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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Gain (Loss) on Securities | Changes in the fair value of equity securities with a readily determinable fair value for the three months ended March 31, 2022 and 2021 were due solely to changes in unrealized gains and losses.
Realized Gain (Loss) on Investments |
Marketable Securities | The cost and estimated fair value of equity securities with a readily determinable fair value at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands):
| March 31, 2022 |  | December 31, 2021
| Cost |  | Fair Value |  | Cost |  | Fair Value
Mutual funds | $ | 1,414 |  |  | 1,317 |  |  | 1,410 |  |  | 1,379 |
Equity securities | 778 |  |  | 1,107 |  |  | 778 |  |  | 1,167 |
Total equity securities with a readily determinable fair value | $ | 2,192 |  |  | 2,424 |  |  | 2,188 |  |  | 2,546 |
Investments Classified by Contractual Maturity Date | Contractual maturities of debt securities at March 31, 2022 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 522 |  |  | 524 |  |  | 1,867 |  |  | 1,867 |
Due from one to five years | 90,192 |  |  | 85,832 |  |  | 4,960 |  |  | 4,818 |
Due from five to ten years | 129,163 |  |  | 119,631 |  |  | 2,894 |  |  | 2,785 |
Due after ten years | 729 |  |  | 677 |  |  | 13,152 |  |  | 12,939 |
| 220,606 |  |  | 206,664 |  |  | 22,873 |  |  | 22,409 |
U.S. Agency mortgage-backed securities | 91,497 |  |  | 86,800 |  |  | — |  |  | — |
| $ | 312,103 |  |  | 293,464 |  |  | 22,873 |  |  | 22,409 |
Schedule of Unrealized Loss on Investments | Information concerning debt securities with gross unrealized losses at March 31, 2022 and December 31, 2021, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands):
| Less than Twelve Months |  | Twelve Months or Greater
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2022 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 73,736 |  |  | 4,746 |  |  | — |  |  | — |
U.S. Agency notes | 35,960 |  |  | 2,316 |  |  | 46,786 |  |  | 4,220 |
Corporate bonds | 4,536 |  |  | 264 |  |  | 647 |  |  | 53 |
U.S. Agency mortgage-backed securities | 58,478 |  |  | 2,739 |  |  | 20,942 |  |  | 2,068 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 6,088 |  |  | 228 |  |  | — |  |  | — |
Taxable | 21,200 |  |  | 1,387 |  |  | 7,667 |  |  | 867 |
| $ | 199,998 |  |  | 11,680 |  |  | 76,042 |  |  | 7,208 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 7,434 |  |  | 309 |  |  | — |  |  | — |
Taxable | 3,371 |  |  | 198 |  |  | — |  |  | — |
| $ | 10,805 |  |  | 507 |  |  | — |  |  | — |
December 31, 2021 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 66,891 |  |  | 756 |  |  | — |  |  | — |
U.S. Agency notes | 58,648 |  |  | 1,257 |  |  | 20,289 |  |  | 835 |
Corporate Bonds | 3,898 |  |  | 102 |  |  | 484 |  |  | 16 |
U.S. Agency mortgage-backed securities | 49,813 |  |  | 692 |  |  | — |  |  | — |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 1,020 |  |  | 18 |  |  | — |  |  | — |
Taxable | 18,434 |  |  | 322 |  |  | 3,535 |  |  | 124 |
| $ | 198,704 |  |  | 3,147 |  |  | 24,308 |  |  | 975 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 46 |  |  | — |  |  | — |  |  | — |
Taxable | 271 |  |  | 4 |  |  | — |  |  | — |
| $ | 317 |  |  | 4 |  |  | — |  |  | — |
Unrealized Gain (Loss) on Investments | The amortized cost and estimated fair value of equity and debt securities at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
March 31, 2022 |  |  |  |  |  |  |
Debt Securities, Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 79,477 |  |  | 2 |  |  | 4,746 |  |  | 74,733 |
U.S. Agency notes | 89,282 |  |  | — |  |  | 6,536 |  |  | 82,746 |
Corporate bonds | 6,200 |  |  | 44 |  |  | 317 |  |  | 5,927 |
U.S. Agency mortgage-backed securities | 91,497 |  |  | 110 |  |  | 4,807 |  |  | 86,800 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 8,496 |  |  | 5 |  |  | 228 |  |  | 8,273 |
Taxable | 37,151 |  |  | 88 |  |  | 2,254 |  |  | 34,985 |
| $ | 312,103 |  |  | 249 |  |  | 18,888 |  |  | 293,464 |
Debt Securities, Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 19,304 |  |  | 43 |  |  | 309 |  |  | 19,038 |
Taxable | 3,569 |  |  | — |  |  | 198 |  |  | 3,371 |
| $ | 22,873 |  |  | 43 |  |  | 507 |  |  | 22,409 |
December 31, 2021 |  |  |  |  |  |  |
Debt Securities, Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 75,443 |  |  | 57 |  |  | 756 |  |  | 74,744 |
U.S. Agency notes | 89,293 |  |  | 45 |  |  | 2,092 |  |  | 87,246 |
Corporate Bonds | 5,200 |  |  | 70 |  |  | 118 |  |  | 5,152 |
U.S. Agency mortgage-backed securities | 96,018 |  |  | 1,350 |  |  | 692 |  |  | 96,676 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 8,959 |  |  | 125 |  |  | 18 |  |  | 9,066 |
Taxable | 35,208 |  |  | 531 |  |  | 446 |  |  | 35,293 |
| $ | 310,121 |  |  | 2,178 |  |  | 4,122 |  |  | 308,177 |
Debt Securities, Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 19,403 |  |  | 98 |  |  | — |  |  | 19,501 |
Taxable | 3,569 |  |  | 21 |  |  | 4 |  |  | 3,586 |
| $ | 22,972 |  |  | 119 |  |  | 4 |  |  | 23,087 |

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- Definition For all investments in an unrealized loss position, including those 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), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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