XML 55 R39.htm IDEA: XBRL DOCUMENT

Securities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]

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, 2021
	Amortized		Unrealized
Dollars in thousands	Cost		Gains		Losses		Fair Value

California	$	48,491	$	772	$	752	$	48,511


Texas	23,343		437		379		23,401


Pennsylvania	14,144		553		51		14,646
Oregon	14,756		—		242		14,514
Washington	12,801		286		87		13,000

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
2021	$	64,932	$	8,070	$	29,869	$	1,210	$	785
2020	124,809		3,525		24,654		3,489		17
2019	142,423		1,871		22,870		2,270		332

Investments Classified by Contractual Maturity Date

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


Dollars in thousands	Amortized Cost		Fair Value
Due in one year or less	$	35,994	$	36,145
Due from one to five years	82,985		84,082
Due from five to ten years	61,419		61,702
Due after ten years	218,245		219,174

Total	$	398,643	$	401,103

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, 2021 and 2020.


	2021
		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	41	$	6,630	$	23	$	21,061	$	337	$	27,691	$	360
Residential mortgage-backed securities:
Government-sponsored agencies	19	19,828		376		6,886		212		26,714		588
Nongovernment-sponsored entities	6	4,345		61		7,591		218		11,936		279
State and political subdivisions:
General obligations	41	62,543		1,286		1,055		37		63,598		1,323

Lease revenues	2	1,564		14		494		12		2,058		26
Income tax revenues	1	721		3		—		—		721		3
Sales tax revenues	2	6,052		99		—		—		6,052		99
Various tax revenues	5	8,389		203		—		—		8,389		203
Utility revenues	3	5,175		130		—		—		5,175		130

Other revenues	1	744		9		—		—		744		9
Corporate debt securities	10	10,534		314		990		10		11,524		324
Asset-backed securities	8	10,522		86		751		1		11,273		87
Tax-exempt debt securities
State and political subdivisions:
General obligations	13	25,555		261		853		9		26,408		270
Water and sewer revenues	1	904		15		—		—		904		15
Lease revenues	1	2,396		31		—		—		2,396		31




Other revenues	3	3,558		15		156		1		3,714		16
Total	157	$	169,460	$	2,926	$	39,837	$	837	$	209,297	$	3,763


	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

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, 2021 and 2020 are summarized as follows:


	December 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	$	71,807	$	2,583	$	—	$	74,390
Water and sewer revenues	8,192		210		—		8,402
Lease revenues	4,316		74		—		4,390


Sales tax revenues	4,582		106		—		4,688




Other revenues	9,163		214		5		9,372

Total Debt Securities Held to Maturity	$	98,060	$	3,187	$	5	$	101,242


	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, 2021
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	15,400	$	551	$	—	$	15,951
California	9,875		344		—		10,219
Pennsylvania	8,634		332		—		8,966
Florida	7,596		212		—		7,808
Michigan	7,034		181		4		7,211

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, 2021 and 2020.


	December 31, 2021
Dollars in thousands	AAA		AA		A		BBB		Below Investment Grade
Tax-exempt state and political subdivisions	$	15,450	$	75,119	$	7,491	$	—	$	—


	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, 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	1,996		2,024
Due after ten years	96,064		99,218

Total	$	98,060	$	101,242

Marketable Securities

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


	December 31, 2021
	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	$	36,820	$	169	$	360	$	36,629
Residential mortgage-backed securities:
Government-sponsored agencies	61,646		1,153		588		62,211
Nongovernment-sponsored entities	26,839		26		279		26,586
State and political subdivisions
General obligations	78,627		377		1,323		77,681
Water and sewer revenues	9,839		294		—		10,133
Lease revenues	6,401		215		26		6,590

Income tax revenues	6,487		250		3		6,734
Sales tax revenues	6,909		19		99		6,829
Various tax revenues	13,031		218		203		13,046
Utility revenues	7,153		137		130		7,160
Other revenues	9,291		331		9		9,613
Corporate debt securities	30,524		78		324		30,278
Asset-backed securities	24,873		97		87		24,883
Total taxable debt securities	318,440		3,364		3,431		318,373
Tax-exempt debt securities
State and political subdivisions
General obligations	47,583		1,526		270		48,839
Water and sewer revenues	10,618		375		15		10,978
Lease revenues	7,974		553		31		8,496





Other revenues	14,028		405		16		14,417
Total tax-exempt debt securities	80,203		2,859		332		82,730

Total debt securities available for sale	$	398,643	$	6,223	$	3,763	$	401,103


	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