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Securities (Tables)
12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the fair values of our securities portfolio at the dates presented:
December 31,
(dollars in thousands)20212020
Debt securities available-for-sale$909,651 $770,393 
Marketable equity securities1,142 3,300 
Total Securities$910,793 $773,693 
Schedule of Composition of Securities
The following tables present the amortized cost and fair value of debt securities available-for-sale as of December 31, 2021 and December 31, 2020:
December 31, 2021December 31, 2020
(dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueAmortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
U.S. Treasury securities$95,954 $115 $(742)$95,327 $9,980 $302 $— $10,282 
Obligations of U.S. government corporations and agencies68,599 1,749 — 70,348 78,755 4,149 — 82,904 
Collateralized mortgage obligations of U.S. government corporations and agencies270,696 2,408 (2,810)270,294 202,975 6,410 (89)209,296 
Residential mortgage-backed securities of U.S. government corporations and agencies57,029 392 (628)56,793 66,960 818 — 67,778 
Commercial mortgage-backed securities of U.S. government corporations and agencies336,918 5,969 (1,587)341,300 258,875 14,806 — 273,681 
Corporate Obligations500 — — 500 2,021 (1)2,025 
Obligations of states and political subdivisions70,539 4,550 — 75,089 117,439 6,988 — 124,427 
Total Debt Securities Available-for-Sale$900,235 $15,183 $(5,767)$909,651 $737,005 $33,478 $(90)$770,393 
Schedule of Gross and Net Realized Gains and Losses on Sale of Securities
The following table shows the composition of gross and net realized gains and losses for the periods presented:
Years ended December 31,
(dollars in thousands)202120202019
Gross realized gains$29 $219 $41 
Gross realized losses— (77)(67)
Net Realized Gains/(Losses)$29 $142 $(26)
Schedule of Temporally Impaired Debt Securities
The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented:
December 31, 2021
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
U.S. Treasury securities$85,221 $(742)— $— $— $85,221 $(742)
Collateralized mortgage obligations of U.S. government corporations and agencies12 141,204 (2,436)8,933 (374)13 150,137 (2,810)
Residential mortgage-backed securities of U.S. government corporations and agencies46,042 (628)— — — 46,042 (628)
Commercial mortgage-backed securities of U.S. government corporations and agencies100,032 (1,587)— — — 100,032 (1,587)
Corporate Obligations— — — — — — — — — 
Total 30 $372,499 $(5,393)1 $8,933 $(374)31 $381,432 $(5,767)
December 31, 2020
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number
of
Securities
Fair 
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
Number
of
Securities
Fair
Value
Unrealized
Losses
U.S. Treasury securities— $— $— — $— $— — $— $— 
Collateralized mortgage obligations of U.S. government corporations and agencies35,697 (89)— — — 35,697 (89)
Residential mortgage-backed securities of U.S. government corporations and agencies— — — — — — — — — 
Commercial mortgage-backed securities of U.S. government corporations and agencies— — — — — — 
Corporate Obligations499 (1)— — — 499 (1)
Total 3 $36,196 $(90) $ $ 3 $36,196 $(90)
Unrealized Gain (Loss) on Investments
The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented:
December 31, 2021December 31, 2020
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized Gains (Losses)Gross Unrealized GainsGross Unrealized LossesNet Unrealized Gains (Losses)
Total unrealized gains/(losses) on debt securities available-for-sale$15,183 $(5,767)$9,416 $33,478 $(90)$33,388 
Income tax (expense) benefit(3,215)1,221 (1,994)(7,128)19 (7,109)
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)$11,968 $(4,546)$7,422 $26,350 $(71)$26,279 
Amortized Cost and Fair Value of Available-for-Sale Securities
The amortized cost and fair value of debt securities available-for-sale at December 31, 2021 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2021
(dollars in thousands)Amortized
Cost
Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less$43,513 $44,027 
Due after one year through five years63,849 66,363 
Due after five years through ten years106,881 107,427 
Due after ten years20,849 22,947 
Debt Securities Available-for-Sale With Maturities235,092 240,764 
Collateralized mortgage obligations of U.S. government corporations and agencies270,696 270,294 
Residential mortgage-backed securities of U.S. government corporations and agencies57,029 56,793 
Commercial mortgage-backed securities of U.S. government corporations and agencies336,918 341,300 
Corporate Obligations500 500 
Total Debt Securities Available-for-Sale$900,235 $909,651 
Schedule of Unrealized Gains and Losses on Marketable Equity Securities
The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
Years ended December 31,
(dollars in thousands)202120202019
Marketable Equity Securities
Net market gains (losses) recognized$189 $(500)$334 
Less: Net gains recognized for equity securities sold29 142 — 
Unrealized Gains (Losses) on Equity Securities Still Held$160 $(642)$334