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INVESTMENT SECURITIES | 3 Months Ended
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Mar. 31, 2021
Investments Securities [Abstract] |
Investment securities | NOTE 2 – INVESTMENT SECURITIES Investment Portfolio Composition . The following table summarizes the amortized cost and related market value of investment securities available-for-sale and securities held -to-maturity and the corresponding amounts of gross unrealized gains and losses. March 31, 2021 December 31, 2020 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 173,029 $ 551 $ 464 $ 173,116 $ 103,547 $ 972 $ - $ 104,519 U.S. Government Agency 220,018 2,096 584 221,530 205,972 2,743 184 208,531 States and Political Subdivisions 4,244 73 9 4,308 3,543 89 - 3,632 Mortgage-Backed Securities 440 56 - 496 456 59 - 515 Equity Securities (1) 6,795 - - 6,795 7,673 - - 7,673 Total $ 404,526 $ 2,776 $ 1,057 $ 406,245 $ 321,191 $ 3,863 $ 184 $ 324,870 Held to Maturity U.S. Government Treasury $ - $ - $ - $ - $ 5,001 $ 13 $ - $ 5,014 Mortgage-Backed Securities 199,109 5,358 309 204,158 164,938 5,223 - 170,161 Total $ 199,109 $ 5,358 $ 309 $ 204,158 $ 169,939 $ 5,236 $ - $ 175,175 Total Investment Securities $ 603,635 $ 8,134 $ 1,366 $ 610,403 $ 491,130 $ 9,099 $ 184 $ 500,045 (1) Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded at cost of $ 2.0 million and $ 4.8 million, respectively, at March 31, 2021 and includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $ 2.9 million and $ 4.8 million, respectively, at December 31, 2020. Securities with an amortized cost of $ 351.1 million and $ 308.2 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes. The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required to own capital stock in the FHLB based generally upon the balances of residential and commercial real estate loans and FHLB advances. FHLB stock, which is included in equity securities, is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. As a member of the Federal Reserve Bank of Atlanta, the Bank is required to maintain stock in the Federal Reserve Bank of Atlanta based on a specified ratio relative to the Bank’s capital. Federal Reserve Bank stock is carried at cost. Maturity Distribution . At March 31, 2021, the Company's investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately because they are not due at a certain maturity date. Available for Sale Held to Maturity (Dollars in Thousands) Amortized Cost Market Value Amortized Cost Market Value Due in one year or less $ 77,464 $ 77,741 $ - $ - Due after one year through five years 138,352 137,981 - - Due after five year through ten years 989 989 - - Mortgage-Backed Securities 440 496 199,109 204,158 U.S. Government Agency 180,486 182,243 - - Equity Securities 6,795 6,795 - - Total $ 404,526 $ 406,245 $ 199,109 $ 204,158 Unrealized Losses on Investment Securities. The following table summarizes the available for sale investment securities with unrealized losses aggregated by major security type and length of time in a continuous unrealized loss position: Less Than Greater Than 12 Months 12 Months Total Market Unrealized Market Unrealized Market Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses March 31, 2021 Available for Sale U.S. Government Treasury $ 65,577 $ 464 $ - $ - $ 65,577 $ 464 U.S. Government Agency 63,630 554 4,778 30 68,408 584 States and Political Subdivisions 744 9 - - 744 9 Total 129,951 1,027 4,778 30 134,729 1,057 Held to Maturity Mortgage-Backed Securities 20,550 309 - - 20,550 309 Total $ 20,550 $ 309 $ - $ - $ 20,550 $ 309 December 31, 2020 Available for Sale U.S. Government Agency $ 28,266 $ 156 $ 4,670 $ 28 $ 32,936 $ 184 Total $ 28,266 $ 156 $ 4,670 $ 28 $ 32,936 $ 184 At March 31, 2021, there were 89 positions (combined AFS and HTM) with unrealized losses totaling $ 1.4 million. 87 these positions were U.S. government agency securities issued by U.S. government sponsored entities. The remaining two were municipal securities. Because the declines in the market value of these securities were attributable to changes in interest rates and not credit quality, and because the Company had the ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company did no t record any allowance for credit losses on any investment securities at March 31, 2021. Additionally, no ne of the securities held by the Company were past due or in nonaccrual status at March 31, 2021. Credit Quality Indicators The Company monitors the credit quality of its investment securities through various risk management procedures, including the monitoring of credit ratings. A majority of the debt securities in the Company’s investment portfolio were issued by a U.S. government entity or agency and are either explicitly or implicitly guaranteed by the U.S. government. The Company believes the long history of no credit losses on these securities indicates that the expectation of nonpayment of the amortized cost basis is zero, even if the U.S. government were to technically default. Further, certain municipal securities held by the Company have been pre- refunded and secured by government guaranteed treasuries. Therefore, for the aforementioned securities, the Company does not assess or record expected credit losses due to the zero loss assumption. The Company monitors the credit quality of its municipal securities portfolio via credit ratings which are updated on a quarterly basis. On a quarterly basis, municipal securities in an unrealized loss position are evaluated to determine if the loss is attributable to credit related factors and if an allowance for credit loss is needed.

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