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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	26,021,000					$	—					$	(4,954,000)					$	21,067,000
Mortgage-backed securities			274,652,000						31,000						(30,001,000)						244,682,000
State and political subdivisions			38,450,000						12,000						(6,512,000)						31,950,000
Asset-backed securities			4,126,000						—						(88,000)						4,038,000
			$	343,249,000					$	43,000					$	(41,555,000)					$	301,737,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	38,100,000					$	—					$	(7,390,000)					$	30,710,000
Mortgage-backed securities			57,739,000						107,000						(8,403,000)						49,443,000
State and political subdivisions			256,104,000						303,000						(27,816,000)						228,591,000
Corporate securities			27,750,000						—						(544,000)						27,206,000
			$	379,693,000					$	410,000					$	(44,153,000)					$	335,950,000
Restricted equity securities
Federal Home Loan Bank Stock			$	3,683,000					$	—					$	—					$	3,683,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	4,720,000					$	—					$	—					$	4,720,000

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 June 30, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(848,000)					$	22,197,000
Mortgage-backed securities			245,187,000						3,264,000						(2,161,000)						246,290,000
State and political subdivisions			31,544,000						1,170,000						(26,000)						32,688,000
Asset-backed securities			4,964,000						108,000						—						5,072,000
			$	304,740,000					$	4,542,000					$	(3,035,000)					$	306,247,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	45,000					$	(897,000)					$	34,748,000
Mortgage-backed securities			69,086,000						406,000						(1,424,000)						68,068,000
State and political subdivisions			253,245,000						8,829,000						(161,000)						261,913,000
Corporate securities			18,250,000						497,000						(22,000)						18,725,000
			$	376,181,000					$	9,777,000					$	(2,504,000)					$	383,454,000
Restricted equity securities
Federal Home Loan Bank Stock			$	7,802,000					$	—					$	—					$	7,802,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	8,839,000					$	—					$	—					$	8,839,000

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at June 30, 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			$	12,000					$	12,000					$	1,792,000					$	1,794,000
Due in 1 to 5 years			3,676,000						3,576,000						14,852,000						14,738,000
Due in 5 to 10 years			18,172,000						15,551,000						72,240,000						69,510,000
Due after 10 years			321,389,000						282,598,000						290,809,000						249,908,000
			$	343,249,000					$	301,737,000					$	379,693,000					$	335,950,000

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 June 30, 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			$	—					$	—					$	3,813,000					$	3,800,000
Due in 1 to 5 years			5,683,000						5,909,000						20,629,000						21,477,000
Due in 5 to 10 years			38,136,000						39,018,000						167,850,000						173,699,000
Due after 10 years			260,921,000						261,320,000						183,889,000						184,478,000
			$	304,740,000					$	306,247,000					$	376,181,000					$	383,454,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the six months and quarters ended June 30, 2022 and 2021:

			For the six months ended June 30,									For the quarter ended June 30,
			2022			2021						2022			2021
Proceeds from sales of securities			$	—		$	15,692,000					$	—		$	14,478,000
Gross realized gains			2,000			626,000						—			507,000
Gross realized losses			(1,000)			(462,000)						(1,000)			(462,000)
Net gain (loss)			$	1,000		$	164,000					$	(1,000)		$	45,000
Related income taxes			$	—		$	34,000					$	—		$	9,000

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of June 30, 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			$	7,996,000					$	(631,000)					$	43,782,000					$	(11,713,000)					$	51,778,000					$	(12,344,000)
Mortgage-backed securities			173,507,000						(17,645,000)						112,781,000						(20,759,000)						286,288,000						(38,404,000)
State and political subdivisions			189,673,000						(32,189,000)						5,178,000						(2,139,000)						194,851,000						(34,328,000)
Asset-backed securities			4,038,000						(88,000)						—						—						4,038,000						(88,000)
Corporate securities			17,956,000						(544,000)						—						—						17,956,000						(544,000)
			$	393,170,000					$	(51,097,000)					$	161,741,000					$	(34,611,000)					$	554,911,000					$	(85,708,000)

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 June 30, 2021, there were 112 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 11 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of June 30, 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			$	53,750,000					$	(1,745,000)					$	—					$	—					$	53,750,000					$	(1,745,000)
Mortgage-backed securities			202,134,000						(3,403,000)						5,168,000						(182,000)						207,302,000						(3,585,000)
State and political subdivisions			17,053,000						(187,000)						—						—						17,053,000						(187,000)
Corporate securities			3,478,000						(22,000)						—						—						3,478,000						(22,000)
			$	276,415,000					$	(5,357,000)					$	5,168,000					$	(182,000)					$	281,583,000					$	(5,539,000)

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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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.

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