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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2021
Investments Securities [Abstract] |
INVESTMENT SECURITIES | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition . The following tables summarize the amortized cost and related fair value of investment securities available-for-sale and securities held-to-maturity, the corresponding amounts of gross unrealized gains and losses, and allowance for credit losses. Available for Sale Amortized Unrealized Unrealized Allowance for Fair (Dollars in Thousands) Cost Gains Losses Credit Losses Value December 31, 2021 U.S. Government Treasury $ 190,409 $ 65 $ 2,606 $ - $ 187,868 U.S. Government Agency 238,490 1,229 2,141 - 237,578 States and Political Subdivisions 47,762 44 811 (15) 46,980 Mortgage-Backed Securities 89,440 27 598 - 88,869 Corporate Debt Securities 87,537 10 1,304 (21) 86,222 Other Securities (1) 7,094 - - - 7,094 Total $ 660,732 $ 1,375 $ 7,460 $ (36) $ 654,611 December 31, 2020 U.S. Government Treasury $ 103,547 $ 972 $ - $ - $ 104,519 U.S. Government Agency 205,972 2,743 184 - 208,531 States and Political Subdivisions 3,543 89 - - 3,632 Mortgage-Backed Securities 456 59 - - 515 Other Securities (1) 7,673 - - - 7,673 Total $ 321,191 $ 3,863 $ 184 $ - $ 324,870 Held to Maturity Amortized Unrealized Unrealized Fair (Dollars in Thousands) Cost Gains Losses Value December 31, 2021 U.S. Government Treasury $ 115,499 $ - $ 1,622 $ 113,877 Mortgage-Backed Securities 224,102 2,819 1,099 225,822 Total $ 339,601 $ 2,819 $ 2,721 $ 339,699 December 31, 2020 U.S. Government Treasury $ 5,001 $ 13 $ - $ 5,014 Mortgage-Backed Securities 164,938 5,223 - 170,161 Total $ 169,939 $ 5,236 $ - $ 175,175 (1) Includes Federal Home Loan Bank and Federal Reserve Bank recorded at cost of $ 2.0 million and $ 5.1 million, respectively, at December 31, 2021 and of $ 2.9 million and $ 4.8 million, respectively, at December 31, 2020. At December 31, 2021, the investment portfolio had $ 0.9 million in equity securities. These securities do not have a readily determinable fair value and were not credit impaired. Additionally, Mortgage-Backed Securities at December 31, 2021 were comprised solely of residential mortgages. Securities with an amortized cost of $ 463.8 million and $ 308.2 million at December 31, 2021 and 2020, respectively, were pledged to secure public deposits and for other purposes. At December 31, 2021 and 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareowners’ equity. 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 other securities is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted fair 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. Investment Sales . There were no significant sales of investment securities for each of the last three years. Maturity Distribution . The following table shows the Company’s AFS and HTM investment securities maturity distribution based on contractual maturity at December 31, 2021. 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 since they are not due at a certain maturity date. Equity securities do not have a contractual maturity date. Available for Sale Held to Maturity Amortized Fair Amortized Fair (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 40,322 $ 39,916 $ - $ - Due after one through five years 297,352 293,514 115,499 113,877 Due after five thru ten years 67,522 66,006 - - Mortgage-Backed Securities 89,440 88,869 224,102 225,822 U.S. Government Agency 159,002 159,212 - - Other Securities 7,094 7,094 - - Total $ 660,732 $ 654,611 $ 339,601 $ 339,699 Unrealized Losses . The following table summarizes the investment securities with unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months Greater Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses December 31, 2021 Available for Sale U.S. Government Treasury $ 172,206 $ 2,606 $ - $ - $ 172,206 $ 2,606 U.S. Government Agency 127,484 1,786 17,986 355 145,470 2,141 States and Political Subdivisions 42,122 811 - - 42,122 811 Mortgage-Backed Securities 81,832 598 - - 81,832 598 Corporate Debt Securities 69,354 1,304 - - 69,354 1,304 Total 492,998 7,105 17,986 355 510,984 7,460 Held to Maturity U.S. Government Treasury 113,877 1,622 - - 113,877 1,622 Mortgage-Backed Securities 115,015 1,099 - - 115,015 1,099 Total $ 228,892 $ 2,721 $ - $ - $ 228,892 $ 2,721 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 December 31, 2021, there were 401 positions (combined AFS and HTM securities) with unrealized losses totaling $ 10.2 million. At December 31, 2020 there were 47 AFS securities with unrealized losses totaling $ 0.2 million. For 2021, 59 of these of these positions were U.S. government treasury securities guaranteed by the U.S. government. 234 of these positions were U.S. government agency and mortgage-backed securities issued by U.S. government sponsored entities. The declines in the fair value of these securities are attributable to changes in interest rates and not credit quality. 44 of these positions were municipal bonds and 64 were corporate debt securities. A majority of the decline in fair value of these securities were attributable to changes in interest rates. The Company recorded a provision for credit loss of $ 36,000 in 2021 for certain municipal securities and collateralized loan obligation securities. No ne of the securities held by the Company were past due or in nonaccrual status at December 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 large portion 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 and corporate securities portfolio via credit ratings which are updated on a quarterly basis. On a quarterly basis, municipal and corporate 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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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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