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v3.23.3

Investment Securities and Other Investments (Tables) | 3 Months Ended
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Mar. 31, 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.
|  | March 31, 2023 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 59,408 |  |  | $ | — |  |  | $ | (7,747 | ) |  | $ | 51,661 |
U.S. Treasury and agencies |  |  | 72,051 |  |  |  | — |  |  |  | (9,898 | ) |  |  | 62,153 |
Mortgage backed securities |  |  | 231,761 |  |  |  | 19 |  |  |  | (32,461 | ) |  |  | 199,319 |
Corporate bonds |  |  | 42,420 |  |  |  | 32 |  |  |  | (3,595 | ) |  |  | 38,857 |
Total investment securities |  | $ | 405,640 |  |  | $ | 51 |  |  | $ | (53,701 | ) |  | $ | 351,990 |
|  | 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.
|  | March 31, 2023 |
(Dollars in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 1,502 |  |  | $ | 1,499 |
Due after one year through five years |  |  | 52,227 |  |  |  | 47,470 |
Due after five years through ten years |  |  | 129,729 |  |  |  | 114,220 |
Due after ten years |  |  | 222,182 |  |  |  | 188,801 |
Total |  | $ | 405,640 |  |  | $ | 351,990 |
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.
|  |  |  |  | March 31, 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 |  |  | 80 |  |  | $ | 3,265 |  |  | $ | (92 | ) |  | $ | 46,807 |  |  | $ | (7,655 | ) |  | $ | 50,072 |  |  | $ | (7,747 | )
U.S. Treasury and agencies |  |  | 26 |  |  |  | 4,885 |  |  |  | (115 | ) |  |  | 57,264 |  |  |  | (9,783 | ) |  |  | 62,149 |  |  |  | (9,898 | )
Mortgage backed securities |  |  | 81 |  |  |  | 11,475 |  |  |  | (408 | ) |  |  | 179,759 |  |  |  | (32,053 | ) |  |  | 191,234 |  |  |  | (32,461 | )
Corporate bonds |  |  | 34 |  |  |  | 20,801 |  |  |  | (1,729 | ) |  |  | 12,724 |  |  |  | (1,866 | ) |  |  | 33,525 |  |  |  | (3,595 | )
Total |  |  | 221 |  |  | $ | 40,426 |  |  | $ | (2,344 | ) |  | $ | 296,554 |  |  | $ | (51,357 | ) |  | $ | 336,980 |  |  | $ | (53,701 | )
|  |  |  |  | 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 | )

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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 + Details
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