Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of period end available-for-sale debt and equity securities consisted of the following:

	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value
	(Dollars in thousands)
Available-for-sale debt securities
Mortgage-backed - GSE residential	$	122,093	$	4,690	$	—	$	126,783
Collateralized mortgage obligations - GSE residential	71,735		1,271		7		72,999
State and political subdivisions	421,075		28,339		220		449,194
Corporate bonds	860		67		2		925
Total available-for-sale debt securities	615,763		34,367		229		649,901
Equity securities
Mutual funds	2,222		23		—		2,245
Total equity securities	2,222		23		—		2,245
Total available-for-sale securities	$	617,985	$	34,390	$	229	$	652,146

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Approximate Fair Value
	(Dollars in thousands)
Available-for-sale debt securities
Mortgage-backed - GSE residential	$	151,037	$	1,668	$	193	$	152,512
Collateralized mortgage obligations - GSE residential	128,876		625		289		129,212
State and political subdivisions	436,448		19,996		104		456,340
Corporate bonds	1,321		88		—		1,409
Total available-for-sale debt securities	717,682		22,377		586		739,473
Equity securities
Mutual funds	2,190		—		29		2,161
Total equity securities	2,190		—		29		2,161
Total available-for-sale securities	$	719,872	$	22,377	$	615	$	741,634

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of available-for-sale debt securities at September 30, 2020, by contractual maturity, are shown below:

	September 30, 2020
	Within			After One to			After Five to			After
	One Year			Five Years			Ten Years			Ten Years			Total
	(Dollars in thousands)
Available-for-sale debt securities
Mortgage-backed - GSE residential(1)
Amortized cost	$	—		$	55		$	199		$	121,839		$	122,093
Estimated fair value	$	—		$	58		$	213		$	126,512		$	126,783
Weighted average yield(2)	—		%	4.57		%	3.91		%	2.03		%	2.06		%
Collateralized mortgage obligations - GSE residential(1)
Amortized cost	$	—		$	—		$	2,496		$	69,239		$	71,735
Estimated fair value	$	—		$	—		$	2,735		$	70,264		$	72,999
Weighted average yield(2)	—		%	—		%	2.77		%	1.10		%	1.16		%
State and political subdivisions
Amortized cost	$	653		$	7,407		$	59,992		$	353,023		$	421,075
Estimated fair value	$	654		$	7,573		$	65,059		$	375,908		$	449,194
Weighted average yield(2)	8.02		%	5.44		%	3.52		%	3.08		%	3.19		%
Corporate bonds
Amortized cost	$	—		$	—		$	860		$	—		$	860
Estimated fair value	$	—		$	—		$	925		$	—		$	925
Weighted average yield(2)	—		%	—		%	5.57		%	—		%	5.57		%
Total available-for-sale debt securities
Amortized cost	$	653		$	7,462		$	63,547		$	544,101		$	615,763
Estimated fair value	$	654		$	7,631		$	68,932		$	572,684		$	649,901
Weighted average yield(2)	8.02		%	5.44		%	3.52		%	2.59		%	2.73		%
(1) Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties.
(2) Yields are calculated based on amortized cost.

Schedule of Unrealized Loss on Investments

The following tables show the number of securities, unrealized loss, and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired (“OTTI”), aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2020 and December 31, 2019:

	September 30, 2020
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities
	(Dollars in thousands)
Available-for-sale debt securities
Mortgage-backed - GSE residential	$	—	$	—	—	$	—	$	—	—	$	—	$	—	—
Collateralized mortgage obligations - GSE residential	3,178		7		1	—		—		—	3,178		7		1
State and political subdivisions	14,998		220		19	26		—		1	15,024		220		20
Corporate bonds	457		2		1	—		—		—	457		2		1
Total temporarily impaired debt securities	$	18,633	$	229	21	$	26	$	—	1	$	18,659	$	229	22

	December 31, 2019
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities
	(Dollars in thousands)
Available-for-sale debt securities
Mortgage-backed - GSE residential	$	7,959	$	38	2	$	20,396	$	155	4	$	28,355	$	193	6
Collateralized mortgage obligations - GSE residential	48,980		199		7	8,622		90		9	57,602		289		16
State and political subdivisions	21,412		102		11	167		2		2	21,579		104		13
Corporate bonds	530		—		1	—		—		—	530		—		1
Total temporarily impaired debt securities	$	78,881	$	339	21	$	29,185	$	247	15	$	108,066	$	586	36