XML 20 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Securities

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 4 - Securities

The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

		(Dollars in thousands)
						Gross				Gross				Estimated
		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
March 31, 2022
U.S. government sponsored entities		$	8,883			$	-			$	(681	)		$	8,202
U.S. treasury securities			199				-				-				199
Collateralized mortgage obligations and residential mortgage-backed securities			178,431				45				(14,353	)			164,123
Municipal securities			317,000				1,727				(27,903	)			290,824
Collateralized debt obligations			2,173				-				(1,201	)			972
Total securities available-for-sale		$	506,686			$	1,772			$	(44,138	)		$	464,320

		(Dollars in thousands)
						Gross				Gross				Estimated
		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
December 31, 2021
U.S. government sponsored entities		$	8,883			$	-			$	(214	)		$	8,669
U.S. treasury securities			400				-				-				400
Collateralized mortgage obligations and residential mortgage-backed securities			187,279				961				(3,539	)			184,701
Municipal securities			322,750				9,904				(527	)			332,127
Collateralized debt obligations			2,173				-				(1,181	)			992
Total securities available-for-sale		$	521,485			$	10,865			$	(5,461	)		$	526,889

The estimated fair value of available-for-sale debt securities at March 31, 2022, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.

		(Dollars in thousands)
		Available-for-sale
						Estimated
		Cost				Fair
March 31, 2022		Basis				Value
Due in one year or less		$	389			$	390
Due from one to five years			1,759				1,763
Due from five to ten years			30,204				29,468
Due over ten years			295,903				268,576
Collateralized mortgage obligations and residential mortgage-backed securities			178,431				164,123
Total		$	506,686			$	464,320

The contractual maturities and weighted average yields for the U.S. government securities, agency securities, municipal securities, and trust preferred securities at March 31, 2022, are summarized in the table below. Securities not due at a single maturity date, such as mortgage-backed securities and collateralized mortgage obligations are not included in the following table. The carrying values are stated in thousands (000’s).

The weighted average yields were calculated by multiplying each carrying value by its yield and dividing the sum of these results by the total carrying values. Yields presented are not on a tax-equivalent basis.

		Within 1 Year								1 - 5 Years								5 - 10 Years								After 10 Years								Total
		Amount				Yield				Amount				Yield				Amount				Yield				Amount				Yield				Amount
U.S. government sponsored entities:		$	-				0.00	%		$	-				0.00	%		$	8,202				1.00	%		$	-				0.00	%		$	8,202
AFS
U.S. treasury securities:
AFS			199				0.13	%			-				0.00	%			-				0.00	%			-				0.00	%			199
Municipal Securities:
AFS			191				4.84	%			1,763				4.13	%			21,266				3.56	%			267,604				2.87	%			290,824
Trust Preferred Securities:
AFS			-				0.00	%			-				0.00	%			-				0.00	%			972				1.57	%			972
Totals		$	390				2.43	%		$	1,763				4.13	%		$	29,468				2.85	%		$	268,576				2.87	%		$	300,197

Sales of available-for-sale securities were as follows for the three months ended:

		(Dollars in thousands)
		March 31,				March 31,
		2022				2021

Proceeds		$	16,236			$	6,904
Gross gains			397				417
Gross losses			(16	)			-

Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:

		(Dollars in thousands)
		Unrealized gain/(loss)
Ending balance, December 31, 2021		$	4,276
Current period change			(37,738	)
Ending balance, March 31, 2022		$	(33,462	)

Securities with market values of approximately $34.8 million and $39.5 million were pledged as of March 31, 2022, and December 31, 2021, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.

Securities with gross unrealized losses at March 31, 2022, and December 31, 2021, not recognized in income are as follows:

		(Dollars in thousands)
		Less than 12 months								12 months or longer								Total								Percentage of
		Estimated								Estimated								Estimated								Total Portfolio
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized				in Loss
		Value				Losses				Value				Losses				Value				Losses				Position
March 31, 2022
U.S. government sponsored entities		$	-			$	-			$	8,202			$	(681	)		$	8,202			$	(681	)			100.0	%
Collateralized mortgage obligations and residential mortgage-backed securities			99,994				(7,368	)			60,792				(6,985	)			160,786				(14,353	)			98.0	%
Municipal securities			232,220				(27,678	)			2,594				(225	)			234,814				(27,903	)			80.7	%
Collateralized debt obligations			-				-				972				(1,201	)			972				(1,201	)			100.0	%
Total temporarily impaired		$	332,214			$	(35,046	)		$	72,560			$	(9,092	)		$	404,774			$	(44,138	)			87.2	%
Number of securities							384								33								417

		(Dollars in thousands)
		Less than 12 months								12 months or longer								Total								Percentage of
		Estimated								Estimated								Estimated								Total Portfolio
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized				in Loss
		Value				Losses				Value				Losses				Value				Losses				Position
December 31, 2021
U.S. government sponsored entities		$	8,669			$	(214	)		$	-			$	-			$	8,669			$	(214	)			100.0	%
Collateralized mortgage obligations and residential mortgage-backed securities			126,373				(3,175	)			8,109				(364	)			134,482				(3,539	)			72.8	%
Municipal securities			70,309				(527	)			-				-				70,309				(527	)			21.2	%
Collateralized debt obligations			-				-				992				(1,181	)			992				(1,181	)			100.0	%
Total temporarily impaired		$	205,351			$	(3,916	)		$	9,101			$	(1,545	)		$	214,452			$	(5,461	)			40.7	%
Number of securities							133								5								138

Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity.