Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Investment Securities Available-for-sale

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

Investments in an Unrealized Loss Position

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)

Realized Gain (Loss) on Investments

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)