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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available for Sale Securities | The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity, along with gross unrealized gains and losses are summarized as follows:
(dollars in thousands) |  |  |  |  |  |  |
December 31, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities Available for Sale: |  |  |  |  |  |  |
U.S. treasury securities | $ | 1,644 |  |  | $ | — |  |  | $ | (22) |  |  | $ | 1,622 |
U.S. agency | 5,035 |  |  | — |  |  | (450) |  |  | 4,585 |
Asset backed securities | 31,468 |  |  | — |  |  | (1,480) |  |  | 29,988 |
State, county and municipal securities | 126,119 |  |  | — |  |  | (21,363) |  |  | 104,756 |
Corporate debt securities | 54,741 |  |  | 164 |  |  | (5,320) |  |  | 49,585 |
Mortgage-backed securities | 271,199 |  |  | 9 |  |  | (29,191) |  |  | 242,017 |
Total | $ | 490,206 |  |  | $ | 173 |  |  | $ | (57,826) |  |  | $ | 432,553 |
December 31, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities Held to Maturity: |  |  |  |  |  |  |
U.S. treasury securities | $ | 91,615 |  |  | $ | — |  |  | $ | (4,149) |  |  | $ | 87,466 |
U.S. agency | 16,409 |  |  | — |  |  | (1,838) |  |  | 14,571 |
State, county & municipal securities | 136,138 |  |  | 32 |  |  | (19,518) |  |  | 116,652 |
Mortgage-backed securities | 221,696 |  |  | — |  |  | (29,121) |  |  | 192,575 |
Total | $ | 465,858 |  |  | $ | 32 |  |  | $ | (54,626) |  |  | $ | 411,264 |
December 31, 2021 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities Available for Sale: |  |  |  |  |  |  |
U.S. treasury securities | $ | 88,638 |  |  | $ | — |  |  | $ | (1,087) |  |  | $ | 87,551 |
U.S. agency | 17,916 |  |  | 5 |  |  | (140) |  |  | 17,781 |
State, county and municipal securities | 252,632 |  |  | 877 |  |  | (3,356) |  |  | 250,153 |
Corporate debt securities | 48,153 |  |  | 520 |  |  | (265) |  |  | 48,408 |
Mortgage-backed securities | 539,172 |  |  | 2,160 |  |  | (7,061) |  |  | 534,271 |
Total | $ | 946,511 |  |  | $ | 3,562 |  |  | $ | (11,909) |  |  | $ | 938,164 |
Schedule of Unrealized Loss on Investments | Information pertaining to available-for-sale securities with gross unrealized losses at December 31, 2022 and December 31, 2021 aggregated by investment category and length of time that securities have been in a continuous unrealized loss position are summarized as follows:
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 1,377 |  |  | $ | (17) |  |  | $ | 245 |  |  | $ | (5) |  |  | $ | 1,622 |  |  | $ | (22) |
U.S. agency | 3,221 |  |  | (257) |  |  | 1,364 |  |  | (193) |  |  | 4,585 |  |  | (450) |
Asset backed securities | 10,780 |  |  | (319) |  |  | 19,208 |  |  | (1,161) |  |  | 29,988 |  |  | (1,480) |
State, county and municipal securities | 29,284 |  |  | (3,629) |  |  | 75,472 |  |  | (17,734) |  |  | 104,756 |  |  | (21,363) |
Corporate debt securities | 17,258 |  |  | (1,463) |  |  | 30,651 |  |  | (3,857) |  |  | 47,909 |  |  | (5,320) |
Mortgage-backed securities | 122,031 |  |  | (7,890) |  |  | 119,409 |  |  | (21,301) |  |  | 241,440 |  |  | (29,191) |
Total debt securities | $ | 183,951 |  |  | $ | (13,575) |  |  | $ | 246,349 |  |  | $ | (44,251) |  |  | $ | 430,300 |  |  | $ | (57,826) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 87,302 |  |  | $ | (1,087) |  |  | $ | — |  |  | $ | — |  |  | $ | 87,302 |  |  | $ | (1,087) |
U.S. agency | 10,969 |  |  | (140) |  |  | — |  |  | — |  |  | 10,969 |  |  | (140) |
State, county and municipal securities | 180,551 |  |  | (3,131) |  |  | 5,970 |  |  | (225) |  |  | 186,521 |  |  | $ | (3,356) |
Corporate debt securities | 31,977 |  |  | (265) |  |  | — |  |  | — |  |  | 31,977 |  |  | (265) |
Mortgage-backed securities | 377,413 |  |  | (6,421) |  |  | 21,129 |  |  | (640) |  |  | 398,542 |  |  | (7,061) |
Total debt securities | $ | 688,212 |  |  | $ | (11,044) |  |  | $ | 27,099 |  |  | $ | (865) |  |  | $ | 715,311 |  |  | $ | (11,909) |
Information pertaining to held-to-maturity securities with gross unrealized losses at December 31, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is summarized as follows:
| Less Than 12 Months |  | 12 Months or Greater |  | Total
(dollars in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | — |  |  | $ | — |  |  | $ | 87,466 |  |  | $ | (4,149) |  |  | $ | 87,466 |  |  | $ | (4,149) |
U.S. agency | — |  |  | — |  |  | 14,571 |  |  | (1,838) |  |  | 14,571 |  |  | (1,838) |
State, county & municipal securities | 9,858 |  |  | (1,392) |  |  | 105,734 |  |  | (18,126) |  |  | 115,592 |  |  | (19,518) |
Mortgage-backed securities | 13,580 |  |  | (729) |  |  | 178,995 |  |  | (28,392) |  |  | 192,575 |  |  | (29,121) |
| $ | 23,438 |  |  | $ | (2,121) |  |  | $ | 386,766 |  |  | $ | (52,505) |  |  | $ | 410,204 |  |  | $ | (54,626) |
Schedule of Investments Classified by Contractual Maturity Date | This is often the case with mortgage-backed securities, which are disclosed separately in the table below.
| Available for Sale |  | Held to Maturity
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | $ | 1,319 |  |  | $ | 1,304 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 14,126 |  |  | 12,871 |  |  | 79,306 |  |  | 75,759 |
Due after five years through ten years | 89,731 |  |  | 76,895 |  |  | 78,975 |  |  | 69,275 |
Due after ten years | 113,831 |  |  | 99,466 |  |  | 85,881 |  |  | 73,655 |
| $ | 219,007 |  |  | $ | 190,536 |  |  | $ | 244,162 |  |  | $ | 218,689 |
Mortgage-backed securities | 271,199 |  |  | 242,017 |  |  | 221,696 |  |  | 192,575 |
| $ | 490,206 |  |  | $ | 432,553 |  |  | $ | 465,858 |  |  | $ | 411,264 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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