INVESTMENT SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of investment securities classified as available for sale |
Investment securities available for sale at December 31, 2021 and 2020 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | (dollars in thousands) | Amortized Cost | | Gross unrealized gains | | Gross unrealized losses | | Allowance for credit losses | | Fair value | Investment securities available for sale | | | | | | | | | | U.S. Treasury securities | $ | 65,347 | | | $ | — | | | $ | 430 | | | $ | — | | | $ | 64,917 | | U.S. government sponsored entities and U.S. agency securities | 34,569 | | | 79 | | | 831 | | | — | | | 33,817 | | Mortgage-backed securities - agency | 444,484 | | | 2,687 | | | 6,901 | | | — | | | 440,270 | | Mortgage-backed securities - non-agency | 29,037 | | | 50 | | | 381 | | | — | | | 28,706 | | State and municipal securities | 137,904 | | | 5,561 | | | 366 | | | — | | | 143,099 | | Corporate securities | 193,354 | | | 3,128 | | | 467 | | | 221 | | | 195,794 | | Total investment securities available for sale | $ | 904,695 | | | $ | 11,505 | | | $ | 9,376 | | | $ | 221 | | | $ | 906,603 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | (dollars in thousands) | Amortized Cost | | Gross unrealized gains | | Gross unrealized losses | | Allowance for credit losses | | Fair value | Investment securities available for sale | | | | | | | | | | U.S. government sponsored entities and U.S. agency securities | $ | 35,287 | | | $ | 377 | | | $ | 97 | | | $ | — | | | $ | 35,567 | | Mortgage-backed securities - agency | 338,340 | | | 6,284 | | | 47 | | | — | | | 344,577 | | Mortgage-backed securities - non-agency | 20,411 | | | 333 | | | — | | | — | | | 20,744 | | State and municipal securities | 122,488 | | | 7,311 | | | 5 | | | 29 | | | 129,765 | | Corporate securities | 145,187 | | | 2,205 | | | 997 | | | 337 | | | 146,058 | | Total investment securities available for sale | $ | 661,713 | | | $ | 16,510 | | | $ | 1,146 | | | $ | 366 | | | $ | 676,711 | |
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Schedule of debt securities |
The following is a summary of the amortized cost and fair value of investment securities available for sale, by maturity, at December 31, 2021. Expected maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be prepaid without penalties. The maturities of all other investment securities available for sale are based on final contractual maturity. | | | | | | | | | | | | (dollars in thousands) | Amortized cost | | Fair value | Investment securities available for sale | | | | Within one year | $ | 9,877 | | | $ | 9,976 | | After one year through five years | 137,694 | | | 139,456 | | After five years through ten years | 244,626 | | | 248,197 | | After ten years | 38,977 | | | 39,998 | | Mortgage-backed securities | 473,521 | | | 468,976 | | Total investment securities available for sale | $ | 904,695 | | | $ | 906,603 | |
Proceeds from the sale of investment securities available for sale and the resulting gross realized gains and losses for the years ended December 31, 2021, 2020 and 2019 are summarized below: | | | | | | | | | | | | | | | | | | (dollars in thousands) | 2021 | | 2020 | | 2019 | Investment securities available for sale | | | | | | Proceeds from sales | $ | 14,777 | | | $ | 28,256 | | | $ | 33,464 | | Gross realized gains on sales | 537 | | | 1,721 | | | 786 | | Gross realized losses on sales | — | | | — | | | (190) | |
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Schedule of major security type |
The table below presents a rollforward by major security type for the year ended December 31, 2021 of the allowance for credit losses on investment securities available for sale held at period end: | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | | State and municipal securities | | Corporate securities | | Total | Changes in ACL on investment securities available for sale: | | | | | | | | For the year ended December 31, 2021 | | | | | | | | Balance, beginning of period | | | $ | 29 | | | $ | 337 | | | $ | 366 | | Current-period recapture of expected credit losses | | | (29) | | | (116) | | | (145) | | Balance, end of period | | | $ | — | | | $ | 221 | | | $ | 221 | | For the year ended December 31, 2020 | | | | | | | | Balance, beginning of period | | | $ | — | | | $ | — | | | $ | — | | Current-period provision for expected credit losses | | | 29 | | | 337 | | | 366 | | Balance, end of period | | | $ | 29 | | | $ | 337 | | | $ | 366 | |
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Schedule of unrealized losses and fair values for investment securities |
Unrealized losses and fair values for investment securities available for sale at December 31, 2021 and 2020, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | Less than 12 Months | | 12 Months or more | | Total | (dollars in thousands) | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | Investment securities available for sale | | | | | | | | | | | | U.S. Treasury securities | $ | 64,917 | | | $ | 430 | | | $ | — | | | $ | — | | | $ | 64,917 | | | $ | 430 | | U.S. government sponsored entities and U.S. agency securities | 17,487 | | | 263 | | | 9,432 | | | 568 | | | 26,919 | | | 831 | | Mortgage-backed securities - agency | 317,372 | | | 6,633 | | | 9,051 | | | 268 | | | 326,423 | | | 6,901 | | Mortgage-backed securities - non-agency | 24,095 | | | 381 | | | — | | | — | | | 24,095 | | | 381 | | State and municipal securities | 27,324 | | | 270 | | | 2,538 | | | 96 | | | 29,862 | | | 366 | | Corporate securities | — | | | — | | | — | | | — | | | — | | | — | | Total investment securities available for sale | $ | 451,195 | | | $ | 7,977 | | | $ | 21,021 | | | $ | 932 | | | $ | 472,216 | | | $ | 8,909 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | | Less than 12 Months | | 12 Months or more | | Total | (dollars in thousands) | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | Investment securities available for sale | | | | | | | | | | | | U.S. government sponsored entities and U.S. agency securities | $ | 9,903 | | | $ | 97 | | | $ | — | | | $ | — | | | $ | 9,903 | | | $ | 97 | | Mortgage-backed securities - agency | 26,172 | | | 47 | | | — | | | — | | | 26,172 | | | 47 | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate securities | 20,010 | | | 522 | | | — | | | — | | | 20,010 | | | 522 | | Total investment securities available for sale | $ | 56,085 | | | $ | 666 | | | $ | — | | | $ | — | | | $ | 56,085 | | | $ | 666 | |
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Schedule of proceeds from the sale of available-for-sale investment securities and equity securities, the resulting gross realized gains (losses) and net unrealized gains (losses) |
Proceeds and gross realized gains and losses on sales of equity securities as well as net unrealized gains and losses on equity securities for the years ended December 31, 2021, 2020 and 2019 are summarized below: | | | | | | | | | | | | | | | | | | (dollars in thousands) | 2021 | | 2020 | | 2019 | Equity securities | | | | | | Proceeds from sales | $ | — | | | $ | — | | | $ | 105 | | Gross realized gains on sales | — | | | — | | | 78 | | Gross realized losses on sales | — | | | — | | | — | | Net unrealized gains (losses) | 361 | | | 577 | | | 93 | |
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