XML 42 R30.htm IDEA: XBRL DOCUMENT v3.21.1

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands):

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
March 31, 2021
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	16,244			$	348			$	59			$	16,533
Mortgage-backed securities:
Federal National Mortgage Association			435,287				8,798				4,432				439,653
Federal Home Loan Mortgage Corporation			250,091				1,239				5,760				245,570
Government National Mortgage Association			21,605				495				126				21,974
Collateralized mortgage obligations:
Federal National Mortgage Association			22,361				89				43				22,407
Federal Home Loan Mortgage Corporation			6,943				—				22				6,921
Privately issued			—				431				—				431
Total mortgage-backed securities			736,287				11,052				10,383				736,956
Total available for sale securities		$	752,531			$	11,400			$	10,442			$	753,489
Securities held to maturity:
State and political subdivisions		$	139,264			$	3,767			$	—			$	143,031
Mortgage-backed securities:
Federal National Mortgage Association			10,147				522				—				10,669
Federal Home Loan Mortgage Corporation			5,521				193				—				5,714
Government National Mortgage Association			34,568				1,313				—				35,881
Collateralized mortgage obligations:
Federal National Mortgage Association			27,230				920				—				28,150
Federal Home Loan Mortgage Corporation			32,206				1,242				—				33,448
Government National Mortgage Association			7,198				238				—				7,436
Total mortgage-backed securities			116,870				4,428				—				121,298
Total held to maturity securities			256,134			$	8,195			$	—			$	264,329
Allowance for credit losses - securities			(7	)
Total held to maturity securities, net		$	256,127
December 31, 2020
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	6,239			$	396			$	—			$	6,635
Mortgage-backed securities:
Federal National Mortgage Association			350,627				15,549				44				366,132
Federal Home Loan Mortgage Corporation			225,645				3,155				24				228,776
Government National Mortgage Association			22,107				830				—				22,937
Collateralized mortgage obligations:
Federal National Mortgage Association			3,047				97				—				3,144
Federal Home Loan Mortgage Corporation			—				—				—				-
Privately issued			—				435				—				435
Total mortgage-backed securities			601,426				20,066				68				621,424
Total available for sale securities		$	607,665			$	20,462			$	68			$	628,059

(5.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2020 (continued)
Securities held to maturity:
State and political subdivisions		$	144,506			$	4,478			$	—			$	148,984
Mortgage-backed securities:
Federal National Mortgage Association			10,776				703				—				11,479
Federal Home Loan Mortgage Corporation			5,858				382				—				6,240
Government National Mortgage Association			37,084				1,578				—				38,662
Collateralized mortgage obligations:
Federal National Mortgage Association			29,988				1,075				—				31,063
Federal Home Loan Mortgage Corporation			35,897				1,581				—				37,478
Government National Mortgage Association			7,864				265				—				8,129
Total mortgage-backed securities			127,467				5,584				—				133,051
Total held to maturity securities			271,973			$	10,062			$	—			$	282,035
Allowance for credit losses - securities			(7	)
Total held to maturity securities, net		$	271,966

Sales of Securities Available for Sale

Sales of securities available for sale were as follows (in thousands):

		Three months ended March 31,
		2021				2020
Proceeds from sales		$	26,675			$	3,157
Gross realized gains			89				—
Gross realized losses			15				9

Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity

The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2021 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

		Amortized				Fair
		Cost				Value
Debt securities available for sale:
Due in one year or less		$	4,887			$	4,946
Due from one to five years			57,462				60,632
Due after five years through ten years			148,739				153,492
Due after ten years			541,443				534,419
Total available for sale securities		$	752,531			$	753,489
Debt securities held to maturity:
Due in one year or less		$	46,389			$	46,684
Due from one to five years			92,903				96,303
Due after five years through ten years			20,252				21,018
Due after ten years			96,590				100,324
Total held to maturity securities		$	256,134			$	264,329

Investments Gross Unrealized Losses and Fair Value

Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
March 31, 2021
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	9,941			$	59			$	—			$	—			$	9,941			$	59
Mortgage-backed securities:
Federal National Mortgage Association			224,499				4,432				13				—				224,512				4,432
Federal Home Loan Mortgage Corporation			209,482				5,760				—				—				209,482				5,760
Government National Mortgage Association			5,165				126				—				—				5,165				126
Collateralized mortgage obligations:
Federal National Mortgage Association			9,665				43				—				—				9,665				43
Federal Home Loan Mortgage Corporation			6,921				22				—				—				6,921				22
Total mortgage-backed securities			455,732				10,383				13				—				455,745				10,383
Total available for sale securities			465,673				10,442				13				—				465,686				10,442
Total temporarily impaired securities		$	465,673			$	10,442			$	13			$	—			$	465,686			$	10,442
December 31, 2020
Securities available for sale:
U.S. Government agencies and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			18,155				44				—				—				18,155				44
Federal Home Loan Mortgage Corporation			10,932				24				—				—				10,932				24
Government National Mortgage Association			—				—				—				—				—				—
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8				—				8				—
Federal Home Loan Mortgage Corporation			—				—				—				—				—				—
Total mortgage-backed securities			29,087				68				8				—				29,095				68
Total available for sale securities			29,087				68				8				—				29,095				68
Total temporarily impaired securities		$	29,087			$	68			$	8			$	—			$	29,095			$	68

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration