XML 53 R42.htm IDEA: XBRL DOCUMENT v3.22.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized as follows:

 

 

 

December 31, 2021

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury, agencies and GSEs

 

$

32,669

 

 

$

17

 

 

$

(413

)

 

$

32,273

 

State and political subdivisions

 

 

37,860

 

 

 

1,383

 

 

 

(44

)

 

 

39,199

 

Corporate

 

 

13,603

 

 

 

562

 

 

 

(38

)

 

 

14,127

 

Asset backed securities

 

 

13,693

 

 

 

9

 

 

 

(89

)

 

 

13,613

 

Residential mortgage-backed - US agency

 

 

22,482

 

 

 

148

 

 

 

(466

)

 

 

22,164

 

Collateralized mortgage obligations - US agency

 

 

12,658

 

 

 

30

 

 

 

(403

)

 

 

12,285

 

Collateralized mortgage obligations - Private label

 

 

56,848

 

 

 

285

 

 

 

(402

)

 

 

56,731

 

Total

 

 

189,813

 

 

 

2,434

 

 

 

(1,855

)

 

 

190,392

 

Equity investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - financial services industry

 

 

206

 

 

 

-

 

 

 

-

 

 

 

206

 

Total

 

 

206

 

 

 

-

 

 

 

-

 

 

 

206

 

Total available-for-sale

 

$

190,019

 

 

$

2,434

 

 

$

(1,855

)

 

$

190,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury, agencies and GSEs

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

State and political subdivisions

 

 

14,790

 

 

 

416

 

 

 

(140

)

 

 

15,066

 

Corporate

 

 

46,290

 

 

 

1,252

 

 

 

(102

)

 

 

47,440

 

Asset backed securities

 

 

14,636

 

 

 

67

 

 

 

(188

)

 

 

14,515

 

Residential mortgage-backed - US agency

 

 

9,740

 

 

 

277

 

 

 

(18

)

 

 

9,999

 

Collateralized mortgage obligations - US agency

 

 

11,362

 

 

 

367

 

 

 

(9

)

 

 

11,720

 

Collateralized mortgage obligations - Private label

 

 

64,105

 

 

 

222

 

 

 

(262

)

 

 

64,065

 

Total held-to-maturity

 

$

160,923

 

 

$

2,601

 

 

$

(719

)

 

$

162,805

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury, agencies and GSEs

 

$

6,428

 

 

$

12

 

 

$

(24

)

 

$

6,416

 

State and political subdivisions

 

 

23,235

 

 

 

538

 

 

 

(20

)

 

 

23,753

 

Corporate

 

 

12,393

 

 

 

275

 

 

 

-

 

 

 

12,668

 

Asset backed securities

 

 

8,572

 

 

 

39

 

 

 

(4

)

 

 

8,607

 

Residential mortgage-backed - US agency

 

 

24,856

 

 

 

355

 

 

 

-

 

 

 

25,211

 

Collateralized mortgage obligations - US agency

 

 

26,776

 

 

 

149

 

 

 

(461

)

 

 

26,464

 

Collateralized mortgage obligations - Private label

 

 

24,662

 

 

 

384

 

 

 

(110

)

 

 

24,936

 

Total

 

 

126,922

 

 

 

1,752

 

 

 

(619

)

 

 

128,055

 

Equity investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - financial services industry

 

 

206

 

 

 

-

 

 

 

-

 

 

 

206

 

Total

 

 

206

 

 

 

-

 

 

 

-

 

 

 

206

 

Total available-for-sale

 

$

127,128

 

 

$

1,752

 

 

$

(619

)

 

$

128,261

 

Held-to-Maturity Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury, agencies and GSEs

 

$

1,000

 

 

$

2

 

 

$

-

 

 

$

1,002

 

State and political subdivisions

 

 

16,482

 

 

 

527

 

 

 

(58

)

 

 

16,951

 

Corporate

 

 

36,441

 

 

 

1,101

 

 

 

(7

)

 

 

37,535

 

Asset backed securities

 

 

18,414

 

 

 

217

 

 

 

(176

)

 

 

18,455

 

Residential mortgage-backed - US agency

 

 

11,807

 

 

 

475

 

 

 

-

 

 

 

12,282

 

Collateralized mortgage obligations - US agency

 

 

24,482

 

 

 

850

 

 

 

(1

)

 

 

25,331

 

Collateralized mortgage obligations - Private label

 

 

62,598

 

 

 

902

 

 

 

(121

)

 

 

63,379

 

Total held-to-maturity

 

$

171,224

 

 

$

4,074

 

 

$

(363

)

 

$

174,935

 
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity

The amortized cost and estimated fair value of debt investments at December 31, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

 

 

 

Available-for-Sale

 

 

Held-to-Maturity

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

Due in one year or less

 

$

5,886

 

 

$

6,294

 

 

$

2,817

 

 

$

2,865

 

Due after one year through five years

 

 

4,824

 

 

 

4,920

 

 

 

8,967

 

 

 

9,349

 

Due after five years through ten years

 

 

34,884

 

 

 

34,512

 

 

 

43,836

 

 

 

44,764

 

Due after ten years

 

 

52,231

 

 

 

53,486

 

 

 

20,096

 

 

 

20,043

 

Sub-total

 

 

97,825

 

 

 

99,212

 

 

 

75,716

 

 

 

77,021

 

Residential mortgage-backed - US agency

 

 

22,482

 

 

 

22,164

 

 

 

9,740

 

 

 

9,999

 

Collateralized mortgage obligations - US agency

 

 

12,658

 

 

 

12,285

 

 

 

11,362

 

 

 

11,720

 

Collateralized mortgage obligations - Private label

 

 

56,848

 

 

 

56,731

 

 

 

64,105

 

 

 

64,065

 

Totals

 

$

189,813

 

 

$

190,392

 

 

$

160,923

 

 

$

162,805

 
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position

The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows:

 

 

 

December 31, 2021

 

 

 

Less than Twelve Months

 

 

Twelve Months or More

 

 

Total

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

Individual

 

 

Unrealized

 

 

Fair

 

 

Individual

 

 

Unrealized

 

 

Fair

 

 

Individual

 

 

Unrealized

 

 

Fair

 

(Dollars in thousands)

 

Securities

 

 

Losses

 

 

Value

 

 

Securities

 

 

Losses

 

 

Value

 

 

Securities

 

 

Losses

 

 

Value

 

Available-for-Sale Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury, agencies and GSE's

 

 

3

 

 

$

(413

)

 

$

31,195

 

 

 

-

 

 

$

-

 

 

$

-

 

 

 

3

 

 

$

(413

)

 

$

31,195

 

State and political subdivisions

 

 

3

 

 

 

(44

)

 

 

4,847

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3

 

 

 

(44

)

 

 

4,847

 

Corporate

 

 

2

 

 

 

(5

)

 

 

1,162

 

 

 

1

 

 

 

(33

)

 

 

722

 

 

 

3

 

 

 

(38

)

 

 

1,884

 

Asset backed securities

 

 

5

 

 

 

(89

)

 

 

11,206

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

(89

)

 

 

11,206

 

Residential mortgage-backed - US agency

 

 

3

 

 

 

(466

)

 

 

13,090

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3

 

 

 

(466

)

 

 

13,090

 

Collateralized mortgage obligations - US agency

 

 

3

 

 

 

(126

)

 

 

6,504

 

 

 

2

 

 

 

(277

)

 

 

2,204

 

 

 

5

 

 

 

(403

)

 

 

8,708

 

Collateralized mortgage obligations - Private label

 

 

18

 

 

 

(388

)

 

 

38,816

 

 

 

2

 

 

 

(14

)

 

 

1,539

 

 

 

20

 

 

 

(402

)

 

 

40,355

 

Totals

 

 

37

 

 

$

(1,531

)

 

$

106,820

 

 

 

5

 

 

$

(324

)

 

$

4,465

 

 

 

42

 

 

$

(1,855

)

 

$

111,285

 

Held-to-Maturity Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and political subdivisions

 

 

4

 

 

$

(28

)

 

$

2,013

 

 

 

2

 

 

$

(112

)

 

$

3,988

 

 

 

6

 

 

$

(140

)

 

 

6,001

 

Corporate

 

 

9

 

 

 

(102

)

 

 

7,636

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9

 

 

 

(102

)

 

 

7,636

 

Asset backed securities

 

 

2

 

 

 

(130

)

 

 

2,974

 

 

 

2

 

 

 

(58

)

 

 

1,610

 

 

 

4

 

 

 

(188

)

 

 

4,584

 

Residential mortgage-backed - US agency

 

 

1

 

 

 

(18

)

 

 

1,941

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(18

)

 

 

1,941

 

Collateralized mortgage obligations - US agency

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(9

)

 

 

1,109

 

 

 

1

 

 

 

(9

)

 

 

1,109

 

Collateralized mortgage obligations - Private label

 

 

6

 

 

 

(163

)

 

 

13,070

 

 

 

3

 

 

 

(99

)

 

 

3,820

 

 

 

9

 

 

 

(262

)

 

 

16,890

 

Totals

 

 

22

 

 

$

(441

)

 

$

27,634

 

 

 

8

 

 

$

(278

)

 

$

10,527

 

 

 

30

 

 

$

(719

)

 

$

38,161

 

 

 

 

 

 

December 31, 2020

 

 

 

Less than Twelve Months

 

 

Twelve Months or More

 

 

Total

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

Individual

 

 

Unrealized

 

 

Fair

 

 

Individual

 

 

Unrealized

 

 

Fair

 

 

Individual

 

 

Unrealized

 

 

Fair

 

(Dollars in thousands)

 

Securities

 

 

Losses

 

 

Value

 

 

Securities

 

 

Losses

 

 

Value

 

 

Securities

 

 

Losses

 

 

Value

 

Available-for-Sale Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury, agencies and GSE's

 

 

-

 

 

$

-

 

 

$

-

 

 

 

1

 

 

$

(24

)

 

$

4,954

 

 

 

1

 

 

$

(24

)

 

$

4,954

 

State and political subdivisions

 

 

1

 

 

 

(20

)

 

 

2,521

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(20

)

 

 

2,521

 

Corporate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Asset backed securities

 

 

2

 

 

 

(2

)

 

 

2,487

 

 

 

1

 

 

 

(2

)

 

 

80

 

 

 

3

 

 

 

(4

)

 

 

2,567

 

Residential mortgage-backed - US agency

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Collateralized mortgage obligations - US agency

 

 

2

 

 

 

(45

)

 

 

6,974

 

 

 

2

 

 

 

(416

)

 

 

5,683

 

 

 

4

 

 

 

(461

)

 

 

12,657

 

Collateralized mortgage obligations - Private label

 

 

3

 

 

 

(78

)

 

 

8,071

 

 

 

4

 

 

 

(32

)

 

 

2,574

 

 

 

7

 

 

 

(110

)

 

 

10,645

 

Totals

 

 

8

 

 

$

(145

)

 

$

20,053

 

 

 

8

 

 

$

(474

)

 

$

13,291

 

 

 

16

 

 

$

(619

)

 

$

33,344

 

Held-to-Maturity Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and political subdivisions

 

 

3

 

 

$

(58

)

 

$

7,063

 

 

 

-

 

 

$

-

 

 

$

-

 

 

 

3

 

 

$

(58

)

 

$

7,063

 

Corporate

 

 

4

 

 

 

(7

)

 

 

3,775

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

(7

)

 

 

3,775

 

Asset backed securities

 

 

4

 

 

 

(36

)

 

 

4,209

 

 

 

3

 

 

 

(140

)

 

 

4,683

 

 

 

7

 

 

 

(176

)

 

 

8,892

 

Residential mortgage-backed - US agency

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Collateralized mortgage obligations - US agency

 

 

1

 

 

 

(1

)

 

 

1,496

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(1

)

 

 

1,496

 

Collateralized mortgage obligations - Private label

 

 

4

 

 

 

(115

)

 

 

6,442

 

 

 

1

 

 

 

(6

)

 

 

780

 

 

 

5

 

 

 

(121

)

 

 

7,222

 

Totals

 

 

16

 

 

$

(217

)

 

$

22,985

 

 

 

4

 

 

$

(146

)

 

$

5,463

 

 

 

20

 

 

$

(363

)

 

$

28,448

 
Gross Realized Gains (Losses) on Sale of Securities

Proceeds of $42.0 million and $29.3 million, respectively on sales and redemptions of securities for the years ended December 31, 2021 and 2020 resulted in gross realized gains (losses) detailed below:

 

(In thousands)

 

2021

 

 

2020

 

Realized gains on investments

 

$

120

 

 

$

1,107

 

Realized losses on investments

 

 

(83

)

 

 

(31

)

 

 

$

37

 

 

$

1,076