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v3.23.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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:
|  | June 30, 2023
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 44,844 |  |  | $ | 6 |  |  | $ | (6,376) |  |  | $ | 38,474 |
United States sponsored mortgage-backed securities |  | 65,715 |  |  | — |  |  | (11,349) |  |  | 54,366 |
United States treasury securities |  | 106,552 |  |  | — |  |  | (8,523) |  |  | 98,029 |
Municipal securities |  | 136,352 |  |  | 4,232 |  |  | (19,518) |  |  | 121,066 |
Corporate debt securities |  | 9,071 |  |  | — |  |  | (170) |  |  | 8,901 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 370,034 |  |  | 4,238 |  |  | (45,936) |  |  | 328,336 |
Other securities |  | 801 |  |  | — |  |  | — |  |  | 801 |
Total investment securities available-for-sale |  | $ | 370,835 |  |  | $ | 4,238 |  |  | $ | (45,936) |  |  | $ | 329,137 |
|  | 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:
|  | June 30, 2023
(Dollars in thousands) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 4,704 |  |  | $ | 4,701 |
After one year, but within five years |  | 112,082 |  |  | 103,496 |
After five years, but within ten years |  | 39,867 |  |  | 35,626 |
After ten years |  | 213,381 |  |  | 184,513 |
Total |  | $ | 370,034 |  |  | $ | 328,336 |
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 June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that the individual securities have been in a continuous loss position:
|  | June 30, 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 (25) |  | $ | 272 |  |  | $ | — |  |  | $ | 36,479 |  |  | $ | (6,376) |
United States sponsored mortgage-backed securities (48) |  | 2,362 |  |  | (22) |  |  | 52,004 |  |  | (11,327) |
United States treasury securities (23) |  | — |  |  | — |  |  | 98,028 |  |  | (8,523) |
Municipal securities (155) |  | 2,890 |  |  | (6,810) |  |  | 85,784 |  |  | (12,708) |
Corporate debt securities (7) |  | 2,429 |  |  | (142) |  |  | 1,472 |  |  | (28) |
Total |  | $ | 7,953 |  |  | $ | (6,974) |  |  | $ | 273,767 |  |  | $ | (38,962) |
|  | 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 June 30, |  | Six Months Ended June 30,
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds from sales of available-for-sale securities |  | $ | — |  |  | $ | — |  |  | $ | 54,531 |  |  | $ | 60,635 |
Gains, gross |  | — |  |  | — |  |  | — |  |  | 717 |
Losses, gross |  | — |  |  | — |  |  | 1,536 |  |  | 67 |
Proceeds from sales of equity securities |  | $ | 206 |  |  | $ | 1,100 |  |  | $ | 206 |  |  | $ | 1,100 |
Gain, gross |  | — |  |  | 100 |  |  | — |  |  | 100 |
Losses, gross |  | 294 |  |  | — |  |  | 294 |  |  | — |
Unrealized holding gains (losses) on equity securities |  | 160 |  |  | (26) |  |  | (148) |  |  | (85) |

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