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Investment Securities | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 2 – Investment Securities Amortized cost and fair values of investment securities available-for-sale at December 31, 2023 are summarized as follows:
(Dollars in thousands) |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
United States government agency securities |  | $ | 44,003 |  |  | $ | 8 |  |  | $ | (5,603) |  |  | $ | 38,408 |
United States sponsored mortgage-backed securities |  | 91,939 |  |  | 992 |  |  | (10,549) |  |  | 82,382 |
United States treasury securities |  | 106,401 |  |  | — |  |  | (6,045) |  |  | 100,356 |
Municipal securities |  | 118,065 |  |  | — |  |  | (11,158) |  |  | 106,907 |
Corporate debt securities |  | 9,076 |  |  | — |  |  | (134) |  |  | 8,942 |
Other debt securities |  | 7,500 |  |  | — |  |  | — |  |  | 7,500 |
Total debt securities |  | 376,984 |  |  | 1,000 |  |  | (33,489) |  |  | 344,495 |
Other securities |  | 780 |  |  | — |  |  | — |  |  | 780 |
Total investment securities available-for-sale |  | $ | 377,764 |  |  | $ | 1,000 |  |  | $ | (33,489) |  |  | $ | 345,275 |
Amortized cost and fair values of investment securities available-for-sale at December 31, 2022 are summarized as follows:
(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 summarizes amortized cost and fair values of debt securities by maturity:
|  | December 31, 2023
|  | Available for sale
(Dollars in thousands) |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 4,785 |  |  | $ | 4,783 |
After one year, but within five years |  | 112,009 |  |  | 105,897 |
After five years, but within ten years |  | 41,860 |  |  | 37,866 |
After ten years |  | 218,330 |  |  | 195,949 |
Total |  | $ | 376,984 |  |  | $ | 344,495 |
The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. Investment securities with a carrying value of $223.4 million and $91.3 million at December 31, 2023 and 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 December 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 ACL 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, 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, if sold at December 31, 2023 would result in a pretax loss of $33.5 million, we have no intent to sell the applicable securities at such fair values, and maintain 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 values 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 ACL as of December 31, 2023. The following tables show available-for-sale debt securities in an unrealized loss position for which an ACL has not been recorded as of December 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:
(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) |  | $ | 316 |  |  | $ | — |  |  | $ | 34,619 |  |  | $ | (5,603) |
United States sponsored mortgage-backed securities (47) |  | — |  |  | — |  |  | 50,345 |  |  | (10,549) |
United States treasury securities (23) |  | — |  |  | — |  |  | 100,354 |  |  | (6,045) |
Municipal securities (216) |  | 847 |  |  | (10) |  |  | 106,060 |  |  | (11,148) |
Corporate debt securities (7) |  | 2,009 |  |  | (67) |  |  | 1,933 |  |  | (67) |
|  | $ | 3,172 |  |  | $ | (77) |  |  | $ | 293,311 |  |  | $ | (33,412) |
(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 securities (3) |  | 2,380 |  |  | (20) |  |  | — |  |  | — |
|  | $ | 108,486 |  |  | $ | (10,446) |  |  | $ | 212,317 |  |  | $ | (39,353) |
The following table summarizes the investment sales and related gains and losses in 2023, 2022 and 2021:
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Proceeds from sales of available-for-sale securities |  | $ | 54,531 |  |  | $ | 60,635 |  |  | $ | 146,011 |
Gains, gross |  | — |  |  | 717 |  |  | 3,944 |
Losses, gross |  | (1,536) |  |  | (67) |  |  | (69) |
Proceeds from sales of equity securities |  | $ | 566 |  |  | $ | 1,356 |  |  | $ | 543 |
Gains, gross |  | 25 |  |  | 158 |  |  | 5 |
Losses, gross |  | (294) |  |  | (214) |  |  | — |
Unrealized holding gains (losses) on equity securities |  | $ | 146 |  |  | $ | (1,543) |  |  | $ | 3,776 |

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