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v3.23.3

Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Activity in the ACL on held-to maturity securities | The following table summarizes the activity in the ACL on HTM securities.
(Dollars in thousands) |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Balance, beginning of period |  | $ | 163 |  |  | $ | — |
Other debt securities, provision for credit losses |  | (37) |  |  | 126 |
Balance, end of period |  | $ | 126 |  |  | $ | 126 |
Schedule of Available-for-Sale Securities Reconciliation | The following tables provide information on the amortized cost and estimated fair values of debt securities.
(Dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale securities: |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 23,622 |  |  | $ | 4 |  |  | $ | 3,995 |  |  | $ | 19,631 |
Mortgage-backed-residential |  | 63,371 |  |  | — |  |  | 9,798 |  |  | 53,573 |
Other debt securities |  | 6,059 |  |  | 26 |  |  | 146 |  |  | 5,939 |
Total |  | $ | 93,052 |  |  | $ | 30 |  |  | $ | 13,939 |  |  | $ | 79,143 |
December 31, 2022 |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 21,798 |  |  | $ | 5 |  |  | $ | 3,625 |  |  | $ | 18,178 |
Mortgage-backed-residential |  | 72,183 |  |  | 2 |  |  | 8,666 |  |  | 63,519 |
Other debt securities |  | 2,018 |  |  | — |  |  | 128 |  |  | 1,890 |
Total |  | $ | 95,999 |  |  | $ | 7 |  |  | $ | 12,419 |  |  | $ | 83,587 |
Schedule of Held-to-Maturity Securities Reconciliation |
(Dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 143,494 |  |  | $ | — |  |  | $ | 14,873 |  |  | $ | 128,621 |  |  | $ | — |
Mortgage-backed-residential |  | 367,712 |  |  | — |  |  | 61,177 |  |  | 306,535 |  |  | — |
States and political subdivisions |  | 1,471 |  |  | 2 |  |  | 68 |  |  | 1,405 |  |  | — |
Other debt securities |  | 10,500 |  |  | — |  |  | 1,409 |  |  | 9,091 |  |  | 126 |
Total |  | $ | 523,177 |  |  | $ | 2 |  |  | $ | 77,527 |  |  | $ | 445,652 |  |  | $ | 126 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 148,097 |  |  | $ | — |  |  | $ | 13,601 |  |  | $ | 134,496 |  |  | $ | — |
Mortgage-backed-residential |  | 398,884 |  |  | — |  |  | 50,464 |  |  | 348,420 |  |  | — |
States and political subdivisions |  | 1,474 |  |  | 35 |  |  | 28 |  |  | 1,481 |  |  | — |
Other debt securities |  | 11,000 |  |  | — |  |  | 770 |  |  | 10,230 |  |  | — |
Total |  | $ | 559,455 |  |  | $ | 35 |  |  | $ | 64,863 |  |  | $ | 494,627 |  |  | $ | — |
Schedule of Amortized Cost of Held-to-Maturity Securities Based on Credit Rating | The following table shows the amortized cost of HTM securities based on their lowest publicly available credit rating as of September 30, 2023.
|  | September 30, 2023
|  | Investment Grade
(Dollars in thousands) |  | Aaa |  | Aa1 |  | A3 |  | Baa1 |  | Baa2 |  |  |  | NR |  | Total
U.S. Government agencies |  | $ | 143,494 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 143,494 |
Mortgage-backed-residential |  | 367,712 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 367,712 |
States and political subdivisions |  | — |  |  | 1,471 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,471 |
Other debt securities |  | — |  |  | — |  |  | 4,000 |  |  | 4,000 |  |  | 500 |  |  |  |  | 2,000 |  |  | 10,500 |
Total Held-to Maturity Securities |  | $ | 511,206 |  |  | $ | 1,471 |  |  | $ | 4,000 |  |  | $ | 4,000 |  |  | $ | 500 |  |  |  |  | $ | 2,000 |  |  | $ | 523,177 |
Available-For-Sale Securities and Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value | The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2023 and December 31, 2022.
|  | Less than 12 Months |  | More than 12 Months |  | Total
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 596 |  |  | $ | 1 |  |  | $ | 16,352 |  |  | $ | 3,994 |  |  | $ | 16,948 |  |  | $ | 3,995 |
Mortgage-backed-residential |  | 433 |  |  | 4 |  |  | 53,140 |  |  | 9,794 |  |  | 53,573 |  |  | 9,798 |
Other debt securities |  | — |  |  | — |  |  | 1,866 |  |  | 146 |  |  | 1,866 |  |  | 146 |
Total |  | $ | 1,029 |  |  | $ | 5 |  |  | $ | 71,358 |  |  | $ | 13,934 |  |  | $ | 72,387 |  |  | $ | 13,939 |
|  | Less than 12 Months |  | More than 12 Months |  | Total
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 1,165 |  |  | $ | 4 |  |  | $ | 16,585 |  |  | $ | 3,621 |  |  | $ | 17,750 |  |  | $ | 3,625 |
Mortgage-backed-residential |  | 29,125 |  |  | 2,409 |  |  | 34,167 |  |  | 6,257 |  |  | 63,292 |  |  | 8,666 |
Other debt securities |  | 1,890 |  |  | 128 |  |  | — |  |  | — |  |  | 1,890 |  |  | 128 |
Total |  | $ | 32,180 |  |  | $ | 2,541 |  |  | $ | 50,752 |  |  | $ | 9,878 |  |  | $ | 82,932 |  |  | $ | 12,419 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 67,332 |  |  | $ | 2,786 |  |  | $ | 67,163 |  |  | $ | 10,815 |  |  | $ | 134,495 |  |  | $ | 13,601 |
Mortgage-backed-residential |  | 148,771 |  |  | 9,402 |  |  | 199,649 |  |  | 41,062 |  |  | 348,420 |  |  | 50,464 |
States and political subdivisions |  | 780 |  |  | 28 |  |  | — |  |  | — |  |  | 780 |  |  | 28 |
Other debt securities |  | 8,091 |  |  | 409 |  |  | 2,139 |  |  | 361 |  |  | 10,230 |  |  | 770 |
Total |  | $ | 224,974 |  |  | $ | 12,625 |  |  | $ | 268,951 |  |  | $ | 52,238 |  |  | $ | 493,925 |  |  | $ | 64,863 |
Schedule of Securities Debt Maturities | The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at September 30, 2023.
|  | Available for sale |  | Held to maturity
(Dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 2,478 |  |  | $ | 2,479 |  |  | $ | 7,000 |  |  | $ | 6,873 |
Due after one year through five years |  | 16,520 |  |  | 15,113 |  |  | 119,922 |  |  | 110,186 |
Due after five years through ten years |  | 31,108 |  |  | 27,144 |  |  | 52,517 |  |  | 45,947 |
Due after ten years |  | 42,946 |  |  | 34,407 |  |  | 343,738 |  |  | 282,646 |
Total |  | $ | 93,052 |  |  | $ | 79,143 |  |  | $ | 523,177 |  |  | $ | 445,652 |

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