XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at December 31, 2021 and 2020 were as follows:
| Total Amortized Cost |  | Gross Unrealized |  | Fair Value
(in thousands) |  | Gains |  | Losses |
December 31, 2021 |  |  |  |  |  |  |
U.S. Treasury | $ | 3,909 |  |  | $ | 11 |  |  | $ | (3) |  |  | $ | 3,917 |
U.S. government and federal agency obligations | 1,314 |  |  | 5 |  |  | — |  |  | 1,319 |
U.S. government-sponsored enterprises | 26,498 |  |  | 70 |  |  | (196) |  |  | 26,372 |
Obligations of states and political subdivisions | 128,093 |  |  | 1,605 |  |  | (474) |  |  | 129,224 |
Mortgage-backed securities | 137,286 |  |  | 791 |  |  | (1,611) |  |  | 136,466 |
Other debt securities (a) | 11,825 |  |  | 482 |  |  | (23) |  |  | 12,284 |
Bank issued trust preferred securities (a) | 1,486 |  |  | — |  |  | (198) |  |  | 1,288 |
Total available-for-sale securities | $ | 310,411 |  |  | $ | 2,964 |  |  | $ | (2,505) |  |  | $ | 310,870 |
December 31, 2020 |  |  |  |  |  |  |
U.S. Treasury | $ | 2,772 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 2,798 |
U.S. government and federal agency obligations | 11,732 |  |  | 197 |  |  | — |  |  | 11,929 |
U.S. government-sponsored enterprises | 22,495 |  |  | 379 |  |  | — |  |  | 22,874 |
Obligations of states and political subdivisions | 56,943 |  |  | 1,801 |  |  | — |  |  | 58,744 |
Mortgage-backed securities | 88,357 |  |  | 1,809 |  |  | (54) |  |  | 90,112 |
Other debt securities (a) | 10,000 |  |  | 358 |  |  | (14) |  |  | 10,344 |
Bank issued trust preferred securities (a) | 1,486 |  |  | — |  |  | (257) |  |  | 1,229 |
Total available-for-sale securities | $ | 193,785 |  |  | $ | 4,570 |  |  | $ | (325) |  |  | $ | 198,030 |
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations. The Company's investment securities are classified as available for sale. Agency bonds and notes, Small Business Administration guaranteed loan certificates (SBA), residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises. Debt securities with carrying values aggregating approximately $275.4 million and $153.9 million at December 31, 2021 and December 31, 2020, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities classified as available-for-sale at December 31, 2021, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 6,521 |  |  | $ | 6,540 |
Due after one year through five years | 21,885 |  |  | 21,980 |
Due after five years through ten years | 35,056 |  |  | 35,567 |
Due after ten years | 109,663 |  |  | 110,317 |
Total | 173,125 |  |  | 174,404 |
Mortgage-backed securities | 137,286 |  |  | 136,466 |
Total available-for-sale securities | $ | 310,411 |  |  | $ | 310,870 |
Other investment securities Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in Federal Home Loan Bank (FHLB) stock, and Midwest Independent Bank (MIB) bankers bank stock, that do not have readily determinable fair values, are required for membership in those organizations.
(in thousands) | 2021 |  | 2020
Other securities: |  |  |
FHLB stock | $ | 5,197 |  |  | $ | 6,170 |
MIB stock | 151 |  |  | 151 |
Equity securities with readily determinable fair values | 60 |  |  | 32 |
Total other investment securities | $ | 5,408 |  |  | $ | 6,353 |
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021 and December 31, 2020 were as follows:
| Less than 12 months |  | 12 months or more |  | Total Fair Value |  | Total Unrealized Losses
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,758 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,758 |  |  | $ | (3) |
U.S. government-sponsored enterprises | 18,304 |  |  | (196) |  |  | — |  |  | — |  |  | 18,304 |  |  | (196) |
Obligations of states and political subdivisions | 39,221 |  |  | (474) |  |  | — |  |  | — |  |  | 39,221 |  |  | (474) |
Mortgage-backed securities | 89,520 |  |  | (1,579) |  |  | 1,864 |  |  | (32) |  |  | 91,384 |  |  | (1,611) |
Other debt securities | 3,802 |  |  | (23) |  |  | — |  |  | — |  |  | 3,802 |  |  | (23) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,288 |  |  | (198) |  |  | 1,288 |  |  | (198) |
Total | $ | 152,605 |  |  | $ | (2,275) |  |  | $ | 3,152 |  |  | $ | (230) |  |  | $ | 155,757 |  |  | $ | (2,505) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
At December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,015 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,015 |  |  | $ | — |
Mortgage-backed securities | 7,494 |  |  | (54) |  |  | — |  |  | — |  |  | 7,494 |  |  | (54) |
Other debt securities | 2,987 |  |  | (14) |  |  | — |  |  | — |  |  | 2,987 |  |  | (14) |
Bank issued trust preferred securities | — |  |  | — |  |  | 1,229 |  |  | (257) |  |  | 1,229 |  |  | (257) |
Total | $ | 11,496 |  |  | $ | (68) |  |  | $ | 1,229 |  |  | $ | (257) |  |  | $ | 12,725 |  |  | $ | (325) |
The total available for sale portfolio consisted of approximately 435 securities at December 31, 2021. The portfolio included 134 securities having an aggregate fair value of $155.8 million that were in a loss position at December 31, 2021. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $3.2 million at fair value at December 31, 2021. The $2,505,000 aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2021 was caused by interest rate fluctuations. The total available for sale portfolio consisted of approximately 308 securities at December 31, 2020. The portfolio included 10 securities having an aggregate fair value of $12.7 million that were in a loss position at December 31, 2020. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer had a fair value of $1.2 million at December 31, 2020. The $325,000 aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2020 was caused by interest rate fluctuations. Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at December 31, 2021 and 2020, respectively. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date, or re-pricing date or if market yields for such investments decline. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities. The following table presents the gross unrealized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
(in thousands) | 2021 |  | 2020 |  | 2019
Investment securities gains (losses), net |  |  |  |  |
Available for sale securities: |  |  |  |  |
Gains realized on sales | $ | 122 |  |  | $ | 49 |  |  | $ | 6 |
Losses realized on sales | — |  |  | (8) |  |  | (46) |
Other-than-temporary impairment recognized | — |  |  | — |  |  | — |
Other investment securities: |  |  |  |  |
Fair value adjustments, net | 27 |  |  | 20 |  |  | — |
Investment securities gains (losses), net | $ | 149 |  |  | $ | 61 |  |  | $ | (40) |

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration