XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INVESTMENT SECURITIES | 12 Months Ended
--- | ---
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | Note 2 – Investment Securities Amortized cost and fair values of investment securities available-for-sale at December 31, 2021 are summarized as follows:
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 41,105 |  |  | $ | 228 |  |  | $ | (896) |  |  | $ | 40,437 |
United States sponsored mortgage-backed securities |  | 77,519 |  |  | 222 |  |  | (1,633) |  |  | 76,108 |
United States treasury securities |  | 112,133 |  |  | — |  |  | (1,744) |  |  | 110,389 |
Municipal securities |  | 171,044 |  |  | 4,334 |  |  | (366) |  |  | 175,012 |
Corporate debt securities |  | 11,093 |  |  | 49 |  |  | — |  |  | 11,142 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 420,394 |  |  | 4,833 |  |  | (4,639) |  |  | 420,588 |
Other securities |  | 878 |  |  | — |  |  | — |  |  | 878 |
Total investment securities available-for-sale |  | $ | 421,272 |  |  | $ | 4,833 |  |  | $ | (4,639) |  |  | $ | 421,466 |
Amortized cost and fair values of investment securities available-for-sale at December 31, 2020 are summarized as follows:
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 53,207 |  |  | $ | 872 |  |  | $ | (210) |  |  | $ | 53,869 |
United States sponsored mortgage-backed securities |  | 94,968 |  |  | 972 |  |  | (171) |  |  | 95,769 |
United States treasury securities |  | 3,000 |  |  | 123 |  |  | — |  |  | 3,123 |
Municipal securities |  | 223,642 |  |  | 8,327 |  |  | (82) |  |  | 231,887 |
Corporate debt securities |  | 17,473 |  |  | 146 |  |  | (71) |  |  | 17,548 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 399,790 |  |  | 10,440 |  |  | (534) |  |  | 409,696 |
Other securities |  | 928 |  |  | — |  |  | — |  |  | 928 |
Total investment securities available-for-sale |  | $ | 400,718 |  |  | $ | 10,440 |  |  | $ | (534) |  |  | $ | 410,624 |
The following table summarizes amortized cost and fair values of debt securities by maturity:
|  | December 31, 2021
|  | Available for sale
(Dollars in thousands) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 994 |  |  | $ | 1,006 |
After one year, but within five years |  | 120,932 |  |  | 119,219 |
After five years, but within ten years |  | 33,898 |  |  | 34,495 |
After ten years |  | 264,570 |  |  | 265,868 |
Total |  | $ | 420,394 |  |  | $ | 420,588 |
The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. Investment securities with a carrying value of $244.6 million and $229.4 million at December 31, 2021 and 2020, respectively, were pledged to secure public funds, repurchase agreements and potential borrowings at the Federal Reserve discount window. Our investment portfolio includes securities that are in an unrealized loss position as of December 31, 2021, the details of which are included in the following table. Although these securities, if sold at December 31, 2021 would result in a pretax loss of $4.6 million, we have no intent to sell the applicable securities at such fair values, and maintain that we have the ability to hold these securities until all principal has been recovered. It is more likely than not that we will not, for liquidity purposes, sell any securities at a loss. Declines in the fair values of these securities can be traced to general market conditions, which reflect the prospect for the economy as a whole. When determining other-than-temporary impairment on securities, we consider such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, our ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency and whether or not the financial condition of the security issuer has severely deteriorated. As of December 31, 2021, we consider all securities with unrealized loss positions to be temporarily impaired, and consequently, does not believe we will sustain material realized losses as a result of the current temporary decline in fair value. The following table discloses the length of time that investments have remained in an unrealized loss position at December 31, 2021:
(Dollars in thousands) |  | Less than 12 months |  | 12 months or more
Description and number of positions |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
United States government agency securities (21) |  | $ | 5,101 |  |  | $ | (77) |  |  | $ | 21,770 |  |  | $ | (819) |
United States sponsored mortgage-backed securities (30) |  | 55,354 |  |  | (1,346) |  |  | 7,845 |  |  | (287) |
United States treasury securities (24) |  | 110,389 |  |  | (1,744) |  |  | — |  |  | — |
Municipal securities (53) |  | 32,221 |  |  | (270) |  |  | 7,001 |  |  | (96) |
|  | $ | 203,065 |  |  | $ | (3,437) |  |  | $ | 36,616 |  |  | $ | (1,202) |
The following table discloses the length of time that investments have remained in an unrealized loss position at December 31, 2020:
(Dollars in thousands) |  | Less than 12 months |  | 12 months or more
Description and number of positions |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
United States government agency securities (27) |  | $ | 19,021 |  |  | $ | (68) |  |  | $ | 12,574 |  |  | $ | (142) |
United States sponsored mortgage-backed securities (9) |  | 15,331 |  |  | (155) |  |  | 3,349 |  |  | (16) |
Municipal securities (14) |  | 11,856 |  |  | (82) |  |  | — |  |  | — |
Corporate debt securities (5) |  | 3,947 |  |  | (71) |  |  | — |  |  | — |
|  | $ | 50,155 |  |  | $ | (376) |  |  | $ | 15,923 |  |  | $ | (158) |
The following table summarizes the investment sales and related gains and losses in 2021, 2020 and 2019:
(Dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Sales of available-for-sale investments |  | $ | 146,011 |  |  | $ | 54,023 |  |  | $ | 31,220 |
Gross gains |  | 3,944 |  |  | 948 |  |  | 105 |
Gross losses |  | 69 |  |  | 34 |  |  | 271 |
Sales of equity investments |  | $ | 543 |  |  | $ | 4,622 |  |  | $ | 5,968 |
Gross gains |  | 5 |  |  | 3,501 |  |  | — |
Gross losses |  | — |  |  | — |  |  | 7 |
We recognized unrealized holding gains on equity securities of $3.8 million, $0.4 million and $13.8 million in 2021, 2020 and 2019, respectively, and these were recorded in noninterest income. There were no held-to-maturity securities at December 31, 2021 or December 31, 2020 and we sold no held-to-maturity investments during the years of 2021, 2020 or 2019. Qualified Affordable Housing Projects We have invested in limited partnerships that sponsor affordable housing projects utilizing low income house tax credits pursuant to Section 42 of the Internal Revenue Code. In exchange for these investments, we receive our pro-rata share of income, expense, gains and losses, including tax credits, that are received by the projects using the proportional amortization method. As of December 31, 2021 we have recognized investments totaling $3.2 million between the four affordable housing investment limited partnerships and have recognized cumulative amortization of $2.3 million and $1.2 million from these funds as of December 31, 2021 and December 31, 2020, respectively.

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