Securities (Tables)

3 Months Ended

Mar. 31, 2021

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

Summary of Amortized Cost and Fair Value of Available-for-sale Securities

The amortized cost, unrealized gains, unrealized losses and estimated fair values of debt securities available for sale at March 31, 2021 and December 31, 2020 are summarized as follows:

	March 31, 2021
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Debt Securities Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	43,517	$	323	$	388	$	43,452
Residential mortgage-backed securities:
Government-sponsored agencies	59,719		1,719		364		61,074
Nongovernment-sponsored entities	18,675		123		307		18,491
State and political subdivisions
General obligations	23,440		264		505		23,199
Water and sewer revenues	11,212		238		91		11,359
Lease revenues	5,812		148		73		5,887
Income tax revenues	5,050		271		—		5,321
Jail authority revenues	4,019		44		25		4,038
Various tax revenues	3,342		—		184		3,158
Other revenues	11,060		773		—		11,833
Corporate debt securities	29,568		125		35		29,658
Asset-backed securities	48,022		264		265		48,021
Total taxable debt securities	263,436		4,292		2,237		265,491
Tax-exempt debt securities
State and political subdivisions
General obligations	18,509		1,536		30		20,015
Water and sewer revenues	8,177		571		—		8,748
Lease revenues	7,171		640		—		7,811
Other revenues	8,696		628		5		9,319
Total tax-exempt debt securities	42,553		3,375		35		45,893
Total debt securities available for sale	$	305,989	$	7,667	$	2,272	$	311,384

	December 31, 2020
	Amortized		Unrealized				Estimated
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

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.

	March 31, 2021
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
California	$	22,374	$	658	$	444	$	22,588
Texas	10,949		575		117		11,407
New York	10,425		759		—		11,184
Virginia	10,801		226		31		10,996
Florida	7,717		385		66		8,036

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of debt securities available for sale at March 31, 2021, are summarized as follows:

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	35,953	$	36,387
Due from one to five years	90,019		91,719
Due from five to ten years	65,888		66,497
Due after ten years	114,129		116,781
Total	$	305,989	$	311,384

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities of debt securities available for sale, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the three months ended March 31, 2021 and 2020 are as follows:

	Proceeds from						Gross realized
Dollars in thousands	Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Three Months Ended   March 31,
2021	$	5,117	$	2,825	$	7,222	$	476	$	—
2020	$	74,750	$	2,200	$	6,374	$	1,038	$	—

Schedule of Unrealized Loss on Investments

Provided below is a summary of debt securities available for sale which were in an unrealized loss position at March 31, 2021 and December 31, 2020.

	March 31, 2021
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Taxable debt securities
U.S. Government agencies and corporations	41	$	9,053	$	21	$	25,552	$	367	$	34,605	$	388
Residential mortgage-backed securities:
Government-sponsored agencies	13	9,228		130		8,258		234		17,486		364
Nongovernment-sponsored entities	7	8,116		116		4,093		191		12,209		307
State and political subdivisions:
General obligations	14	10,804		505		—		—		10,804		505
Water and sewer revenues	6	6,096		91		—		—		6,096		91
Lease revenues	2	1,422		73		—		—		1,422		73
Jail authority revenues	2	2,628		25		—		—		2,628		25
Various tax revenues	5	3,158		184		—		—		3,158		184
Corporate debt securities	7	5,516		17		1,982		18		7,498		35
Asset-backed securities	12	5,396		45		22,896		220		28,292		265
Tax-exempt debt securities
State and political subdivisions:
General obligations	2	1,936		30		—		—		1,936		30
Other revenues	1	—		—		152		5		152		5
Total	112	$	63,353	$	1,237	$	62,933	$	1,035	$	126,286	$	2,272

	December 31, 2020
		Less than 12 months				12 months or more				Total
Dollars in thousands	# of securities in loss position	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated 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

Debt Securities, Held-to-maturity

The amortized cost, unrealized gains, unrealized losses and estimated fair values of debt securities held to maturity at March 31, 2021 and December 31, 2020 are summarized as follows:

	March 31, 2021
	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	$	72,842	$	1,056	$	194	$	73,704
Water and sewer revenues	8,330		45		15		8,360
Lease revenues	4,376		—		27		4,349
Sales tax revenues	4,632		20		45		4,607
Other revenues	9,277		163		106		9,334
Total debt securities held to maturity	$	99,457	$	1,284	$	387	$	100,354

	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.

	March 31, 2021
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	15,622	$	342	$	15	$	15,949
California	10,030		144		30		10,144
Pennsylvania	8,748		9		18		8,739
Florida	7,692		77		—		7,769
Michigan	7,129		42		52		7,119

Held to Maturity Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of held to maturity debt securities at March 31, 2021, 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	2,027		2,033
Due after ten years	97,430		98,321
Total	$	99,457	$	100,354

Debt Securities Held to Maturity by Credit Rating

The following table displays the amortized cost of held to maturity debt securities by credit rating at March 31, 2021 and December 31, 2020.

	March 31, 2021
Dollars in thousands	AAA		AA		A		BBB		Below Investment Grade
Tax-exempt state and political subdivisions	$	13,257	$	78,631	$	7,569	$	—	$	—
	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	$	—	$	—