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Investment Securities and Other Investments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
Mortgage backed securities		$	208,856			$	—			$	(37,634	)		$	171,222
U.S. Treasury and agencies			79,633				—				(11,499	)			68,134
State and municipal			50,513				—				(7,587	)			42,926
Corporate bonds			36,895				—				(4,783	)			32,112
Total investment securities		$	375,897			$	—			$	(61,503	)		$	314,394

		December 31, 2023
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
Mortgage backed securities		$	212,214			$	—			$	(35,244	)		$	176,970
U.S. Treasury and agencies			79,856				—				(10,985	)			68,871
State and municipal			50,682				—				(7,357	)			43,325
Corporate bonds			36,902				12				(4,999	)			31,915
Total investment securities		$	379,654			$	12			$	(58,585	)		$	321,081

Summary of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of securities AFS 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, 2024
(Dollars in thousands)		Amortized Cost				Fair Value
Due in one year or less		$	2,983			$	2,901
Due after one year through five years			46,624				42,215
Due after five years through ten years			122,346				104,433
Due after ten years			203,944				164,845
Total		$	375,897			$	314,394

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, 2024
						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
Mortgage backed securities			85			$	5,103			$	(6	)		$	164,119			$	(37,628	)		$	169,222			$	(37,634	)
U.S. Treasury and agencies			29				279				(1	)			67,854				(11,498	)			68,133				(11,499	)
State and municipal			70				977				(7	)			41,308				(7,580	)			42,285				(7,587	)
Corporate bonds			40				6,853				(697	)			24,510				(4,086	)			31,363				(4,783	)
Total			224			$	13,212			$	(711	)		$	297,791			$	(60,792	)		$	311,003			$	(61,503	)

						December 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
Mortgage backed securities			86			$	7,497			$	(45	)		$	169,474			$	(35,199	)		$	176,971			$	(35,244	)
U.S. Treasury and agencies			29				283				(1	)			68,399				(10,984	)			68,682				(10,985	)
State and municipal			65				536				(9	)			41,118				(7,348	)			41,654				(7,357	)
Corporate bonds			39				7,469				(830	)			21,683				(4,169	)			29,152				(4,999	)
Total			219			$	15,785			$	(885	)		$	300,674			$	(57,700	)		$	316,459			$	(58,585	)

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.

+ References

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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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