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Investment Securities (Tables)

3 Months Ended

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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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

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