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Investment Securities and Other Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale

The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated.

		September 30, 2023
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
State and municipal		$	51,122			$	—			$	(9,845	)		$	41,277
U.S. Treasury and agencies			72,063				—				(12,651	)			59,412
Mortgage backed securities			223,638				—				(42,905	)			180,733
Corporate bonds			36,908				—				(4,400	)			32,508
Total investment securities		$	383,731			$	—			$	(69,801	)		$	313,930

		December 31, 2022
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
State and municipal		$	60,018			$	—			$	(9,025	)		$	50,993
U.S. Treasury and agencies			80,073				—				(12,911	)			67,162
Mortgage backed securities			230,015				51				(33,730	)			196,336
Corporate bonds			42,909				124				(3,183	)			39,850
Total investment securities		$	413,015			$	175			$	(58,849	)		$	354,341

Summary of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

		September 30, 2023
(Dollars in thousands)		Amortized Cost				Fair Value
Due in one year or less		$	2			$	2
Due after one year through five years			40,689				36,416
Due after five years through ten years			131,518				109,844
Due after ten years			211,522				167,668
Total		$	383,731			$	313,930

Summary of Unrealized Losses

The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated.

						September 30, 2023
						Less than 12 Months								12 Months or Greater								Total
(Dollars in thousands)		Number of Securities				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
State and municipal			71			$	2,026			$	(54	)		$	39,251			$	(9,791	)		$	41,277			$	(9,845	)
U.S. Treasury and agencies			25				479				—				59,410				(12,651	)			59,889				(12,651	)
Mortgage backed securities			83				1,013				(104	)			171,876				(42,801	)			172,889				(42,905	)
Corporate bonds			33				9,569				(931	)			19,140				(3,469	)			28,709				(4,400	)
Total			212			$	13,087			$	(1,089	)		$	289,677			$	(68,712	)		$	302,764			$	(69,801	)

						December 31, 2022
						Less than 12 Months								12 Months or Greater								Total
(Dollars in thousands)		Number of Securities				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
State and municipal			82			$	18,252			$	(2,178	)		$	31,530			$	(6,847	)		$	49,782			$	(9,025	)
U.S. Treasury and agencies			28				9,904				(1,039	)			56,686				(11,872	)			66,590				(12,911	)
Mortgage backed securities			78				39,006				(3,061	)			148,449				(30,669	)			187,455				(33,730	)
Corporate bonds			33				26,018				(2,283	)			5,675				(900	)			31,693				(3,183	)
Total			221			$	93,180			$	(8,561	)		$	242,340			$	(50,288	)		$	335,520			$	(58,849	)

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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