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INVESTMENT SECURITIES | 6 Months Ended
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Jun. 30, 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. June 30, 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 $ 161,247 $ 220 $ 590 $ 160,877 $ 103,547 $ 972 $ - $ 104,519 U.S. Government Agency 226,807 2,087 593 228,301 205,972 2,743 184 208,531 States and Political Subdivisions 13,555 60 8 13,607 3,543 89 - 3,632 Mortgage-Backed Securities 56,894 56 - 56,950 456 59 - 515 Corporate Debt Securities 14,357 3 - 14,360 - - - - Equity Securities (1) 6,795 - - 6,795 7,673 - - 7,673 Total $ 479,655 $ 2,426 $ 1,191 $ 480,890 $ 321,191 $ 3,863 $ 184 $ 324,870 Held to Maturity U.S. Government Treasury $ 110,926 $ 59 $ 64 $ 110,921 $ 5,001 $ 13 $ - $ 5,014 Mortgage-Backed Securities 214,633 4,579 252 218,960 164,938 5,223 - 170,161 Total $ 325,559 $ 4,638 $ 316 $ 329,881 $ 169,939 $ 5,236 $ - $ 175,175 Total Investment Securities $ 805,214 $ 7,064 $ 1,507 $ 810,771 $ 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 June 30, 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 $ 348.7 million and $ 308.2 million at June 30, 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 June 30, 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 $ 52,053 $ 52,075 $ - $ - Due after one year through five years 170,442 169,879 110,926 110,921 Due after five year through ten years 17,645 17,620 - - Mortgage-Backed Securities 56,894 56,950 214,633 218,960 U.S. Government Agency 175,826 177,571 - - Equity Securities 6,795 6,795 - - Total $ 479,655 $ 480,890 $ 325,559 $ 329,881 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 June 30, 2021 Available for Sale U.S. Government Treasury $ 114,398 $ 590 $ - $ - $ 114,398 $ 590 U.S. Government Agency 84,107 530 8,906 63 93,013 593 States and Political Subdivisions 3,394 8 - - 3,394 8 Total 201,899 1,128 8,906 63 210,805 1,191 Held to Maturity U.S. Government Treasury 57,803 64 - - 57,803 64 Mortgage-Backed Securities 51,208 252 - - 51,208 252 Total $ 109,011 $ 316 $ - $ - $ 109,011 $ 316 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 June 30, 2021, there were 150 positions (combined AFS and HTM) with unrealized losses totaling $ 1.5 million. 145 of these positions were U.S. government agency securities issued by U.S. government sponsored entities. The remaining five 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 June 30, 2021. Additionally, no ne of the securities held by the Company were past due or in nonaccrual status at June 30, 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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