XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale at December 31, 2021 and 2020 are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The table below presents the balances of securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows:
| December 31, 2021
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions | $ | 359,187 |  |  | $ | 12,931 |  |  | $ | (990) |  |  | $ | 371,128 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 170,711 |  |  | 135 |  |  | (2,200) |  |  | 168,646 |
Corporate bonds | 84,538 |  |  | 72 |  |  | (272) |  |  | 84,338 |
Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | 49,835 |  |  | — |  |  | (494) |  |  | 49,341 |
Total | $ | 664,271 |  |  | $ | 13,138 |  |  | $ | (3,956) |  |  | $ | 673,453 |
| December 31, 2020
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions | $ | 287,059 |  |  | $ | 18,915 |  |  | $ | — |  |  | $ | 305,974 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 50,988 |  |  | 764 |  |  | — |  |  | 51,752 |
Total | $ | 338,047 |  |  | $ | 19,679 |  |  | $ | — |  |  | $ | 357,726 |
The fair values of securities with unrealized losses are as follows:
| December 31, 2021
| Less than 12 months |  | 12 months or more |  | Total
(In thousands) | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
State and political subdivisions | $ | 60,083 |  |  | $ | 990 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,083 |  |  | $ | 990 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 163,652 |  |  | 2,200 |  |  | — |  |  | — |  |  | 163,652 |  |  | 2,200 |
Corporate bonds | 55,120 |  |  | 272 |  |  | — |  | — |  |  |  | 55,120 |  |  | 272 |
Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | 49,341 |  |  | 494 |  |  | — |  |  | — |  |  | 49,341 |  |  | 494 |
Total | $ | 328,196 |  |  | $ | 3,956 |  |  | $ | — |  |  | $ | — |  |  | $ | 328,196 |  |  | $ | 3,956 |
There were 101 securities, or 28%, in an unrealized loss position as of December 31, 2021 compared to zero securities in an unrealized loss position as of December 31, 2020. None of these securities were in an unrealized loss position for greater than 12 months at December 31, 2021. The amortized cost and fair value of debt and equity securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
| December 31, 2021
(In thousands) | Amortized Cost |  | Fair Value
Due in 1 year or less | $ | 23,959 |  |  | $ | 24,211 |
Due after 1 year through 5 years | 117,319 |  |  | 122,329 |
Due after 5 years through 10 years | 224,344 |  |  | 231,142 |
Due after 10 years | 298,649 |  |  | 295,771 |
Total | $ | 664,271 |  |  | $ | 673,453 |
The premium related to the purchase of state and political subdivisions was $6,361,000 and $6,013,000 at December 31, 2021 and 2020, respectively. There were no securities pledged to secure public deposits or for other purposes at December 31, 2021. Proceeds from sales of investment securities classified as available-for-sale were $63,774,000 in 2021, $21,943,000 in 2020, and $4,648,000 in 2019. Gross realized gains on the sales in 2021, 2020, and 2019 were $55,000, $1,075,000, and $19,000, respectively. There were $4,000 of gross realized losses on sales in 2021 and no gross realized losses in 2020 or 2019. The Company did not recognize credit losses on any available for sale debt securities in 2021 or 2020.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration