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Investment Securities and Other Investments (Tables)

6 Months Ended

Jun. 30, 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.


		June 30, 2024
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
Mortgage backed securities		$	198,042			$	—			$	(34,929	)		$	163,113
U.S. Treasury and agencies			79,634				—				(10,739	)			68,895
State and municipal			50,356				—				(7,353	)			43,003
Corporate bonds			36,889				—				(4,473	)			32,416
Total investment securities		$	364,921			$	—			$	(57,494	)		$	307,427


		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.


		June 30, 2024
(Dollars in thousands)		Amortized Cost				Fair Value
Due in one year or less		$	3,017			$	2,970
Due after one year through five years			47,585				43,335
Due after five years through ten years			115,602				98,808
Due after ten years			198,717				162,314
Total		$	364,921			$	307,427

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.


						June 30, 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			80			$	—			$	—			$	163,113			$	(34,929	)		$	163,113			$	(34,929	)
U.S. Treasury and agencies			29				275				(1	)			68,619				(10,738	)			68,894				(10,739	)
State and municipal			70				1,282				(13	)			41,446				(7,340	)			42,728				(7,353	)
Corporate bonds			40				6,853				(696	)			24,813				(3,777	)			31,666				(4,473	)
Total			219			$	8,410			$	(710	)		$	297,991			$	(56,784	)		$	306,401			$	(57,494	)


						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	)