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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Investment Securities [Abstract]  
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale
The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows:

Available-for-Sale Securities
 
     Gross Unrealized    
 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair
Value
  
As of March 31, 2022                                
U.S. Treasury notes
  
$
9,955
    
$
41
    
$
-
    
$
9,996
  
U.S. Government-sponsored securities
    
5,771
      
54
      
36
      
5,789
  
Mortgage-backed securities (1)
    
241,585
      
370
      
18,054
      
223,901
  
Collateralized mortgage obligations (1)
    1,549       -       5       1,544  
Corporate securities
    
10,051
      
-
      
216
      
9,835
  
Other
    
310
      
-
      
-
      
310
  
Total available-for-sale securities
  
$
269,221
    
$
465
    
$
18,311
    
$
251,375
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Available-for-Sale Securities  

   
Gross Unrealized
    

 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair
Value
  
 
As of December 31, 2021
                                
U.S. Treasury notes
  
$
9,938
    
$
151
    
$
-
    
$
10,089
  
U.S. Government-sponsored securities
    
6,351
      
62
      
39
      
6,374
  
Mortgage-backed securities (1)
    
253,300
      
3,200
      
5,380
      
251,120
  
Collateralized mortgage obligations (1)
     2,412       24       -       2,436  
Other
    
435
      
-
      
-
      
435
  
Total available-for-sale securities
  
$
272,436
    
$
3,437
    
$
5,419
    
$
270,454
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity
The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows:

Held-to-Maturity Securities  

   
Gross Unrealized
    

 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair
Value
  
As of March 31, 2022                        
Municipal securities
  
$
63,581
    
$
162
    
$
65
    
$
63,678
  
Mortgage-backed securities (1)
    
695,249
      
-
      
60,650
      
634,599
  
Collateralized mortgage obligations (1)
     117,427       -       4,795       112,632  
Total held-to-maturity securities
  
$
876,257
    
$
162
    
$
65,510
    
$
810,909
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Held-to-Maturity Securities
  

   
Gross Unrealized
    

 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair
Value
  
As of December 31, 2021                        
Municipal securities
  
$
66,496
    
$
701
    
$
-
    
$
67,197
  
Mortgage-backed securities (1)
     596,775       45       11,764       585,056  
Collateralized mortgage obligations (1)
     73,781       36       229       73,588  
Total held-to-maturity securities
  
$
737,052
    
$
782
    
$
11,993
    
$
725,841
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Gross Unrealized Losses for Available-for-Sale Securities

The following tables show the gross unrealized losses for available-for-sale securities that are less than 12 months and 12 months or more:
Available-for-Sale Securities
              
As of March 31, 2022
              
   
Less Than 12 Months
    
12 Months or More
    
Total
  
(Dollars in thousands)
  
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
As of March 31, 2022
                                    
U.S. Government-sponsored securities
  
$
15
    
$
-
    
$
1,992
    
$
36
    
$
2,007
    
$
36
  
Mortgage-backed securities(1)
    
81,711
      
3,753
      
114,391
      
14,301
      
196,102
      
18,054
  
Collateralized Mortgage Obligations(1)
    
1,544
      
5
      
-
      
-
      
1,544
      
5
  
Corporate securities
    
9,835
      
216
      
-
      
-
      
9,835
      
216
  
Total available-for-sale securities
  
$
93,105
    
$
3,974
    
$
116,383
    
$
14,337
    
$
209,488
    
$
18,311
  



(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Available-for-Sale Securities
              
As of December 31, 2021
              
   
Less Than 12 Months
    
12 Months or More
    
Total
  
(Dollars in thousands)
  
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
  
As of December 31, 2021
                                    
U.S. Government-sponsored securities
  
$
183
    
$
-
    
$
2,007
    
$
39
    
$
2,190
    
$
39
  
Mortgage-backed securities(1)
    
61,469
      
1,192
      
104,489
      
4,188
      
165,958
      
5,380
  
Total available-for-sale securities
  
$
61,652
    
$
1,192
    
$
106,496
    
$
4,227
    
$
168,148
    
$
5,419
  



(1) All mortgage-backed securities were issued by an agency or government sponsored entity of the U.S. Government.
Gross Unrealized Losses for Held-to-Maturity Securities

The following tables show the gross unrealized losses for held-to-maturity securities that are less than 12 months and 12 months or more:
Held-to-Maturity Securities
              
As of March 31, 2022
              
(Dollars in thousands)
  
Less Than 12 Months
    
12 Months or More
    
Total
  
   
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
As of March 31, 2022
                                    
Municipal securities
  
$
1,034
    
$
65
    
$
-
    
$
-
    
$
1,034
    
$
65
  
Mortgage-backed securities(1)
    
398,924
      
31,318
      
234,460
      
29,332
      
633,384
      
60,650
  
Collateralized mortgage obligations(1)
    
73,221
      
4,795
      
-
      
-
      
73,221
      
4,795
  
Total held-to-maturity securities
  
$
473,179
    
$
36,178
    
$
234,460
    
$
29,332
    
$
707,639
    
$
65,510
  



(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Held-to-Maturity Securities
              
As of December 31, 2021
              
(Dollars in thousands)
  
Less Than 12 Months
    
12 Months or More
    
Total
  
   
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
As of December 31, 2021
                                    
Mortgage-backed securities(1)
  
$
570,119
    
$
11,764
    
$
-
    
$
-
    
$
570,119
    
$
11,764
  
Collateralized mortgage obligations(1)
    
58,977
      
229
      
-
      
-
      
58,977
      
229
  
Total held-to-maturity securities
  
$
629,096
    
$
11,993
    
$
-
    
$
-
    
$
629,096
    
$
11,993
  


(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity
The amortized cost and estimated fair values of investment securities at March 31, 2022 by contractual maturity are shown in the following tables:

 
Available-for-Sale
    
Held-to-Maturity
  
(Dollars in thousands)
  
Amortized
Cost
    
Fair
Value
    
Amortized
Cost
    
Fair
Value
  
Securities maturing in:
                               
One year or less
 
$
10,268
    
$
10,310
    
$
908
    
$
908
  
After one year through five years
    
5,160
      
5,073
      
7,118
      
7,113
  
After five years through ten years
    
5,455
      
5,326
      
16,690
      
16,846
  
After ten years
    
5,204
      
5,221
      
38,865
      
38,811
  
    $
26,087
     $
25,930
     $
63,581
     $
63,678
  
                                 
Securities not due at a single maturity date:
                                
Mortgage-backed securities
    
241,585
      
223,901
      
695,249
      
634,599
  
Collateralized Mortgage Obligations
     1,549       1,544       117,427       112,632  
Total
  
$
269,221
    
$
251,375
    
$
876,257
    
$
810,909
  
Credit Quality of Available-for-Sale and Held-to-Maturity Debt Securities
The Company monitors the credit quality of available-for-sale and held-to-maturity debt securities through the use of credit rating. Credit ratings are reviewed and updated quarterly. The following table summarizes the fair value of available-for-sale and amortized cost of held-to-maturity debt securities by credit rating at March 31, 2022:

     Available-for-Sale      Held-to-Maturity  
   
Fair Value
    
Amortized Cost
  
(Dollars in thousands)
  
AAA/AA/A
    
BBB/BB/B
    
Not Rated
    
AAA/AA/A
    
BBB/BB/B
    
Not Rated
  
March 31, 2022
                                    
                                     
Breakdown by Category:
                                    
U.S. Treasury notes(1)
  
$
-
    
$
-
    
$
9,996
    
$
-
    
$
-
    
$
-
  
U.S. Government-sponsored securities
    
-
      
-
      
5,789
      
-
      
-
      
-
  
Mortgage-backed securities(1)
    
-
      
-
      
223,901
      
-
      
-
      
695,249
  
Collateralized mortgage obligations(1)
    
-
      
-
      
1,544
      
-
      
-
      
117,427
  
Obligations of States and Political Subdivisions
    
-
      
-
      
-
      
19,715
      
134
      
43,732
  
Corporate securities
    
9,835
      
-
      
-
      
-
      
-
      
-
  
Other
    
-
      
-
      
310
      
-
      
-
      
-
  
                                                 
Total Investment Grade
  
$
9,835
    
$
-
    
$
241,540
    
$
19,715
    
$
134
    
$
856,408
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government. All U.S. Treasury notes are backed by the “full faith and credit” of the U.S. Government.
Proceeds from Sales and Calls of Securities
Proceeds from sales and calls of these securities were as follows:
(Dollars in thousands)
  
Gross
Proceeds
    
Gross
Gains
    
Gross
Losses
  
Three months ended March 31, 2022
  
$
2,190
    
$
-
    
$
-
  
Three months ended March 31, 2021
  
$
63,788
    
$
1,840
    
$
-