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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2020
Investment Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available For Sale

The amortized cost and fair value of the securities available for sale are as follows:

(dollars in thousands)
 
December 31, 2020
 
 
 
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
 
 
                       
U.S. government sponsored enterprises
 
$
20,000
     
-
     
32
     
19,968
 
State and political subdivisions
   
103
     
-
     
-
     
103
 
Mortgage backed securities and collateralized mortgage obligations - residential
   
308,432
     
7,749
     
23
     
316,158
 
Corporate bonds
   
59,185
     
916
     
162
     
59,939
 
Small Business Administration - guaranteed participation securities
   
40,955
     
1,262
     
-
     
42,217
 
Other
   
685
     
1
     
-
     
686
 
Total securities available for sale
 
$
429,360
     
9,928
     
217
     
439,071
 

(dollars in thousands)
 
December 31, 2019
 
 
 
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Value
 
 
                       
U.S. government sponsored enterprises
 
$
104,895
     
36
     
419
     
104,512
 
State and political subdivisions
   
160
     
2
     
-
     
162
 
Mortgage backed securities and collateralized mortgage obligations - residential
   
388,537
     
2,406
     
1,426
     
389,517
 
Corporate bonds
   
30,164
     
367
     
95
     
30,436
 
Small Business Administration - guaranteed participation securities
   
48,991
     
-
     
480
     
48,511
 
Other
   
685
     
-
     
-
     
685
 
Total securities available for sale
   
573,432
     
2,811
     
2,420
     
573,823
 
Securities, Available-for-sale and Held-to-maturity [Abstract]  
Proceeds from Sales, Calls/Paydowns and Maturities of Securities Available for Sale, Gross Realized Gains and Gross Realized Losses

The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during 2020, 2019 and 2018 are as follows:

(dollars in thousands)
 
Years ended December 31,
 
 
 
2020
   
2019
   
2018
 
Proceeds from sales
 
$
29,219
   
$
-
   
$
-
 
Proceeds from calls/paydowns
   
247,624
     
192,003
     
78,230
 
Proceeds from maturities
   
10,007
     
10,052
     
45,604
 
Gross realized gains
   
1,155
     
-
     
-
 
Gross realized losses
   
-
     
-
     
-
 
Amortized Cost and Fair Value of Held to Maturity Securities

The amortized cost and fair value of the held to maturity securities are as follows:

 
 
December 31, 2020
 
(dollars in thousands)
 
Amortized
Cost
   
Gross
Unrecognized
Gains
   
Gross
Unrecognized
Losses
   
Fair
Value
 
Mortgage backed securities and collateralized mortgage obligations - residential
 
$
13,824
   
$
1,164
     
-
     
14,988
 
Total held to maturity
 
$
13,824
     
1,164
     
-
     
14,988
 

 
 
December 31, 2019
 
(dollars in thousands)
 
Amortized
Cost
   
Gross
Unrecognized
Gains
   
Gross
Unrecognized
Losses
   
Fair
Value
 
Mortgage backed securities and collateralized mortgage obligations - residential
 
$
18,618
     
1,062
     
-
     
19,680
 
Total held to maturity
 
$
18,618
     
1,062
     
-
     
19,680
 
Securities Held in Available For Sale and Held to Maturity Greater Than 10% of Shareholders Equity

The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2020 that represent greater than 10% of shareholders’ equity:

(dollars in thousands)
 
Amortized
Cost
   
Fair
Value
 
Federal National Mortgage Association
 
$
188,266
     
192,907
 
Federal Home Loan Mortgage Corporation
   
89,036
     
91,077
 
Corporate Bonds
   
59,185
     
59,939
 
Government National Mortgage Association
   
54,954
     
57,148
 
Securities Available for Sale [Member]  
Securities, Available-for-sale and Held-to-maturity [Abstract]  
Debt Securities Based on Securities Contractual Maturity

The following table distributes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2020, based on the securities’ final maturity.  Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.  Securities not due at a single maturity are shown separately:

(dollars in thousands)
 
Amortized
Cost
   
Fair
Value
 
Due in one year or less
 
$
9,174
     
9,270
 
Due in one year through five years
   
70,790
     
71,417
 
Due after five years through ten years
   
9
     
9
 
Mortgage backed securities and collateralized mortgage obligations - residential
   
308,432
     
316,158
 
Small Business Administration - guaranteed participation securities
   
40,955
     
42,217
 
 
 
$
429,360
     
439,071
 
Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position

Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

(dollars in thousands)
 
December 31, 2020
 
 
 
Less than
12 months
   
12 months
or more
   
Total
 
 
 
Fair
Value
   
Gross
Unreal.
Loss
   
Fair
Value
   
Gross
Unreal.
Loss
   
Fair
Value
   
Gross
Unreal.
Loss
 
U.S. government sponsored enterprises
 
$
19,968
     
32
     
-
     
-
     
19,968
     
32
 
Mortgage backed securities and collateralized mortgage obligations - residential
   
19,471
     
22
     
-
     
-
     
19,471
     
22
 
Corporate bonds
   
14,901
     
99
     
4,937
     
63
     
19,838
     
162
 
Total
 
$
54,340
     
153
     
4,937
     
63
     
59,277
     
216
 

(dollars in thousands)
 
December 31, 2019
 
 
 
Less than
12 months
   
12 months
or more
   
Total
 
 
 
Fair
Value
   
Gross
Unreal.
Loss
   
Fair
Value
   
Gross
Unreal.
Loss
   
Fair
Value
   
Gross
Unreal.
Loss
 
U.S. government sponsored enterprises
 
$
19,820
     
180
     
74,656
     
239
     
94,476
     
419
 
Mortgage backed securities and collateralized mortgage obligations - residential
   
67,322
     
446
     
169,169
     
980
     
236,491
     
1,426
 
Corporate bonds
   
4,905
     
95
     
-
     
-
     
4,905
     
95
 
Small Business Administration - guaranteed participation securities
   
48,510
     
480
     
-
     
-
     
48,510
     
480
 
Total
 
$
140,557
     
1,201
     
243,825
     
1,219
     
384,382
     
2,420
 
Held to Maturity Securities [Member]  
Securities, Available-for-sale and Held-to-maturity [Abstract]  
Debt Securities Based on Securities Contractual Maturity

The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2020, based on the securities’ final maturity.  Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.  Securities not due at a single maturity date are shown separately.

(dollars in thousands)
 
Amortized
Cost
   
Fair
Value
 
Mortgage backed securities and collateralized mortgage obligations - residential
 
$
13,824
     
14,988
 
 
 
$
13,824
     
14,988