Securities (Tables)

3 Months Ended

Mar. 31, 2022

Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [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, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
	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	$	34,193	$	131	$	425	$	33,899
Residential mortgage-backed securities:
Government-sponsored agencies	58,521		410		1,738		57,193
Nongovernment-sponsored entities	32,859		18		597		32,280
State and political subdivisions
General obligations	76,033		3		8,876		67,160
Various tax revenues	13,023		8		1,170		11,861
Other revenues	35,490		34		2,596		32,928
Corporate debt securities	32,818		30		482		32,366
Asset-backed securities	24,319		38		280		24,077
Total taxable debt securities	307,256		672		16,164		291,764
Tax-exempt debt securities
State and political subdivisions
General obligations	49,441		375		2,953		46,863
Water and sewer revenues	10,510		76		505		10,081
Lease revenues	7,945		144		232		7,857
Various tax revenues	9,631		21		796		8,856
Other revenues	10,096		56		718		9,434
Total tax-exempt debt securities	87,623		672		5,204		83,091
Total debt securities available for sale	$	394,879	$	1,344	$	21,368	$	374,855

	December 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	$	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

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, 2022
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
California	$	47,963	$	71	$	4,832	$	43,202
Texas	23,385		66		2,324		21,127
Pennsylvania	14,101		123		848		13,376
Oregon	14,751		—		1,928		12,823
Washington	12,737		60		851		11,946

Investments Classified by Contractual Maturity Date

The maturities, amortized cost and estimated fair values of debt securities available for sale at March 31, 2022, are summarized as follows:

Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	35,137	$	34,887
Due from one to five years	83,090		82,135
Due from five to ten years	58,133		56,755
Due after ten years	218,519		201,078
Total	$	394,879	$	374,855

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, 2022 and 2021 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,
2022	$	16,092	$	210	$	8,730	$	97	$	249
2021	$	5,117	$	2,825	$	7,222	$	476	$	—

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, 2022 and December 31, 2021.

	March 31, 2022
		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	43	$	6,306	$	63	$	21,545	$	362	$	27,851	$	425
Residential mortgage-backed securities:
Government-sponsored agencies	34	30,776		1,505		7,310		233		38,086		1,738
Nongovernment-sponsored entities	10	13,596		388		4,708		209		18,304		597
State and political subdivisions:
General obligations	53	64,626		8,640		1,539		236		66,165		8,876
Various tax revenues	8	8,565		843		1,494		327		10,059		1,170
Other revenues	22	25,515		2,596		—		—		25,515		2,596
Corporate debt securities	17	15,346		364		2,896		118		18,242		482
Asset-backed securities	12	14,888		123		2,653		157		17,541		280
Tax-exempt debt securities
State and political subdivisions:
General obligations	17	30,383		2,917		821		36		31,204		2,953
Water and sewer revenues	6	4,792		505		—		—		4,792		505
Lease revenues	2	3,291		232		—		—		3,291		232
Various tax revenues	5	7,049		782		143		14		7,192		796
Other revenues	4	7,062		718		—		—		7,062		718
Total	233	$	232,195	$	19,676	$	43,109	$	1,692	$	275,304	$	21,368

	December 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	$	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

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, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
	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	$	71,458	$	—	$	2,834	$	68,624
Water and sewer revenues	8,146		—		300		7,846
Lease revenues	4,295		—		314		3,981
Sales tax revenues	4,566		—		282		4,284
Various tax revenues	5,574		—		458		5,116
Other revenues	3,550		—		117		3,433
Total debt securities held to maturity	$	97,589	$	—	$	4,305	$	93,284

	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

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, 2022
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Texas	$	15,326	$	—	$	498	$	14,828
California	9,823		—		357		9,466
Pennsylvania	8,596		—		281		8,315
Florida	7,563		—		406		7,157
Michigan	7,001		—		365		6,636

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, 2022, 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	2,858		2,691
Due after ten years	94,731		90,593
Total	$	97,589	$	93,284

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, 2022 and December 31, 2021.

	March 31, 2022
Dollars in thousands	AAA		AA		A		BBB		Below Investment Grade
Tax-exempt state and political subdivisions	$	13,024	$	77,101	$	7,464	$	—	$	—
	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	$	—	$	—