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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 |  | Three Months Ended March 31, 2023 |  |  |  |
Balance, beginning of period |  | $ | 94 |  |  | $ | — |  |  |  |  |
Other debt securities, provision for credit losses |  | 22 |  |  | 163 |  |  |  |  |
Balance, end of period |  | $ | 116 |  |  | $ | 163 |  |  |  |  |
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: |  |  |  |  |  |  |  |
March 31, 2024 |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 72,701 |  |  | $ | 8 |  |  | $ | 3,168 |  |  | $ | 69,541 |
Mortgage-backed-residential |  | 111,780 |  |  | 20 |  |  | 8,174 |  |  | 103,626 |
Other debt securities |  | 6,102 |  |  | 322 |  |  | 95 |  |  | 6,329 |
Total |  | $ | 190,583 |  |  | $ | 350 |  |  | $ | 11,437 |  |  | $ | 179,496 |
December 31, 2023 |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 23,472 |  |  | $ | 5 |  |  | $ | 3,002 |  |  | $ | 20,475 |
Mortgage-backed-residential |  | 91,280 |  |  | 5 |  |  | 7,258 |  |  | 84,027 |
Other debt securities |  | 6,080 |  |  | 59 |  |  | 120 |  |  | 6,019 |
Total |  | $ | 120,832 |  |  | $ | 69 |  |  | $ | 10,380 |  |  | $ | 110,521 |
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: |  |  |  |  |  |  |  |  |  |
March 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 143,215 |  |  | $ | — |  |  | $ | 11,172 |  |  | $ | 132,043 |  |  | $ | — |
Mortgage-backed-residential |  | 348,754 |  |  | — |  |  | 47,343 |  |  | 301,411 |  |  | — |
States and political subdivisions |  | 1,469 |  |  | 44 |  |  | 24 |  |  | 1,489 |  |  | — |
Other debt securities |  | 10,500 |  |  | — |  |  | 1,185 |  |  | 9,315 |  |  | 116 |
Total |  | $ | 503,938 |  |  | $ | 44 |  |  | $ | 59,724 |  |  | $ | 444,258 |  |  | $ | 116 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 143,442 |  |  | $ | — |  |  | $ | 10,377 |  |  | $ | 133,065 |  |  | $ | — |
Mortgage-backed-residential |  | 357,870 |  |  | — |  |  | 43,864 |  |  | 314,006 |  |  | — |
States and political subdivisions |  | 1,470 |  |  | 57 |  |  | 19 |  |  | 1,508 |  |  | — |
Other debt securities |  | 10,500 |  |  | — |  |  | 1,249 |  |  | 9,251 |  |  | 94 |
Total |  | $ | 513,282 |  |  | $ | 57 |  |  | $ | 55,509 |  |  | $ | 457,830 |  |  | $ | 94 |
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 March 31, 2024.
|  | March 31, 2024
|  | Investment Grade
(Dollars in thousands) |  | Aaa |  | Aa1 |  | A3 |  | Baa1 |  | Baa2 |  |  |  | NR |  | Total
U.S. Treasury and government agencies |  | $ | 139,543 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 3,672 |  |  | $ | 143,215 |
Mortgage-backed-residential |  | 348,754 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 348,754 |
States and political subdivisions |  | — |  |  | 1,469 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,469 |
Other debt securities |  | — |  |  | — |  |  | 4,000 |  |  | 4,000 |  |  | 500 |  |  |  |  | 2,000 |  |  | 10,500 |
Total held-to maturity securities |  | $ | 488,297 |  |  | $ | 1,469 |  |  | $ | 4,000 |  |  | $ | 4,000 |  |  | $ | 500 |  |  |  |  | $ | 5,672 |  |  | $ | 503,938 |
The following table shows the amortized cost of HTM securities based on their lowest publicly available credit rating as of December 31, 2023.
|  | December 31, 2023
|  | Investment Grade
(Dollars in thousands) |  | Aaa |  | Aa1 |  | A3 |  | Baa1 |  | Baa2 |  |  |  | NR |  | Total
U.S. Treasury and government agencies |  | $ | 140,761 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 2,681 |  |  | $ | 143,442 |
Mortgage-backed securities |  | 357,870 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 357,870 |
Obligations of states and political subdivisions |  | — |  |  | 1,470 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,470 |
Other debt securities |  | — |  |  | — |  |  | 4,000 |  |  | 4,000 |  |  | 500 |  |  |  |  | 2,000 |  |  | 10,500 |
Total held-to-maturity securities |  | $ | 498,631 |  |  | $ | 1,470 |  |  | $ | 4,000 |  |  | $ | 4,000 |  |  | $ | 500 |  |  |  |  | $ | 4,681 |  |  | $ | 513,282 |
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 March 31, 2024 and December 31, 2023.
|  | Less than 12 Months |  | More than 12 Months |  | Total
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 196 |  |  | $ | 1 |  |  | $ | 17,278 |  |  | $ | 3,167 |  |  | $ | 17,474 |  |  | $ | 3,168 |
Mortgage-backed-residential |  | 33,688 |  |  | 526 |  |  | 63,243 |  |  | 7,648 |  |  | 96,931 |  |  | 8,174 |
Other debt securities |  | — |  |  | — |  |  | 1,913 |  |  | 95 |  |  | 1,913 |  |  | 95 |
Total |  | $ | 33,884 |  |  | $ | 527 |  |  | $ | 82,434 |  |  | $ | 10,910 |  |  | $ | 116,318 |  |  | $ | 11,437 |
|  | 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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 74 |  |  | $ | — |  |  | $ | 17,750 |  |  | $ | 3,002 |  |  | $ | 17,824 |  |  | $ | 3,002 |
Mortgage-backed-residential |  | 24,405 |  |  | 150 |  |  | 52,864 |  |  | 7,108 |  |  | 77,269 |  |  | 7,258 |
Other debt securities |  | — |  |  | — |  |  | 1,890 |  |  | 120 |  |  | 1,890 |  |  | 120 |
Total |  | $ | 24,479 |  |  | $ | 150 |  |  | $ | 72,504 |  |  | $ | 10,230 |  |  | $ | 96,983 |  |  | $ | 10,380 |
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 March 31, 2024.
|  | Available for sale |  | Held to maturity
(Dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 51,911 |  |  | $ | 51,915 |  |  | $ | 7,000 |  |  | $ | 6,947 |
Due after one year through five years |  | 16,189 |  |  | 15,075 |  |  | 129,497 |  |  | 121,031 |
Due after five years through ten years |  | 42,049 |  |  | 39,399 |  |  | 39,125 |  |  | 35,652 |
Due after ten years |  | 80,434 |  |  | 73,107 |  |  | 328,316 |  |  | 280,628 |
Total |  | $ | 190,583 |  |  | $ | 179,496 |  |  | $ | 503,938 |  |  | $ | 444,258 |

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