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Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]  
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment

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

 

 
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale

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.

 
Maturity of Debt Securities

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

 
Proceeds from Sales and Realized Securities Losses, on Available for Sale Debt Securities

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

 

 
Company's Book Value of Pledged Debt Securities

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

 

 
Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss

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