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Investment Securities and Other Investments (Tables)
12 Months Ended
Dec. 31, 2021
Schedule Of Investments [Abstract]  
Summary of Amortized Cost and Fair Values of Investment Securities

Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities at the dates stated.

 

 

 

December 31, 2021

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

   State and municipal

 

$

51,341

 

 

$

302

 

 

$

(530

)

 

$

51,113

 

   U.S. Treasury and agencies

 

 

65,680

 

 

 

 

 

 

(1,614

)

 

 

64,066

 

   Mortgage backed securities

 

 

222,968

 

 

 

403

 

 

 

(4,261

)

 

 

219,110

 

   Corporate bonds

 

 

38,752

 

 

 

808

 

 

 

(317

)

 

 

39,243

 

Total investment securities

 

$

378,741

 

 

$

1,513

 

 

$

(6,722

)

 

$

373,532

 

 


 

 

December 31, 2020

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

   State and municipal

 

$

14,069

 

 

$

258

 

 

$

(68

)

 

$

14,259

 

   U.S. Treasury and agencies

 

 

2,500

 

 

 

 

 

 

(91

)

 

 

2,409

 

   Mortgage backed securities

 

 

72,337

 

 

 

696

 

 

 

(398

)

 

 

72,635

 

   Corporate bonds

 

 

19,755

 

 

 

469

 

 

 

(52

)

 

 

20,172

 

Total investment securities

 

$

108,661

 

 

$

1,423

 

 

$

(609

)

 

$

109,475

 

Summary of Unrealized Losses

The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period.

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(Dollars in thousands)

 

Number of Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

State and municipal

 

 

38

 

 

$

27,905

 

 

$

(530

)

 

$

 

 

$

 

 

$

27,905

 

 

$

(530

)

U.S. Treasury and agencies

 

 

22

 

 

 

64,067

 

 

 

(1,614

)

 

 

 

 

 

 

 

 

64,067

 

 

 

(1,614

)

Mortgage backed securities

 

 

54

 

 

 

186,924

 

 

 

(4,257

)

 

 

543

 

 

 

(4

)

 

 

187,467

 

 

 

(4,261

)

Corporate bonds

 

 

11

 

 

 

6,770

 

 

 

(313

)

 

 

996

 

 

 

(4

)

 

 

7,766

 

 

 

(317

)

Total

 

 

125

 

 

$

285,666

 

 

$

(6,714

)

 

$

1,539

 

 

$

(8

)

 

$

287,205

 

 

$

(6,722

)

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(Dollars in thousands)

 

Number of Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

State and municipal

 

 

6

 

 

$

3,111

 

 

$

(68

)

 

$

 

 

$

 

 

$

3,111

 

 

$

(68

)

U.S. Treasury and agencies

 

 

1

 

 

 

2,410

 

 

 

(91

)

 

 

 

 

 

 

 

 

2,410

 

 

 

(91

)

Mortgage backed securities

 

 

22

 

 

 

20,545

 

 

 

(65

)

 

 

8,592

 

 

 

(333

)

 

 

29,137

 

 

 

(398

)

Corporate bonds

 

 

7

 

 

 

3,242

 

 

 

(7

)

 

 

1,955

 

 

 

(45

)

 

 

5,197

 

 

 

(52

)

Total

 

 

36

 

 

$

29,308

 

 

$

(231

)

 

$

10,547

 

 

$

(378

)

 

$

39,855

 

 

$

(609

)

Summary of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the dates stated. Expected maturities may differ from contractual maturities because borrowers 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

 

Due in one year or less

 

$

953

 

 

$

954

 

Due after one year through five years

 

 

25,492

 

 

 

25,316

 

Due after five years through ten years

 

 

120,439

 

 

 

119,942

 

Due after ten years

 

 

231,857

 

 

 

227,320

 

Total

 

$

378,741

 

 

$

373,532