			19			3,861
States and political subdivisions		6			1,665			41,043		2			766			6,593		8			2,431			47,636
Collateralized mortgage obligations		2			26			9,054		2			12			1,209		4			38			10,263
Asset-backed securities		4			839			54,540		1			48			3,238		5			887			57,778
Collateralized loan obligations		4			62			21,927		4			181			25,020		8			243			46,947
Total securities available-for-sale		19		$	2,602		$	129,582		15		$	1,181		$	45,240		34		$	3,783		$	174,822

Schedule of proceeds from sale and gross realized gains and losses on sale of securities


			Year Ended
			December 31,
Securities available-for-sale			2020			2019			2018
Proceeds from sales of securities			$	18,006		$	191,298		$	94,663
Gross realized gains on securities				17			5,521			369
Gross realized losses on securities				(42)			(1,010)			(9)
Net realized (losses) gains			$	(25)		$	4,511		$	360
Income tax (expense) benefit on net realized gains (losses)			$	7		$	(1,267)		$	(100)
Effective tax rate applied				28.0	%		28.1	%		27.8	%