Securities

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

(4) SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
December 31, 2020
Mortgage backed securities (1)	$	59	$	3	$	—		$	62
States and political subdivisions		2,405		18		(1	)		2,422
Other securities		500		—		—			500
Total	$	2,964	$	21	$	(1	)	$	2,984
December 31, 2019
Mortgage backed securities (1)	$	93	$	4	$	—		$	97
States and political subdivisions		1,310		1		(5	)		1,306
Other securities		500		—		—			500
Total	$	1,903	$	5	$	(5	)	$	1,903

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
December 31, 2020
U.S. treasuries	$	465,416	$	9,820	$	—		$	475,236
U.S. federal agencies		19,697		1		(60	)		19,638
Mortgage backed securities (1)		15,268		428		—			15,696
States and political subdivisions		28,571		377		—			28,948
Asset backed securities		13,337		—		(623	)		12,714
Total	$	542,289	$	10,626	$	(683	)	$	552,232
December 31, 2019
U.S. treasuries	$	409,488	$	4,974	$	(13	)	$	414,449
U.S. federal agencies		23,039		23		(38	)		23,024
Mortgage backed securities (1)		16,941		128		(64	)		17,005
States and political subdivisions		22,294		282		(45	)		22,531
Asset backed securities		13,320		—		(606	)		12,714
Total	$	485,082	$	5,407	$	(766	)	$	489,723

(1)	Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

	December 31,
	2020				2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	807	$	809	$	300	$	300
After one year but within five years		2,091		2,110		1,058		1,055
After five years but within ten years		65		64		543		546
After ten years		1		1		2		2
Total	$	2,964	$	2,984	$	1,903	$	1,903
Available for Sale
Contractual maturity of debt securities:
Within one year	$	339,752	$	341,102	$	186,373	$	186,539
After one year but within five years		162,401		171,135		252,519		257,430
After five years but within ten years		3,753		3,910		5,873		6,008
After ten years		36,383		36,085		40,317		39,746
Total debt securities	$	542,289	$	552,232	$	485,082	$	489,723

The following is a detail of proceeds from sales and realized securities losses, on available for sale debt securities:

	Year Ended December 31,
	2020		2019		2018
	(Dollars in thousands)
Proceeds	$	—	$	—	$	31,285
Gross losses realized		—		—		109

Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table is a summary of the Company’s book value of debt securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

	December 31,
	2020		2019
	(Dollars in thousands)
Book value of pledged securities	$	490,833	$	445,702

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at December 31, 2020 and 2019 respectively:

	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(Dollars in thousands)
December 31, 2020
Held for Investment
States and political subdivisions	$	119	$	1	$	—	$	—	$	119	$	1
Total	$	119	$	1	$	—	$	—	$	119	$	1
Available for Sale
U.S. federal agencies	$	12,236	$	41	$	2,184	$	19	$	14,420	$	60
Asset backed securities		—		—		12,714		623		12,714		623
Total	$	12,236	$	41	$	14,898	$	642	$	27,134	$	683
December 31, 2019
Held for Investment
Mortgage backed securities	$	—	$	—	$	3	$	—	$	3	$	—
States and political subdivisions		1,016		5		—		—		1,016		5
Total	$	1,016	$	5	$	3	$	—	$	1,019	$	5
Available for Sale
U.S. treasuries	$	8,999	$	10	$	19,988	$	3	$	28,987	$	13
U.S. federal agencies		10,362		19		2,700		19		13,062		38
Mortgage backed securities		15,165		64		—		—		15,165		64
States and political subdivisions		3,890		45		—		—		3,890		45
Asset backed securities		—		—		12,714		606		12,714		606
Total	$	38,416	$	138	$	35,402	$	628	$	73,818	$	766

Management has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of December 31, 2020 and 2019, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. Management has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no significant impairment loss was realized in the Company’s consolidated statement of comprehensive income.