XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.21.1

AFS Securities | 3 Months Ended
--- | ---
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
AFS Securities | AFS Securities The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at:
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury | $ | 29,484 |  |  | $ | — |  |  | $ | 113 |  |  | $ | 29,371 |
States and political subdivisions | 136,261 |  |  | 4,133 |  |  | 65 |  |  | 140,329 |
Auction rate money market preferred | 3,200 |  |  | 24 |  |  | — |  |  | 3,224 |
Mortgage-backed securities | 73,687 |  |  | 2,148 |  |  | — |  |  | 75,835 |
Collateralized mortgage obligations | 113,275 |  |  | 3,593 |  |  | 3 |  |  | 116,865 |
Corporate | 1,700 |  |  | — |  |  | — |  |  | 1,700 |
Total | $ | 357,607 |  |  | $ | 9,898 |  |  | $ | 181 |  |  | $ | 367,324 |
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
States and political subdivisions | $ | 137,710 |  |  | $ | 5,946 |  |  | $ | — |  |  | $ | 143,656 |
Auction rate money market preferred | 3,200 |  |  | 37 |  |  | — |  |  | 3,237 |
Mortgage-backed securities | 85,926 |  |  | 2,726 |  |  | — |  |  | 88,652 |
Collateralized mortgage obligations | 97,430 |  |  | 4,553 |  |  | — |  |  | 101,983 |
Corporate | 1,700 |  |  | — |  |  | — |  |  | 1,700 |
Total | $ | 325,966 |  |  | $ | 13,262 |  |  | $ | — |  |  | $ | 339,228 |
The amortized cost and fair value of AFS securities by contractual maturity at March 31, 2021 are as follows:
| Maturing |  | Securities with Variable Monthly Payments or Noncontractual Maturities |  |
| Due in One Year or Less |  | After One Year But Within Five Years |  | After Five Years But Within Ten Years |  | After Ten Years |  |  | Total
U.S. Treasury | $ | — |  |  | $ | 19,774 |  |  | $ | 9,710 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,484 |
States and political subdivisions | 22,079 |  |  | 63,279 |  |  | 23,655 |  |  | 27,248 |  |  | — |  |  | 136,261 |
Auction rate money market preferred | — |  |  | — |  |  | — |  |  | — |  |  | 3,200 |  |  | 3,200 |
Mortgage-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | 73,687 |  |  | 73,687 |
Collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | — |  |  | 113,275 |  |  | 113,275 |
Corporate | — |  |  | — |  |  | 1,700 |  |  | — |  |  | — |  |  | 1,700 |
Total amortized cost | $ | 22,079 |  |  | $ | 83,053 |  |  | $ | 35,065 |  |  | $ | 27,248 |  |  | $ | 190,162 |  |  | $ | 357,607 |
Fair value | $ | 22,137 |  |  | $ | 84,508 |  |  | $ | 36,247 |  |  | $ | 28,508 |  |  | $ | 195,924 |  |  | $ | 367,324 |
Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities because issuers may have the right to call or prepay obligations. As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group. A summary of the sales activity of AFS securities was as follows for the:
|  |  | Three Months Ended March 31
|  |  |  |  | 2021 |  | 2020
Proceeds from sales of AFS securities |  |  |  |  | $ | — |  |  | $ | 26,855 |
Realized gains (losses) |  |  |  |  | $ | — |  |  | $ | 71 |
Applicable income tax expense (benefit) |  |  |  |  | $ | — |  |  | $ | 15 |
The following information pertains to AFS securities with gross unrealized losses at March 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position. There were no AFS securities with gross unrealized losses in a continuous loss position at December 31, 2020.
| March 31, 2021
| Less Than Twelve Months |  | Twelve Months or More |  |
| Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Total Unrealized Losses
U.S. Treasury | $ | 113 |  |  | $ | 29,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 113 |
States and political subdivisions | 65 |  |  | 5,442 |  |  | — |  |  | — |  |  | 65 |
Collateralized mortgage obligations | 3 |  |  | 10,023 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 181 |  |  | $ | 44,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 181 |
Number of securities in an unrealized loss position: |  |  | 6 |  |  |  |  | — |  |  | 6 |
The reduction in unrealized gains on our AFS securities portfolio resulted from the recent increases in intermediate-term and long-term benchmark interest rates. As of March 31, 2021 and December 31, 2020, we conducted an analysis to determine whether any AFS securities currently in an unrealized loss position should be identified as other-than-temporarily impaired. Such analyses considered, among other factors, the following criteria: •Has the value of the investment declined more than what is deemed to be reasonable based on a risk and maturity adjusted discount rate? •Is the investment credit rating below investment grade? •Is it probable the issuer will be unable to pay the amount when due? •Is it more likely than not that we will have to sell the security before recovery of its cost basis? •Has the duration of the investment been extended? Based on our analysis, which included the criteria outlined above and the fact that we have asserted that we do not have to sell any AFS securities in an unrealized loss position, we do not believe that the values of any AFS securities are other-than-temporarily impaired as of March 31, 2021 or December 31, 2020, with the exception of one municipal bond previously identified which had no activity during the period.

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 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration