XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
SECURITIES
 3 Months Ended
Mar. 31, 2022
SECURITIES [Abstract]  
SECURITIES
2.  SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, at the dates indicated follows (dollars in thousands):

 
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
March 31, 2022
                        
Available for sale:
                        
U.S. government and agencies
  
$
—
    
$
—
    
$
—
    
$
—
  
State and municipal
    
263,318
      
223
      
(10,533
)
    
253,008
  
Mortgage-backed securities
    
422,603
      
106
      
(24,276
)
    
398,433
  
Collateralized mortgage obligations
    
103,976
      
1,043
      
—
      
105,019
  
Asset-backed and other amortizing securities
    
24,775
      
3
      
(243
)
    
24,535
  
Other securities
    
12,000
      
428
      
(19
)
    
12,409
  
   
$
826,672
    
$
1,803
    
$
(35,071
)
  
$
793,404
  

 
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
December 31, 2021
                        
Available for sale:
                        
U.S. government and agencies
  
$
—
    
$
—
    
$
—
    
$
—
  
State and municipal
    
265,143
      
10,615
      
(86
)
    
275,672
  
Mortgage-backed securities
    
302,973
      
4,230
      
(4,114
)
    
303,089
  
Collateralized mortgage obligations
    
106,733
      
—
      
(413
)
    
106,320
  
Asset-backed and other amortizing securities
    
26,046
      
1,108
      
(218
)
    
26,936
  
Other securities
    
12,000
      
487
      
—
      
12,487
  
   
$
712,895
    
$
16,440
    
$
(4,831
)
  
$
724,504
  

The amortized cost and fair value of securities at March 31, 2022 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities are shown separately since they are not due at a single maturity date.

 
Available for Sale
  
   
Amortized
Cost
    
Fair
Value
  
Within 1 year
  
$
954
    
$
962
  
After 1 year through 5 years
    
8,480
      
8,571
  
After 5 years through 10 years
    
22,185
      
22,574
  
After 10 years
    
243,699
      
233,310
  
Other
    
551,354
      
527,987
  
   
$
826,672
    
$
793,404
  

At both March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer, other than the U.S. government, its agencies, or its sponsored enterprises, in an amount greater than 10% of stockholders’ equity.

Securities with a carrying value of approximately $479.2 million and $474.5 million at March 31, 2022 and December 31, 2021, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law.

The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position (dollars in thousands):

 
Less than 12 Months
    
12 Months or More
    
Total
  
   
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
March 31, 2022
                                    
U.S. government and agencies
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
—
  
State and municipal
    
231,142
      
10,099
      
4,323
      
434
      
235,465
      
10,533
  
Mortgage-backed securities
    
318,090
      
14,524
      
74,294
      
9,752
      
392,384
      
24,276
  
Collateralized mortgage obligations
    
—
      
—
      
—
      
—
      
—
      
—
  
Asset-backed and other amortizing securities
    
22,964
      
243
      
—
      
—
      
22,964
      
243
  
Other securities
    
1,481
      
19
      
—
      
—
      
1,481
      
19
  
   
$
573,677
    
$
24,885
    
$
78,617
    
$
10,186
    
$
652,294
    
$
35,071
  
                                                 
December 31, 2021
                                                
U.S. government and agencies
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
—
  
State and municipal
    
21,255
      
86
      
—
      
—
      
21,255
      
86
  
Mortgage-backed securities
    
56,398
      
1,197
      
64,764
      
2,917
      
121,162
      
4,114
  
Collateralized mortgage obligations
    
106,320
      
413
      
—
      
—
      
106,320
      
413
  
Asset-backed and other amortizing securities
    
1,624
      
218
      
—
      
—
      
1,624
      
218
  
Other securities
    
—
      
—
      
—
      
—
      
—
      
—
  
   
$
185,597
    
$
1,914
    
$
64,764
    
$
2,917
    
$
250,361
    
$
4,831
  

There were 130 securities with an unrealized loss at March 31, 2022. Management does not believe that these losses are other than temporary as there is no intent to sell any of these securities before recovery and it is not probable the Company will be required to sell any of these securities before recovery, and credit loss, if any, is not material. These unrealized losses are largely due to recent significant increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or if market yields for such investments decline in future periods. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2022, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s combined financial statements.