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Investment Securities | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 2 – Investment Securities The following tables present amortized cost and fair values of investment securities available-for-sale as of the periods shown:
|  | September 30, 2022
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 52,276 |  |  | $ | 20 |  |  | $ | (6,148) |  |  | $ | 46,148 |
United States sponsored mortgage-backed securities |  | 69,708 |  |  | — |  |  | (11,879) |  |  | 57,829 |
United States treasury securities |  | 121,479 |  |  | — |  |  | (10,447) |  |  | 111,032 |
Municipal securities |  | 156,765 |  |  | 2,860 |  |  | (23,867) |  |  | 135,758 |
Corporate debt securities |  | 7,654 |  |  | — |  |  | (14) |  |  | 7,640 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 415,382 |  |  | 2,880 |  |  | (52,355) |  |  | 365,907 |
Other securities |  | 835 |  |  | — |  |  | — |  |  | 835 |
Total investment securities available-for-sale |  | $ | 416,217 |  |  | $ | 2,880 |  |  | $ | (52,355) |  |  | $ | 366,742 |
|  | December 31, 2021
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 41,105 |  |  | $ | 228 |  |  | $ | (896) |  |  | $ | 40,437 |
United States sponsored mortgage-backed securities |  | 77,519 |  |  | 222 |  |  | (1,633) |  |  | 76,108 |
United States treasury securities |  | 112,133 |  |  | — |  |  | (1,744) |  |  | 110,389 |
Municipal securities |  | 171,044 |  |  | 4,334 |  |  | (366) |  |  | 175,012 |
Corporate debt securities |  | 11,093 |  |  | 49 |  |  | — |  |  | 11,142 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 420,394 |  |  | 4,833 |  |  | (4,639) |  |  | 420,588 |
Other securities |  | 878 |  |  | — |  |  | — |  |  | 878 |
Total investment securities available-for-sale |  | $ | 421,272 |  |  | $ | 4,833 |  |  | $ | (4,639) |  |  | $ | 421,466 |
The following table presents amortized cost and fair values of available-for-sale debt securities by contractual maturity as of the period shown:
|  | September 30, 2022
(Dollars in thousands) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year, but within five years |  | 133,910 |  |  | 123,295 |
After five years, but within ten years |  | 40,660 |  |  | 36,742 |
After ten years |  | 240,812 |  |  | 205,870 |
Total |  | $ | 415,382 |  |  | $ | 365,907 |
The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may be repaid sooner than scheduled. Investment securities with a carrying value of $27.5 million and $244.6 million at September 30, 2022 and December 31, 2021, respectively, were pledged to secure public funds, repurchase agreements. Our investment portfolio includes securities that are in an unrealized loss position as of September 30, 2022, the details of which are included in the following table. Although these securities would result in a pretax loss of $52.4 million if sold at September 30, 2022, we currently have no intention of selling the applicable securities at such fair values, and believe that we have the ability to hold these securities until all principal has been recovered. It is more likely than not that we will not, for liquidity purposes, sell any securities at a loss. Declines in the fair value of these securities can be traced to general market conditions, which reflect the prospect for the economy as a whole. When determining other-than-temporary impairment on securities, we consider such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, our ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency and whether or not the financial condition of the security issuer has severely deteriorated. As of September 30, 2022, we consider all securities with unrealized loss positions to be temporarily impaired. As a result, we do not believe we will sustain any material realized losses as a result of the current decline in fair value. The following tables disclose the length of time that investments have remained in an unrealized loss position at September 30, 2022 and December 31, 2021:
|  | September 30, 2022
(Dollars in thousands) |  | Less than 12 months |  | 12 months or more
Description and number of positions |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
United States government agency securities (31) |  | $ | 22,001 |  |  | $ | (1,818) |  |  | $ | 19,638 |  |  | $ | (4,330) |
United States sponsored mortgage-backed securities (51) |  | 15,078 |  |  | (2,437) |  |  | 42,750 |  |  | (9,442) |
United States treasury securities (28) |  | 9,507 |  |  | (95) |  |  | 101,525 |  |  | (10,352) |
Municipal securities (214) |  | 86,671 |  |  | (18,089) |  |  | 23,978 |  |  | (5,778) |
Corporate debt securities (3) |  | 2,386 |  |  | (14) |  |  | — |  |  | — |
Total |  | $ | 135,643 |  |  | $ | (22,453) |  |  | $ | 187,891 |  |  | $ | (29,902) |
|  | December 31, 2021
(Dollars in thousands) |  | Less than 12 months |  | 12 months or more
Description and number of positions |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
United States government agency securities (21) |  | $ | 5,101 |  |  | $ | (77) |  |  | $ | 21,770 |  |  | $ | (819) |
United States sponsored mortgage-backed securities (30) |  | 55,354 |  |  | (1,346) |  |  | 7,845 |  |  | (287) |
United States treasury securities (24) |  | 110,389 |  |  | (1,744) |  |  | — |  |  | — |
Municipal securities (53) |  | 32,221 |  |  | (270) |  |  | 7,001 |  |  | (96) |
Total |  | $ | 203,065 |  |  | $ | (3,437) |  |  | $ | 36,616 |  |  | $ | (1,202) |
The following table summarizes investment sales, related gains and losses and unrealized holding gains for the periods shown:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Proceeds from sales of available-for-sale securities |  | $ | — |  |  | $ | 28,049 |  |  | $ | 60,635 |  |  | $ | 103,365 |
Gains, gross |  | — |  |  | 547 |  |  | 717 |  |  | 3,411 |
Losses, gross |  | — |  |  | 18 |  |  | 67 |  |  | 31 |
Proceeds from sales of equity securities |  | $ | 161 |  |  | $ | — |  |  | $ | 1,261 |  |  | $ | 61 |
Gain, gross |  | 58 |  |  | — |  |  | 158 |  |  | 5 |
Losses, gross |  | 214 |  |  | — |  |  | 214 |  |  | — |
Unrealized holding gains (losses) on equity securities |  | (61) |  |  | 536 |  |  | (146) |  |  | 1,750 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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