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v3.23.1

Investment Securities | 3 Months Ended
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Mar. 31, 2023
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:
|  | March 31, 2023
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 45,266 |  |  | $ | 5 |  |  | $ | (5,283) |  |  | $ | 39,988 |
United States sponsored mortgage-backed securities |  | 66,976 |  |  | 30 |  |  | (10,233) |  |  | 56,773 |
United States treasury securities |  | 106,627 |  |  | — |  |  | (7,273) |  |  | 99,354 |
Municipal securities |  | 137,434 |  |  | 4,687 |  |  | (18,519) |  |  | 123,602 |
Corporate debt securities |  | 11,573 |  |  | 12 |  |  | (37) |  |  | 11,548 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 375,376 |  |  | 4,734 |  |  | (41,345) |  |  | 338,765 |
Other securities |  | 813 |  |  | — |  |  | — |  |  | 813 |
Total investment securities available-for-sale |  | $ | 376,189 |  |  | $ | 4,734 |  |  | $ | (41,345) |  |  | $ | 339,578 |
|  | December 31, 2022
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 51,436 |  |  | $ | 15 |  |  | $ | (6,637) |  |  | $ | 44,814 |
United States sponsored mortgage-backed securities |  | 68,267 |  |  | — |  |  | (11,696) |  |  | 56,571 |
United States treasury securities |  | 130,689 |  |  | 48 |  |  | (9,828) |  |  | 120,909 |
Municipal securities |  | 157,842 |  |  | 2,412 |  |  | (21,618) |  |  | 138,636 |
Corporate debt securities |  | 10,570 |  |  | 10 |  |  | (20) |  |  | 10,560 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 426,304 |  |  | 2,485 |  |  | (49,799) |  |  | 378,990 |
Other securities |  | 824 |  |  | — |  |  | — |  |  | 824 |
Total investment securities available-for-sale |  | $ | 427,128 |  |  | $ | 2,485 |  |  | $ | (49,799) |  |  | $ | 379,814 |
The following table presents amortized cost and fair values of available-for-sale debt securities by contractual maturity as of the period shown:
|  | March 31, 2023
(Dollars in thousands) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 5,208 |  |  | $ | 5,204 |
After one year, but within five years |  | 113,636 |  |  | 106,337 |
After five years, but within ten years |  | 39,526 |  |  | 36,331 |
After ten years |  | 217,006 |  |  | 190,893 |
Total |  | $ | 375,376 |  |  | $ | 338,765 |
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 $221.3 million and $91.3 million at March 31, 2023 and December 31, 2022, respectively, were pledged to secure public funds, repurchase agreements, and potential borrowings at the Federal Reserve discount window. Our investment portfolio includes securities that are in an unrealized loss position as of March 31, 2023, the details of which are included in the following table. We evaluate available-for-sale debt securities to determine whether the unrealized loss is due to credit-related factors or non-credit-related factors. When determining the allowance for credit losses 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. Although these securities would result in a pretax loss of $41.3 million if sold at March 31, 2023, 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, rather than credit-related conditions. Therefore, we have no allowance for credit losses as of March 31, 2023. The following tables show available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that the individual securities have been in a continuous loss position:
|  | March 31, 2023
(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 (26) |  | $ | 513 |  |  | $ | (1) |  |  | $ | 37,895 |  |  | $ | (5,282) |
United States sponsored mortgage-backed securities (47) |  | — |  |  | — |  |  | 54,306 |  |  | (10,233) |
United States treasury securities (23) |  | — |  |  | — |  |  | 99,354 |  |  | (7,273) |
Municipal securities (136) |  | 2,570 |  |  | (6,082) |  |  | 84,275 |  |  | (12,437) |
Corporate debt securities (4) |  | 1,195 |  |  | (22) |  |  | 1,485 |  |  | (15) |
Total |  | $ | 4,278 |  |  | $ | (6,105) |  |  | $ | 277,315 |  |  | $ | (35,240) |
|  | December 31, 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 (32) |  | $ | 21,287 |  |  | $ | (1,937) |  |  | $ | 19,423 |  |  | $ | (4,700) |
United States sponsored mortgage-backed securities (51) |  | 6,953 |  |  | (852) |  |  | 49,618 |  |  | (10,844) |
United States treasury securities (29) |  | 11,936 |  |  | (130) |  |  | 102,092 |  |  | (9,698) |
Municipal securities (173) |  | 65,930 |  |  | (7,507) |  |  | 41,184 |  |  | (14,111) |
Corporate debt securities (3) |  | 2,380 |  |  | (20) |  |  | — |  |  | — |
Total |  | $ | 108,486 |  |  | $ | (10,446) |  |  | $ | 212,317 |  |  | $ | (39,353) |
The following table summarizes investment sales, related gains and losses and unrealized holding gains for the periods shown:
|  | Three Months Ended March 31,
(Dollars in thousands) |  | 2023 |  | 2022
Proceeds from sales of available-for-sale securities |  | $ | 54,531 |  |  | $ | 60,635 |
Gains, gross |  | — |  |  | 717 |
Losses, gross |  | 1,536 |  |  | 67 |
Unrealized holding losses on equity securities |  | (308) |  |  | (59) |

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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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