XML 28 R13.htm IDEA: XBRL DOCUMENT v3.20.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale
The amortized cost and estimated fair values of investments available-for-sale at December 31 are presented in the following table:

20202019


(In thousands)		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
U.S. treasuries and government agencies$42,750 $549 $(2)$43,297 $260,294 $887 $(2,686)$258,495 
State and municipal377,108 13,470 (211)390,367 229,309 4,377 (37)233,649 
Mortgage-backed and asset-backed881,201 24,078 (847)904,432 568,373 3,268 (882)570,759 
Corporate debt9,100 825 — 9,925 9,100 452 — 9,552 
Trust preferred— — — — 310 — — 310 
Total debt securities1,310,159 38,922 (1,060)1,348,021 1,067,386 8,984 (3,605)1,072,765 
Marketable equity securities— — — — 568 — — 568 
Total investments available-for-sale$1,310,159 $38,922 $(1,060)$1,348,021 $1,067,954 $8,984 $(3,605)$1,073,333 
Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at December 31, 2020 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2020. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not that it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

The mortgage-backed and asset-backed portfolio at December 31, 2020 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($318.6 million), GNMA, FNMA or FHLMC mortgage-backed securities ($520.1 million) and SBA asset-backed securities ($65.7 million).

Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables:

 December 31, 2020
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies2 $25,369 $2 $— $— $25,369 $2 
State and municipal8 22,753 211 — — 22,753 211 
Mortgage-backed and asset-backed24 44,746 154 76,879 693 121,625 847 
Total34 $92,868 $367 $76,879 $693 $169,747 $1,060 

 December 31, 2019
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies12 $133,221 $2,211 $17,911 $475 $151,132 $2,686 
State and municipal3 7,227 37 — — 7,227 37 
Mortgage-backed and asset-backed35 107,917 508 76,867 374 184,784 882 
Total50 $248,365 $2,756 $94,778 $849 $343,143 $3,605 

The Company has allocated mortgage-backed and asset-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third-party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.
The estimated fair values and amortized costs of debt securities available-for-sale by contractual maturity at December 31 are provided in the following table:

December 31, 2020December 31, 2019
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$33,963 $33,833 $69,799 $69,330 
One to five years9,334 8,917 96,709 96,507 
Five to ten years— — — — 
After ten years— — 91,987 94,457 
State and municipal:
One year or less16,581 16,458 33,311 33,054 
One to five years44,910 43,857 76,723 75,432 
Five to ten years59,059 56,130 75,820 73,741 
After ten years269,817 260,663 47,795 47,082 
Mortgage-backed and asset-backed:
One year or less1 1 852 822 
One to five years21,637 21,229 7,125 6,969 
Five to ten years74,142 72,481 55,226 54,799 
After ten years808,652 787,490 507,556 505,783 
Corporate debt:
One year or less— — — — 
One to five years2,318 2,100 — — 
Five to ten years7,607 7,000 9,552 9,100 
After ten years— — — — 
Trust preferred:
One year or less— — — — 
One to five years— — — — 
Five to ten years— — — — 
After ten years— — 310 310 
Total available-for-sale debt securities$1,348,021 $1,310,159 $1,072,765 $1,067,386 

At December 31, 2020 and 2019, investments available-for-sale with a book value of $465.7 million and $424.8 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. government agency securities, exceeded ten percent of stockholders' equity at December 31, 2020 and 2019.

Equity securities
Other equity securities at the dates indicated are presented in the following table:
(In thousands)20202019
Federal Reserve Bank stock$38,650 $22,559 
Federal Home Loan Bank of Atlanta stock26,433 29,244 
Other equity securities677 — 
Total equity securities$65,760 $51,803 
Investment securities gains
Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:

(In thousands)202020192018
Gross realized gains from sales of investments available-for-sale$1,297 $14 $2,519 
Gross realized losses from sales of investments available-for-sale(1,068)(2)(2,343)
Net gains from calls of investments available-for-sale238 65 14 
Net investment securities gains$467 $77 $190