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v3.22.1

Securities | 3 Months Ended
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Mar. 31, 2022
Securities |
Securities | NOTE 2: Securities ​ The Corporation’s debt securities, all of which are classified as available for sale, are summarized as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 |
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ |
(Dollars in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value |
U.S. Treasury securities | ​ | $ | 26,730 | ​ | $ | — | ​ | $ | (519) | ​ | $ | 26,211 | ​
U.S. government agencies and corporations | ​ | ​ | 78,291 | ​ | ​ | — | ​ | ​ | (5,812) | ​ | ​ | 72,479 | ​
Mortgage-backed securities | ​ |  | 207,179 | ​ |  | 111 | ​ |  | (8,839) | ​ |  | 198,451 | ​
Obligations of states and political subdivisions | ​ |  | 94,312 | ​ |  | 350 | ​ |  | (2,942) | ​ |  | 91,720 | ​
Corporate and other debt securities | ​ | ​ | 27,062 | ​ | ​ | 133 | ​ | ​ | (524) | ​ | ​ | 26,671 | ​
​ | ​ | $ | 433,574 | ​ | $ | 594 | ​ | $ | (18,636) | ​ | $ | 415,532 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 |
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ |
(Dollars in thousands) | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value |
U.S. government agencies and corporations | ​ | $ | 69,583 | ​ | $ | 41 | ​ | $ | (1,339) | ​ | $ | 68,285 | ​
Mortgage-backed securities | ​ |  | 189,985 | ​ |  | 1,565 | ​ |  | (1,201) | ​ |  | 190,349 | ​
Obligations of states and political subdivisions | ​ |  | 91,304 | ​ |  | 1,642 | ​ |  | (280) | ​ |  | 92,666 | ​
Corporate and other debt securities | ​ |  | 21,648 | ​ |  | 246 | ​ |  | (121) | ​ |  | 21,773 | ​
​ | ​ | $ | 372,520 | ​ | $ | 3,494 | ​ | $ | (2,941) | ​ | $ | 373,073 | ​
​ The amortized cost and estimated fair value of securities at March 31, 2022, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 |
​ |  | Amortized |  | ​ |
(Dollars in thousands) | ​ | Cost | ​ | Fair Value |
Due in one year or less | ​ | $ | 56,457 | ​ | $ | 53,744 | ​
Due after one year through five years | ​ |  | 278,190 | ​ |  | 268,883 | ​
Due after five years through ten years | ​ |  | 94,042 | ​ |  | 88,462 | ​
Due after ten years | ​ |  | 4,885 | ​ |  | 4,443 | ​
​ | ​ | $ | 433,574 | ​ | $ | 415,532 | ​
​ The following table presents the gross realized gains and losses on and the proceeds from the sales, maturities and calls of securities. During the three months ended March 31, 2022 there were no sales of securities. During the three months ended March 31, 2021, $2.30 million of proceeds were related to sales of securities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
(Dollars in thousands) |  | 2022 |  | 2021
Realized gains from sales, maturities and calls of securities: | ​ | ​ | ​ | ​ | ​ | ​
Gross realized gains | ​ | $ | — | ​ | $ | 32
Gross realized losses | ​ |  | — | ​ |  | —
Net realized gains | ​ | $ | — | ​ | $ | 32
Proceeds from sales, maturities, calls and paydowns of securities | ​ | $ | 14,629 | ​ | $ | 33,712
​ The Corporation pledges securities primarily to secure public deposits and repurchase agreements. Securities with an aggregate amortized cost of $185.48 million and an aggregate fair value of $177.40 million were pledged at March 31, 2022. Securities with an aggregate amortized cost of $185.25 million and an aggregate fair value of $186.22 million were pledged at December 31, 2021. ​ Securities in an unrealized loss position at March 31, 2022, by duration of the period of the unrealized loss, are shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total |
​ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
(Dollars in thousands) | ​ | Value | ​ | Loss | ​ | Value | ​ | Loss | ​ | Value | ​ | Loss |
U.S. Treasury securities | ​ | $ | 24,200 | ​ | $ | 519 | ​ | $ | — | ​ | $ | — | ​ | $ | 24,200 | ​ | $ | 519 | ​
U.S. government agencies and corporations | ​ | ​ | 41,083 | ​ | ​ | 2,599 | ​ | ​ | 29,078 | ​ | ​ | 3,213 | ​ | ​ | 70,161 | ​ | ​ | 5,812 | ​
Mortgage-backed securities | ​ |  | 151,040 | ​ | ​ | 7,102 | ​ |  | 26,199 | ​ |  | 1,737 | ​ |  | 177,239 | ​ |  | 8,839 | ​
Obligations of states and political subdivisions | ​ |  | 54,328 | ​ |  | 2,408 | ​ |  | 6,875 | ​ |  | 534 | ​ |  | 61,203 | ​ |  | 2,942 | ​
Corporate and other debt securities | ​ | ​ | 16,520 | ​ | ​ | 488 | ​ | ​ | 963 | ​ | ​ | 36 | ​ | ​ | 17,483 | ​ | ​ | 524 | ​
Total temporarily impaired securities | ​ | $ | 287,171 | ​ | $ | 13,116 | ​ | $ | 63,115 | ​ | $ | 5,520 | ​ | $ | 350,286 | ​ | $ | 18,636 | ​
​ There were 390 debt securities totaling $350.29 million of aggregate fair value considered temporarily impaired at March 31, 2022. The primary cause of the temporary impairments in the Corporation’s investments in debt securities was increases in market interest rates. The Corporation concluded that no other-than-temporary impairment existed in its securities portfolio at March 31, 2022, and no other-than-temporary impairment loss has been recognized in net income, based primarily on the fact that changes in fair value were caused primarily by fluctuations in interest rates, there were no securities with unrealized losses that were significant relative to their carrying amounts, securities with unrealized losses had generally high credit quality, the Corporation intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Corporation will not be required to sell these investments before a recovery of its investment, and issuers have continued to make timely payments of principal and interest. Additionally, the Corporation’s mortgage-backed securities are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. ​ Securities in an unrealized loss position at December 31, 2021, by duration of the period of the unrealized loss, are shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total |
​ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
(Dollars in thousands) | ​ | Value | ​ | Loss | ​ | Value | ​ | Loss | ​ | Value | ​ | Loss |
U.S. government agencies and corporations | ​ | $ | 46,561 | ​ | $ | 945 | ​ | $ | 10,604 | ​ | $ | 394 | ​ | $ | 57,165 | ​ | $ | 1,339 | ​
Mortgage-backed securities | ​ | ​ | 126,873 | ​ |  | 1,127 | ​ |  | 5,178 | ​ |  | 74 | ​ |  | 132,051 | ​ |  | 1,201 | ​
Obligations of states and political subdivisions | ​ | ​ | 16,578 | ​ | ​ | 224 | ​ | ​ | 2,703 | ​ | ​ | 56 | ​ | ​ | 19,281 | ​ | ​ | 280 | ​
Corporate and other debt securities | ​ |  | 8,925 | ​ |  | 121 | ​ |  | — | ​ |  | — | ​ |  | 8,925 | ​ |  | 121 | ​
Total temporarily impaired securities | ​ | $ | 198,937 | ​ | $ | 2,417 | ​ | $ | 18,485 | ​ | $ | 524 | ​ | $ | 217,422 | ​ | $ | 2,941 | ​
​ The Corporation’s investment in restricted stock totaled $1.12 million at March 31, 2022 and consisted of FHLB stock. Restricted stock is generally viewed as a long-term investment, which is carried at cost because there is no market for the stock other than the FHLBs. Therefore, when evaluating restricted stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing any temporary decline in value. The Corporation did not consider its investment in restricted stock to be other-than-temporarily impaired at March 31, 2022 and no impairment has been recognized.

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- 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
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