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Securities (Tables)

12 Months Ended

Dec. 31, 2020

Debt Securities, Available-for-sale and Held-to-maturity [Abstract]

The amortized cost, unrealized gains, unrealized losses and estimated fair values of debt securities available for sale at December 31, 2020 and 2019, are summarized as follows:


	December 31, 2020
	Amortized		Unrealized
Dollars in thousands	Cost		Gains		Losses		Fair Value
Debt Securities Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	35,190	$	361	$	394	$	35,157
Residential mortgage-backed securities:
Government-sponsored agencies	57,399		1,996		349		59,046
Nongovernment-sponsored entities	16,799		132		244		16,687
State and political subdivisions
General obligations	15,065		804		4		15,865
Water and sewer revenues	10,176		620		—		10,796
Lease revenues	4,825		341		—		5,166
College and university revenues	3,022		315		—		3,337
Income tax revenues	5,052		376		—		5,428
Other revenues	9,406		907		—		10,313
Corporate debt securities	26,483		56		112		26,427
Asset-backed securities	46,579		172		625		46,126
Total taxable debt securities	229,996		6,080		1,728		234,348
Tax-exempt debt securities
State and political subdivisions
General obligations	22,213		2,416		9		24,620
Water and sewer revenues	8,266		709		—		8,975
Lease revenues	7,195		799		—		7,994





Other revenues	9,487		711		8		10,190
Total tax-exempt debt securities	47,161		4,635		17		51,779

Total debt securities available for sale	$	277,157	$	10,715	$	1,745	$	286,127


	December 31, 2019
	Amortized		Unrealized
Dollars in thousands	Cost		Gains		Losses		Fair Value
Debt Securities Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	21,036	$	212	$	384	$	20,864
Residential mortgage-backed securities:
Government-sponsored agencies	70,379		1,031		435		70,975
Nongovernment-sponsored entities	10,253		17		41		10,229
State and political subdivisions
General obligations	12,603		25		171		12,457
Water and sewer revenues	7,170		71		114		7,127
Lease revenues	5,310		25		77		5,258
College and university revenues	5,917		164		16		6,065
Other revenues	18,831		344		109		19,066
Corporate debt securities	18,268		81		149		18,200
Asset-backed securities	33,826		—		812		33,014
Total taxable debt securities	203,593		1,970		2,308		203,255
Tax-exempt debt securities
State and political subdivisions
General obligations	36,673		2,526		—		39,199
Water and sewer revenues	9,565		633		—		10,198
Lease revenues	8,455		598		—		9,053





Other revenues	13,929		728		7		14,650
Total tax-exempt debt securities	68,622		4,485		7		73,100

Total debt securities available for sale	$	272,215	$	6,455	$	2,315	$	276,355

Summary Of Volume of State and Political Subdivision Securities Held in Portfolio

We own no such securities of any single issuer which we deem to be a concentration.


	December 31, 2020
	Amortized		Unrealized
Dollars in thousands	Cost		Gains		Losses		Fair Value

California	$	14,569	$	1,386	$	—	$	15,955


Texas	11,978		896		—		12,874


New York	10,441		947		—		11,388
Virginia	8,151		566		—		8,717
Florida	7,728		589		4		8,313

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities of available for sale securities, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized are as follows:


Dollars in thousands	Proceeds from						Gross realized
			Calls and		Principal
Years ended December 31,	Sales		Maturities		Payments		Gains		Losses
2020	$	124,809	$	3,525	$	24,654	$	3,489	$	17
2019	142,423		1,871		22,870		2,270		332
2018	107,559		1,145		24,814		1,785		1,163

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of securities available for sale at December 31, 2020, are summarized as follows:


Dollars in thousands	Amortized Cost		Fair Value
Due in one year or less	$	34,731	$	35,192
Due from one to five years	82,553		84,313
Due from five to ten years	59,749		60,645
Due after ten years	100,124		105,977

Total	$	277,157	$	286,127

Schedule of Unrealized Loss on Investments

Provided below is a summary of debt securities available for sale which were in an unrealized loss position and for which an allowance for credit losses has not been recorded at December 31, 2020 and 2019.


	2020
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	36	$	12,611	$	54	$	14,384	$	340	$	26,995	$	394
Residential mortgage-backed securities:
Government-sponsored agencies	10	3,127		34		8,593		315		11,720		349
Nongovernment-sponsored entities	6	6,770		35		2,751		209		9,521		244
State and political subdivisions:
General obligations	1	362		4		—		—		362		4




Corporate debt securities	6	3,952		16		1,904		96		5,856		112
Asset-backed securities	16	2,010		2		31,862		623		33,872		625
Tax-exempt debt securities
State and political subdivisions:
General obligations	1	924		9		—		—		924		9






Other revenues	2	415		1		151		7		566		8
Total	78	$	30,171	$	155	$	59,645	$	1,590	$	89,816	$	1,745


	2019
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	15	$	—	$	—	$	14,903	$	384	$	14,903	$	384
Residential mortgage-backed securities:
Government-sponsored agencies	21	12,298		96		15,174		339		27,472		435
Nongovernment-sponsored entities	4	8,323		41		—		—		8,323		41
State and political subdivisions:
General obligations	10	10,581		171		—		—		10,581		171
Water and sewer revenues	4	4,421		114		—		—		4,421		114
Lease revenues	4	4,235		77		—		—		4,235		77
College and university revenues	1	1,307		16		—		—		1,307		16
Other revenues	6	6,517		109		—		—		6,517		109
Corporate debt securities	6	1,686		3		3,739		146		5,425		149
Asset-backed securities	15	3,441		34		29,573		778		33,014		812
Tax-exempt debt securities
State and political subdivisions:







Other revenues	2	1,183		7		—		—		1,183		7
Total	88	$	53,992	$	668	$	63,389	$	1,647	$	117,381	$	2,315

Debt Securities, Held-to-maturity

The amortized cost, unrealized gains, unrealized losses and estimated fair values of debt securities held to maturity at December 31, 2020 are summarized as follows:


	December 31, 2020
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Debt Securities Held to Maturity
Tax-exempt debt securities
State and political subdivisions
General obligations	$	73,179	$	2,524	$	—	$	75,703
Water and sewer revenues	8,375		256		—		8,631
Lease revenues	4,395		88		—		4,483


Sales tax revenues	4,649		94		3		4,740




Other revenues	9,316		309		25		9,600

Total Debt Securities Held to Maturity	$	99,914	$	3,271	$	28	$	103,157

Summary of Volume of State and Political Subdivision Securities Held to Maturity

The below information is relative to the five states where issuers with the highest volume of state and political subdivision securities held in our held to maturity portfolio are located. We own no such securities of any single issuer which we deem to be a concentration.


	December 31, 2020
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	15,695	$	600	$	—	$	16,295
California	10,081		377		—		10,458
Pennsylvania	8,786		186		—		8,972
Florida	7,724		299		—		8,023
Michigan	7,160		144		3		7,301

Held to Maturity Securities by Credit Rating

The following table displays the amortized cost of held to maturity securities by credit rating at December 31, 2020.



Dollars in thousands	AAA		AA		A		BBB		Below Investment Grade
Tax-exempt state and political subdivisions	$	15,735	$	76,585	$	7,594	$	—	$	—

Held to Maturity Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of debt securities held to maturity at December 31, 2020, are summarized as follows:


Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	—	$	—
Due from one to five years	—		—
Due from five to ten years	2,038		2,105
Due after ten years	97,876		101,052

Total	$	99,914	$	103,157