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v3.23.3

Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment 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) |  |  |  |  |  |  |
September 30, 2023 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities Available for Sale: |  |  |  |  |  |  |
U.S. treasury securities | $ | 799 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 791 |
U.S. agency securities | 4,613 |  |  | — |  |  | (510) |  |  | 4,103 |
Asset backed securities | 27,250 |  |  | 6 |  |  | (411) |  |  | 26,845 |
State, county & municipal securities | 124,882 |  |  | — |  |  | (23,228) |  |  | 101,654 |
Corporate debt securities | 54,694 |  |  | — |  |  | (7,665) |  |  | 47,029 |
Mortgage-backed securities | 251,658 |  |  | — |  |  | (32,533) |  |  | 219,125 |
Total | $ | 463,896 |  |  | $ | 6 |  |  | $ | (64,355) |  |  | $ | 399,547 |
September 30, 2023 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities Held to Maturity: |  |  |  |  |  |  |
U.S. treasury securities | $ | 92,880 |  |  | $ | — |  |  | $ | (5,483) |  |  | $ | 87,397 |
U.S. agency securities | 16,314 |  |  | — |  |  | (1,975) |  |  | 14,339 |
State, county & municipal securities | 136,546 |  |  | — |  |  | (22,986) |  |  | 113,560 |
Mortgage-backed securities | 205,316 |  |  | — |  |  | (35,547) |  |  | 169,769 |
Total | $ | 451,056 |  |  | $ | — |  |  | $ | (65,991) |  |  | $ | 385,065 |
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 securities | 5,035 |  |  | — |  |  | (450) |  |  | 4,585 |
Asset backed securities | 31,468 |  |  | — |  |  | (1,480) |  |  | 29,988 |
State, county & 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 securities | 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 |
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | 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 | $ | 1,014 |  |  | $ | 1,002 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 15,542 |  |  | 14,127 |  |  | 91,725 |  |  | 86,380 |
Due after five years through ten years | 95,886 |  |  | 79,640 |  |  | 75,296 |  |  | 64,377 |
Due after ten years | 99,796 |  |  | 85,653 |  |  | 78,719 |  |  | 64,539 |
| $ | 212,238 |  |  | $ | 180,422 |  |  | $ | 245,740 |  |  | $ | 215,296 |
Mortgage-backed securities | 251,658 |  |  | 219,125 |  |  | 205,316 |  |  | 169,769 |
| $ | 463,896 |  |  | $ | 399,547 |  |  | $ | 451,056 |  |  | $ | 385,065 |
Schedule of Continuous Unrealized Loss Position | Information pertaining to available-for-sale securities with gross unrealized losses at September 30, 2023 and December 31, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | — |  |  | $ | — |  |  | $ | 791 |  |  | $ | (8) |  |  | $ | 791 |  |  | $ | (8) |
U.S. agency securities | — |  |  | — |  |  | 4,103 |  |  | (510) |  |  | 4,103 |  |  | (510) |
Asset backed securities | 5,934 |  |  | (14) |  |  | 18,598 |  |  | (397) |  |  | 24,532 |  |  | (411) |
State, county & municipal securities | 1,457 |  |  | (276) |  |  | 100,197 |  |  | (22,952) |  |  | 101,654 |  |  | (23,228) |
Corporate debt securities | 7,660 |  |  | (1,632) |  |  | 39,369 |  |  | (6,033) |  |  | 47,029 |  |  | (7,665) |
Mortgage-backed securities | 16,088 |  |  | (424) |  |  | 203,037 |  |  | (32,109) |  |  | 219,125 |  |  | (32,533) |
| $ | 31,139 |  |  | $ | (2,346) |  |  | $ | 366,095 |  |  | $ | (62,009) |  |  | $ | 397,234 |  |  | $ | (64,355) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 1,377 |  |  | $ | (17) |  |  | $ | 245 |  |  | $ | (5) |  |  | $ | 1,622 |  |  | $ | (22) |
U.S. agency securities | 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 & 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) |
| $ | 183,951 |  |  | $ | (13,575) |  |  | $ | 246,349 |  |  | $ | (44,251) |  |  | $ | 430,300 |  |  | $ | (57,826) |
Information pertaining to held-to-maturity securities with gross unrealized losses at September 30, 2023 and December 31, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | — |  |  | $ | — |  |  | $ | 87,397 |  |  | $ | (5,483) |  |  | $ | 87,397 |  |  | $ | (5,483) |
U.S. agency securities | — |  |  | — |  |  | 14,339 |  |  | (1,975) |  |  | 14,339 |  |  | (1,975) |
State, county & municipal securities | 18,041 |  |  | (1,349) |  |  | 95,519 |  |  | (21,637) |  |  | 113,560 |  |  | (22,986) |
Mortgage-backed securities | — |  |  | — |  |  | 169,769 |  |  | (35,547) |  |  | 169,769 |  |  | (35,547) |
| $ | 18,041 |  |  | $ | (1,349) |  |  | $ | 367,024 |  |  | $ | (64,642) |  |  | $ | 385,065 |  |  | $ | (65,991) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | — |  |  | $ | — |  |  | $ | 87,466 |  |  | $ | (4,149) |  |  | $ | 87,466 |  |  | $ | (4,149) |
U.S. agency securities | — |  |  | — |  |  | 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) |

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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/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
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