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Securities (Tables)

9 Months Ended

Sep. 30, 2021

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
September 30, 2021		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	4,017		$	53		$	-		$	4,070
U.S. government agencies			33,915			-			(340)			33,575
U.S. government agencies mortgage-backed			17,269			764			(215)			17,818
States and political subdivisions			222,833			16,758			(639)			238,952
Corporate bonds			5,000			-			(8)			4,992
Collateralized mortgage obligations			163,756			1,966			(308)			165,414
Asset-backed securities			187,825			1,646			(133)			189,338
Collateralized loan obligations			61,085			18			(74)			61,029
Total securities available-for-sale		$	695,700		$	21,205		$	(1,717)		$	715,188


					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

¹ Excludes accrued interest receivable of $2.8 million and $2.7 million at September 30, 2021 and December 31, 2020, 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		$	4,227		1.87	%		$	4,281
Due after one year through five years			36,288		0.79				36,240
Due after five years through ten years			28,159		2.35				29,387
Due after ten years			197,091		3.01				211,681
			265,765		2.62				281,589
Mortgage-backed and collateralized mortgage obligations			181,025		1.73				183,232
Asset-backed securities			187,825		1.14				189,338
Collateralized loan obligations			61,085		1.40				61,029
Total securities available-for-sale		$	695,700		1.88	%		$	715,188

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

At September 30, 2021, the Company had invested in securities issued from one originator that individually amounted to over 10% of the Company’s stockholders’ equity. Information regarding this issuer and the value of the securities issued follows:


		September 30, 2021
		Amortized			Fair
Issuer		Cost			Value
Towd Point Mortgage Trust		$	32,836		$	34,339

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
September 30, 2021		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		2		$	229		$	28,066		4		$	111		$	5,509		6		$	340		$	33,575
U.S. government agencies mortgage-backed		6			215			6,084		-			-			-		6			215			6,084
States and political subdivisions		2			23			1,490		1			616			4,085		3			639			5,575
Corporate bonds		1			8			4,992		-			-			-		1			8			4,992
Collateralized mortgage obligations		7			244			63,495		1			64			7,531		8			308			71,026
Asset-backed securities		5			79			35,048		1			54			3,270		6			133			38,318
Collateralized loan obligations		6			27			20,386		2			47			10,625		8			74			31,011
Total securities available-for-sale		29		$	825		$	159,561		9		$	892		$	31,020		38		$	1,717		$	190,581


		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

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


			Three Months Ended						Nine Months Ended
			September 30,						September 30,
Securities available-for-sale		2021			2020			2021			2020
Proceeds from sales of securities		$	26,873		$	-		$	35,075		$	18,006
Gross realized gains on securities		$	262		$	-		$	267		$	17
Gross realized losses on securities			(18)			(1)			(21)			(42)
Net realized gains (losses)		$	244		$	(1)		$	246		$	(25)
Income tax (expense) benefit on net realized gains (losses)		$	(69)		$	-		$	(70)		$	7
Effective tax rate applied			28.3	%		0.0	%		28.5	%		28.0	%