Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 are summarized as follows:

	June 30, 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	$	41,717	$	304	$	363	$	41,658
Residential mortgage-backed securities:
Government-sponsored agencies	55,274		1,594		295		56,573
Nongovernment-sponsored entities	17,761		102		267		17,596
State and political subdivisions
General obligations	27,669		510		146		28,033
Water and sewer revenues	13,955		409		1		14,363
Lease revenues	5,812		262		21		6,053
Income tax revenues	5,047		340		—		5,387
Jail authority revenues	4,018		95		—		4,113
Insurance premium revenues	5,070		17		16		5,071
Other revenues	19,623		920		111		20,432
Corporate debt securities	33,934		97		181		33,850
Asset-backed securities	47,164		295		181		47,278
Total taxable debt securities	277,044		4,945		1,582		280,407
Tax-exempt debt securities
State and political subdivisions
General obligations	39,530		1,740		208		41,062
Water and sewer revenues	7,497		618		—		8,115
Lease revenues	5,654		573		—		6,227
Other revenues	9,204		728		1		9,931
Total tax-exempt debt securities	61,885		3,659		209		65,335
Total debt securities available for sale	$	338,929	$	8,604	$	1,791	$	345,742

	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.

	June 30, 2021
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
California	$	24,918	$	932	$	182	$	25,668
Texas	14,546		756		42		15,260
Florida	12,775		493		31		13,237
Washington	11,186		280		115		11,351
Virginia	10,799		408		1		11,206

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of debt securities available for sale at June 30, 2021, are summarized as follows:

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	37,382	$	37,845
Due from one to five years	86,225		87,983
Due from five to ten years	86,879		87,616
Due after ten years	128,443		132,298
Total	$	338,929	$	345,742

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 six months ended June 30, 2021 and 2020 are as follows:

	Proceeds from						Gross realized
Dollars in thousands	Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Six Months Ended   June 30,
2021	$	8,241	$	3,055	$	14,812	$	628	$	26
2020	$	74,750	$	2,200	$	12,278	$	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 June 30, 2021 and December 31, 2020.

	June 30, 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	40	$	8,691	$	17	$	24,162	$	346	$	32,853	$	363
Residential mortgage-backed securities:
Government-sponsored agencies	10	2,898		62		8,836		233		11,734		295
Nongovernment-sponsored entities	7	8,923		103		2,895		164		11,818		267
State and political subdivisions:
General obligations	14	12,710		146		—		—		12,710		146
Water and sewer revenues	1	1,516		1		—		—		1,516		1
Lease revenues	2	1,474		21		—		—		1,474		21
Insurance premium revenues	1	3,045		16		—		—		3,045		16
Other revenues	6	5,173		111		—		—		5,173		111
Corporate debt securities	10	9,683		169		1,988		12		11,671		181
Asset-backed securities	10	5,262		20		18,844		161		24,106		181
Tax-exempt debt securities
State and political subdivisions:
General obligations	8	20,628		208		—		—		20,628		208
Other revenues	1	—		—		156		1		156		1
Total	110	$	80,003	$	874	$	56,881	$	917	$	136,884	$	1,791

	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 June 30, 2021 and December 31, 2020 are summarized as follows:

	June 30, 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	$	72,500	$	2,770	$	—	$	75,270
Water and sewer revenues	8,284		208		—		8,492
Lease revenues	4,356		64		—		4,420
Sales tax revenues	4,616		81		3		4,694
Other revenues	9,239		283		10		9,512
Total debt securities held to maturity	$	98,995	$	3,406	$	13	$	102,388

	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.

	June 30, 2021
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	15,548	$	592	$	—	$	16,140
California	9,979		367		—		10,346
Pennsylvania	8,710		334		—		9,044
Florida	7,660		278		—		7,938
Michigan	7,097		195		10		7,282

Held to Maturity Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of held to maturity debt securities at June 30, 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	2,017		2,051
Due after ten years	96,978		100,337
Total	$	98,995	$	102,388

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 June 30, 2021 and December 31, 2020.

	June 30, 2021
Dollars in thousands	AAA		AA		A		BBB		Below Investment Grade
Tax-exempt state and political subdivisions	$	15,593	$	75,859	$	7,543	$	—	$	—
	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	$	—	$	—