Investment Securities and Other Investments (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Schedule Of Investments [Abstract] |
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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.
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December 31, 2021 |
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(Dollars in thousands) |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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Available for sale |
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State and municipal |
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$ |
51,341 |
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$ |
302 |
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$ |
(530 |
) |
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$ |
51,113 |
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U.S. Treasury and agencies |
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65,680 |
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|
— |
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(1,614 |
) |
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|
64,066 |
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Mortgage backed securities |
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222,968 |
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403 |
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(4,261 |
) |
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219,110 |
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Corporate bonds |
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38,752 |
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|
808 |
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(317 |
) |
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39,243 |
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Total investment securities |
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$ |
378,741 |
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$ |
1,513 |
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$ |
(6,722 |
) |
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$ |
373,532 |
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December 31, 2020 |
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(Dollars in thousands) |
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Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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Available for sale |
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State and municipal |
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$ |
14,069 |
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$ |
258 |
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$ |
(68 |
) |
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$ |
14,259 |
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U.S. Treasury and agencies |
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2,500 |
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— |
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(91 |
) |
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|
2,409 |
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Mortgage backed securities |
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72,337 |
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696 |
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(398 |
) |
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72,635 |
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Corporate bonds |
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19,755 |
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469 |
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(52 |
) |
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20,172 |
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Total investment securities |
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$ |
108,661 |
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$ |
1,423 |
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$ |
(609 |
) |
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$ |
109,475 |
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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.
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December 31, 2021 |
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Less than 12 Months |
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12 Months or Greater |
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Total |
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(Dollars in thousands) |
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Number of Securities |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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State and municipal |
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38 |
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$ |
27,905 |
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$ |
(530 |
) |
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$ |
— |
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$ |
— |
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$ |
27,905 |
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$ |
(530 |
) |
U.S. Treasury and agencies |
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22 |
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64,067 |
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(1,614 |
) |
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— |
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— |
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64,067 |
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(1,614 |
) |
Mortgage backed securities |
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54 |
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186,924 |
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(4,257 |
) |
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543 |
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(4 |
) |
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187,467 |
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(4,261 |
) |
Corporate bonds |
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11 |
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6,770 |
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(313 |
) |
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996 |
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(4 |
) |
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7,766 |
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(317 |
) |
Total |
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|
125 |
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$ |
285,666 |
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$ |
(6,714 |
) |
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$ |
1,539 |
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$ |
(8 |
) |
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$ |
287,205 |
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$ |
(6,722 |
) |
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December 31, 2020 |
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Less than 12 Months |
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12 Months or Greater |
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Total |
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(Dollars in thousands) |
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Number of Securities |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
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State and municipal |
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6 |
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$ |
3,111 |
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$ |
(68 |
) |
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$ |
— |
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$ |
— |
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$ |
3,111 |
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$ |
(68 |
) |
U.S. Treasury and agencies |
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|
1 |
|
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2,410 |
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(91 |
) |
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— |
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— |
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2,410 |
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(91 |
) |
Mortgage backed securities |
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22 |
|
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20,545 |
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(65 |
) |
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8,592 |
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(333 |
) |
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29,137 |
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(398 |
) |
Corporate bonds |
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7 |
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3,242 |
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(7 |
) |
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1,955 |
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(45 |
) |
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5,197 |
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(52 |
) |
Total |
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36 |
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$ |
29,308 |
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$ |
(231 |
) |
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$ |
10,547 |
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$ |
(378 |
) |
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$ |
39,855 |
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$ |
(609 |
) |
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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.
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December 31, 2021 |
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(Dollars in thousands) |
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Amortized Cost |
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Fair Value |
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Due in one year or less |
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$ |
953 |
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$ |
954 |
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Due after one year through five years |
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25,492 |
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25,316 |
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Due after five years through ten years |
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120,439 |
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119,942 |
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Due after ten years |
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231,857 |
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|
227,320 |
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Total |
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$ |
378,741 |
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$ |
373,532 |
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