Annual report pursuant to Section 13 and 15(d)

Investment Securities (Tables)

v3.22.0.1
Investment Securities (Tables)
12 Months Ended
Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Schedule of Fair Values of Debt Securities Available for Sale

The amortized cost, gross unrealized gains and losses and approximate fair values of debt securities available for sale are as follows:

 

 

 

Amortized

 

 

Unrealized

 

 

Fair

 

December 31, 2021

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

 

(Dollars in thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

35,130

 

 

$

177

 

 

$

37

 

 

$

35,270

 

Residential mortgage-backed securities

 

 

329,803

 

 

 

14

 

 

 

8,206

 

 

 

321,611

 

Corporate bonds and other debt securities

 

 

42,677

 

 

 

1,298

 

 

 

108

 

 

 

43,867

 

Total available for sale

 

$

407,610

 

 

$

1,489

 

 

$

8,351

 

 

$

400,748

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Fair

 

December 31, 2020

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

 

(Dollars in thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

36,258

 

 

$

927

 

 

$

-

 

 

$

37,185

 

State and municipal obligations

 

 

132,130

 

 

 

278

 

 

 

267

 

 

 

132,142

 

Residential mortgage-backed securities

 

 

42,768

 

 

 

433

 

 

 

109

 

 

 

43,093

 

Total available for sale

 

$

211,156

 

 

$

1,638

 

 

$

376

 

 

$

212,420

 

Schedule of Securities Available for Sale by Contractual Maturity

The amortized cost and estimated fair value of securities available for sale, by contractual maturity, are as follows:

 

 

 

Amortized

 

 

Fair

 

December 31, 2021

 

Cost

 

 

Value

 

 

 

(Dollars in thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

Due in one year or less

 

$

3,130

 

 

$

3,152

 

Due after one year through five years

 

 

1,323

 

 

 

1,347

 

Due after five years through ten years

 

 

35,993

 

 

 

36,907

 

Due after ten years

 

 

37,361

 

 

 

37,731

 

Residential mortgage-backed securities

 

 

329,803

 

 

 

321,611

 

Total available for sale

 

$

407,610

 

 

$

400,748

 

Schedule of Investment Securities Available for Sale and Aggregated by Investment Category and Length of Time Individual Securities in Continuous Unrealized Loss Position

The following tables present the estimated fair values and gross unrealized losses on investment securities available for sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position as of the periods presented:

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

December 31, 2021

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

 

(Dollars in thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

12,286

 

 

$

37

 

 

$

 

 

$

 

 

$

12,286

 

 

$

37

 

Residential mortgage-backed securities

 

 

280,530

 

 

 

7,309

 

 

 

38,946

 

 

 

897

 

 

 

319,476

 

 

 

8,206

 

Corporate bonds and other debt securities

 

 

4,935

 

 

 

65

 

 

 

4,205

 

 

 

43

 

 

 

9,140

 

 

 

108

 

Total available for sale

 

$

297,751

 

 

$

7,411

 

 

$

43,151

 

 

$

940

 

 

$

340,902

 

 

$

8,351

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

December 31, 2020

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

 

(Dollars in thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

$

53,598

 

 

$

267

 

 

$

 

 

$

 

 

$

53,598

 

 

$

267

 

Corporate bonds and other debt securities

 

 

17,087

 

 

 

109

 

 

 

 

 

 

 

 

 

17,087

 

 

 

109

 

Total available for sale

 

$

70,685

 

 

$

376

 

 

$

 

 

$

 

 

$

70,685

 

 

$

376

 

Sale Proceeds and Gross Realized Gains and Losses on Sale of Securities Available for Sale Sale proceeds and gross realized gains and losses on the sale of securities available for sale are shown below. The cost of securities sold is based on the specific identification method.

 

 

 

For the Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(Dollars in thousands)

 

Sale proceeds from sale of available for sale securities

 

$

6,918

 

 

$

34,023

 

 

$

171,260

 

Gross realized gains

 

 

91

 

 

 

1,031

 

 

 

4,637

 

Gross realized losses

 

 

(86

)

 

 

 

 

 

(55

)

Net realized gains (losses)

 

$

5

 

 

$

1,031

 

 

$

4,582