Investment Securities (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Debt Securities, Available-for-Sale, Investments Reconciliation |
The amortized cost and fair values of debt securities at the dates specified are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | (Dollars in thousands) | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | |
| U.S. treasury securities | | $ | 62,850 | | | $ | — | | | $ | 684 | | | $ | 62,166 | | Residential federal agency MBS(1) | | 412,902 | | | 2,406 | | | 9,113 | | | 406,195 | | Commercial federal agency MBS(1) | | 99,681 | | | 3,783 | | | 52 | | | 103,412 | | | Taxable municipal securities | | 272,507 | | | 5,607 | | | 2,264 | | | 275,850 | | | Tax-exempt municipal securities | | 87,024 | | | 5,648 | | | — | | | 92,672 | | | Corporate bonds | | 8,559 | | | 441 | | | — | | | 9,000 | | | Subordinated corporate bonds | | 7,000 | | | 135 | | | — | | | 7,135 | | |
| Total debt securities, at fair value | | $ | 950,523 | | | $ | 18,020 | | | $ | 12,113 | | | $ | 956,430 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | | (Dollars in thousands) | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | |
Residential federal agency MBS(1) | | $ | 209,923 | | | $ | 6,339 | | | $ | 287 | | | $ | 215,975 | | Commercial federal agency MBS(1) | | 102,468 | | | 7,726 | | | — | | | 110,194 | | | Taxable municipal securities | | 135,117 | | | 9,293 | | | 3 | | | 144,407 | | | Tax-exempt municipal securities | | 88,235 | | | 7,216 | | | — | | | 95,451 | | | Corporate bonds | | 10,448 | | | 828 | | | — | | | 11,276 | | | Subordinated corporate bonds | | 5,000 | | | — | | | — | | | 5,000 | | |
| Total debt securities, at fair value | | $ | 551,191 | | | $ | 31,402 | | | $ | 290 | | | $ | 582,303 | |
__________________________________________ (1)These categories may include investments issued or guaranteed by government sponsored enterprises such as Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), Federal Farm Credit Bank ("FFCB"), or one of several Federal Home Loan Banks, as well as, investments guaranteed by Ginnie Mae ("GNMA"), a wholly-owned government entity.
|
| Schedule of Unrealized Loss on Debt Securities, Available-for-Sale Investments |
The following tables summarize the duration of unrealized losses for debt securities at December 31, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | | | Less than 12 months | | 12 months or longer | | Total | | (Dollars in thousands) | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | # of Holdings | |
| U.S. treasury securities | | $ | 62,166 | | | $ | 684 | | | $ | — | | | $ | — | | | $ | 62,166 | | | $ | 684 | | | 9 | | | Residential federal agency MBS | | 272,863 | | | 6,992 | | | 51,281 | | | 2,121 | | | 324,144 | | | 9,113 | | | 44 | | | Commercial federal agency MBS | | 4,897 | | | 52 | | | — | | | — | | | 4,897 | | | 52 | | | 1 | | | Taxable municipal securities | | 117,388 | | | 2,023 | | | 6,727 | | | 241 | | | 124,115 | | | 2,264 | | | 118 | | |
|
|
| Total temporarily impaired debt securities | | $ | 457,314 | | | $ | 9,751 | | | $ | 58,008 | | | $ | 2,362 | | | $ | 515,322 | | | $ | 12,113 | | | 172 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | | | | Less than 12 months | | 12 months or longer | | Total | | (Dollars in thousands) | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | # of Holdings | |
| Residential federal agency MBS | | $ | 51,396 | | | $ | 284 | | | $ | 2,107 | | | $ | 3 | | | $ | 53,503 | | | $ | 287 | | | 10 | | |
| Taxable municipal securities | | 1,997 | | | 3 | | | — | | | — | | | 1,997 | | | 3 | | | 4 | | |
|
|
| Total temporarily impaired debt securities | | $ | 53,393 | | | $ | 287 | | | $ | 2,107 | | | $ | 3 | | | $ | 55,500 | | | $ | 290 | | | 14 | |
|
| Debt Securities, Available-for-Sale Investments Classified by Contractual Maturity Date |
The contractual maturity distribution at December 31, 2021 of debt securities was as follows: | | | | | | | | | | | | | | | | (Dollars in thousands) | | Amortized Cost | | Fair Value | | Due in one year or less | | $ | 13,398 | | | $ | 13,478 | | | Due after one, but within five years | | 189,626 | | | 195,778 | | | Due after five, but within ten years | | 271,354 | | | 276,528 | | | Due after ten years | | 476,145 | | | 470,646 | | | Total debt securities | | $ | 950,523 | | | $ | 956,430 | |
|
| Schedule of Realized Gain (Loss) on Sales of Debt Securities, Available-for-Sale Investments |
Sales of debt securities, for the years ended December 31, 2021, 2020, and 2019 are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | 2021 | | 2020 | | 2019 | Amortized cost of debt securities sold(1) | | $ | 2,931 | | | $ | 5,680 | | | $ | 11,621 | | | Gross realized gains on sales | | 128 | | | 227 | | | 149 | | | Gross realized losses on sales | | — | | | — | | | (3) | | | Total proceeds from sales of debt securities | | $ | 3,059 | | | $ | 5,907 | | | $ | 11,767 | |
__________________________________________ (1) Amortized cost of investments sold is determined on a specific identification basis and includes pending trades based on trade date, if applicable.
|
| Gain (Loss) on Equity Securities |
Gains and losses on equity securities at December 31, 2021 and December 31, 2020 are summarized as follows: | | | | | | | | | | | | | | | | (Dollars in thousands) | | 2021 | | 2020 | | Net (losses) gains recognized during the period on equity securities | | $ | 246 | | | $ | (49) | | | Less: Net (losses) gains realized on equity securities sold during the period | | 57 | | | (11) | | | Unrealized gains (losses) recognized during the reporting period on equity securities still held at the end of the period (included in other income) | | $ | 189 | | | $ | (38) | |
|