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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2022:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	26,019,000					$	—					$	(3,361,000)					$	22,658,000
Mortgage-backed securities			270,624,000						146,000						(18,586,000)						252,184,000
State and political subdivisions			37,407,000						298,000						(3,872,000)						33,833,000
Asset-backed securities			4,358,000						—						(18,000)						4,340,000
			$	338,408,000					$	444,000					$	(25,837,000)					$	313,015,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	38,100,000					$	—					$	(4,845,000)					$	33,255,000
Mortgage-backed securities			59,648,000						151,000						(5,469,000)						54,330,000
State and political subdivisions			252,185,000						1,430,000						(15,007,000)						238,608,000
Corporate securities			27,250,000						97,000						(349,000)						26,998,000
			$	377,183,000					$	1,678,000					$	(25,670,000)					$	353,191,000
Restricted equity securities
Federal Home Loan Bank Stock			$	4,365,000					$	—					$	—					$	4,365,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	5,402,000					$	—					$	—					$	5,402,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(1,146,000)					$	21,899,000
Mortgage-backed securities			256,992,000						1,803,000						(3,895,000)						254,900,000
State and political subdivisions			38,127,000						1,083,000						(88,000)						39,122,000
Asset-backed securities			4,577,000						68,000						—						4,645,000
			$	322,741,000					$	2,954,000					$	(5,129,000)					$	320,566,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	2,000					$	(1,149,000)					$	34,453,000
Mortgage-backed securities			60,646,000						261,000						(1,795,000)						59,112,000
State and political subdivisions			250,544,000						7,925,000						(302,000)						258,167,000
Corporate securities			23,250,000						411,000						(66,000)						23,595,000
			$	370,040,000					$	8,599,000					$	(3,312,000)					$	375,327,000
Restricted equity securities
Federal Home Loan Bank Stock			$	4,328,000					$	—					$	—					$	4,328,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	5,365,000					$	—					$	—					$	5,365,000

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(1,560,000)					$	21,485,000
Mortgage-backed securities			227,089,000						4,109,000						(3,284,000)						227,914,000
State and political subdivisions			36,663,000						1,178,000						(283,000)						37,558,000
Asset-backed securities			7,463,000						117,000						—						7,580,000
			$	294,260,000					$	5,404,000					$	(5,127,000)					$	294,537,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	55,000					$	(2,041,000)					$	33,614,000
Mortgage-backed securities			76,365,000						480,000						(2,181,000)						74,664,000
State and political subdivisions			251,137,000						7,435,000						(525,000)						258,047,000
Corporate securities			22,250,000						347,000						(86,000)						22,511,000
			$	385,352,000					$	8,317,000					$	(4,833,000)					$	388,836,000
Restricted equity securities
Federal Home Loan Bank Stock			$	9,068,000					$	—					$	—					$	9,068,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	10,105,000					$	—					$	—					$	10,105,000

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at March 31, 2022:

			Securities available for sale												Securities to be held to maturity
			Amortized Cost						Fair Value (Estimated)						Amortized Cost						Fair Value (Estimated)
Due in 1 year or less			$	25,000					$	25,000					$	2,388,000					$	2,392,000
Due in 1 to 5 years			3,723,000						3,668,000						12,877,000						12,831,000
Due in 5 to 10 years			16,674,000						14,939,000						67,056,000						65,943,000
Due after 10 years			317,986,000						294,383,000						294,862,000						272,025,000
			$	338,408,000					$	313,015,000					$	377,183,000					$	353,191,000

The following table summarizes the contractual maturities of investment securities at December 31, 2021:

			Securities available for sale												Securities to be held to maturity
			Amortized Cost						Fair Value (Estimated)						Amortized Cost						Fair Value (Estimated)
Due in 1 year or less			$	—					$	—					$	2,515,000					$	2,521,000
Due in 1 to 5 years			5,004,000						5,173,000						17,624,000						18,338,000
Due in 5 to 10 years			52,782,000						53,057,000						174,982,000						180,081,000
Due after 10 years			264,955,000						262,336,000						174,919,000						174,387,000
			$	322,741,000					$	320,566,000					$	370,040,000					$	375,327,000

The following table summarizes the contractual maturities of investment securities at March 31, 2021:

			Securities available for sale												Securities to be held to maturity
			Amortized Cost						Fair Value (Estimated)						Amortized Cost						Fair Value (Estimated)
Due in 1 year or less			$	2,544,000					$	2,516,000					$	3,926,000					$	3,956,000
Due in 1 to 5 years			12,994,000						13,172,000						26,992,000						27,613,000
Due in 5 to 10 years			50,007,000						50,587,000						173,295,000						178,069,000
Due after 10 years			228,715,000						228,262,000						181,139,000						179,198,000
			$	294,260,000					$	294,537,000					$	385,352,000					$	388,836,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the three months ended March 31, 2022 and 2021:

			For the three months ended March 31,
			2022						2021
Proceeds from sales of securities			$	—					$	1,214,000
Gross realized gains			2,000						119,000
Gross realized losses			—						—
Net gain			$	2,000					$	119,000
Related income taxes			$	—					$	25,000

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of March 31, 2022 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses
U.S. Government-sponsored agencies			$	8,266,000					$	(358,000)					$	47,647,000					$	(7,848,000)					$	55,913,000					$	(8,206,000)
Mortgage-backed securities			174,021,000						(11,708,000)						111,954,000						(12,347,000)						285,975,000						(24,055,000)
State and political subdivisions			141,305,000						(17,850,000)						3,405,000						(1,029,000)						144,710,000						(18,879,000)
Asset-backed securities			4,340,000						(18,000)						—						—						4,340,000						(18,000)
Corporate securities			11,151,000						(349,000)						—						—						11,151,000						(349,000)
			$	339,083,000					$	(30,283,000)					$	163,006,000					$	(21,224,000)					$	502,089,000					$	(51,507,000)

As of December 31, 2021, there were 163 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 27 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of December 31, 2021 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses
U.S. Government-sponsored agencies			$	24,030,000					$	(920,000)					$	29,170,000					$	(1,375,000)					$	53,200,000					$	(2,295,000)
Mortgage-backed securities			216,461,000						(4,768,000)						26,772,000						(922,000)						243,233,000						(5,690,000)
State and political subdivisions			29,528,000						(390,000)						—						—						29,528,000						(390,000)
Corporate securities			3,434,000						(66,000)						—						—						3,434,000						(66,000)
			$	273,453,000					$	(6,144,000)					$	55,942,000					$	(2,297,000)					$	329,395,000					$	(8,441,000)

As of March 31, 2021, there were 140 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 10 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of March 31, 2021 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses
U.S. Government-sponsored agencies			$	51,894,000					$	(3,601,000)					$	—					$	—					$	51,894,000					$	(3,601,000)
Mortgage-backed securities			180,138,000						(5,335,000)						3,744,000						(130,000)						183,882,000						(5,465,000)
State and political subdivisions			28,783,000						(808,000)						—						—						28,783,000						(808,000)
Corporate securities			3,414,000						(86,000)						—						—						3,414,000						(86,000)
			$	264,229,000					$	(9,830,000)					$	3,744,000					$	(130,000)					$	267,973,000					$	(9,960,000)

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- Definition

Tabular presentation of available for sale securities, held-to-maturity securities and restricted equity securities as of the balance sheet date.

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

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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Tabular disclosure of investments in an unrealized loss position 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), including: (a) the aggregate related fair value of investments with unrealized losses, (b) the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
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