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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2022:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	26,023,000					$	—					$	(6,879,000)					$	19,144,000
Mortgage-backed securities			273,215,000						4,000						(44,041,000)						229,178,000
State and political subdivisions			40,489,000						—						(9,383,000)						31,106,000
Asset-backed securities			3,872,000						—						(32,000)						3,840,000
			$	343,599,000					$	4,000					$	(60,335,000)					$	283,268,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	38,100,000					$	—					$	(10,428,000)					$	27,672,000
Mortgage-backed securities			56,423,000						48,000						(11,784,000)						44,687,000
State and political subdivisions			257,633,000						38,000						(43,899,000)						213,772,000
Corporate securities			29,750,000						—						(2,085,000)						27,665,000
			$	381,906,000					$	86,000					$	(68,196,000)					$	313,796,000
Restricted equity securities
Federal Home Loan Bank Stock			$	3,477,000					$	—					$	—					$	3,477,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	4,514,000					$	—					$	—					$	4,514,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(1,146,000)					$	21,899,000
Mortgage-backed securities			256,992,000						1,803,000						(3,895,000)						254,900,000
State and political subdivisions			38,127,000						1,083,000						(88,000)						39,122,000
Asset-backed securities			4,577,000						68,000						—						4,645,000
			$	322,741,000					$	2,954,000					$	(5,129,000)					$	320,566,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	2,000					$	(1,149,000)					$	34,453,000
Mortgage-backed securities			60,646,000						261,000						(1,795,000)						59,112,000
State and political subdivisions			250,544,000						7,925,000						(302,000)						258,167,000
Corporate securities			23,250,000						411,000						(66,000)						23,595,000
			$	370,040,000					$	8,599,000					$	(3,312,000)					$	375,327,000
Restricted equity securities
Federal Home Loan Bank Stock			$	4,328,000					$	—					$	—					$	4,328,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	5,365,000					$	—					$	—					$	5,365,000

The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2021:

			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value (Estimated)
Securities available for sale
U.S. Government-sponsored agencies			$	23,045,000					$	—					$	(1,106,000)					$	21,939,000
Mortgage-backed securities			247,606,000						2,751,000						(3,104,000)						247,253,000
State and political subdivisions			34,590,000						895,000						(306,000)						35,179,000
Asset-backed securities			4,777,000						76,000						—						4,853,000
			$	310,018,000					$	3,722,000					$	(4,516,000)					$	309,224,000
Securities to be held to maturity
U.S. Government-sponsored agencies			$	35,600,000					$	17,000					$	(1,161,000)					$	34,456,000
Mortgage-backed securities			64,651,000						354,000						(1,701,000)						63,304,000
State and political subdivisions			254,198,000						7,251,000						(1,042,000)						260,407,000
Corporate securities			21,250,000						415,000						(35,000)						21,630,000
			$	375,699,000					$	8,037,000					$	(3,939,000)					$	379,797,000
Restricted equity securities
Federal Home Loan Bank Stock			$	7,802,000					$	—					$	—					$	7,802,000
Federal Reserve Bank Stock			1,037,000						—						—						1,037,000
			$	8,839,000					$	—					$	—					$	8,839,000

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at September 30, 2022:

			Securities available for sale												Securities to be held to maturity
			Amortized Cost						Fair Value (Estimated)						Amortized Cost						Fair Value (Estimated)
Due in 1 year or less			$	4,000					$	4,000					$	1,346,000					$	1,343,000
Due in 1 to 5 years			3,640,000						3,427,000						15,235,000						14,644,000
Due in 5 to 10 years			18,064,000						14,436,000						75,492,000						68,704,000
Due after 10 years			321,891,000						265,401,000						289,833,000						229,105,000
			$	343,599,000					$	283,268,000					$	381,906,000					$	313,796,000

The following table summarizes the contractual maturities of investment securities at December 31, 2021:

			Securities available for sale												Securities to be held to maturity
			Amortized Cost						Fair Value (Estimated)						Amortized Cost						Fair Value (Estimated)
Due in 1 year or less			$	—					$	—					$	2,515,000					$	2,521,000
Due in 1 to 5 years			5,004,000						5,173,000						17,624,000						18,338,000
Due in 5 to 10 years			52,782,000						53,057,000						174,982,000						180,081,000
Due after 10 years			264,955,000						262,336,000						174,919,000						174,387,000
			$	322,741,000					$	320,566,000					$	370,040,000					$	375,327,000

The following table summarizes the contractual maturities of investment securities at September 30, 2021:

			Securities available for sale												Securities to be held to maturity
			Amortized Cost						Fair Value (Estimated)						Amortized Cost						Fair Value (Estimated)
Due in 1 year or less			$	—					$	—					$	3,788,000					$	3,763,000
Due in 1 to 5 years			6,285,000						6,529,000						18,616,000						19,426,000
Due in 5 to 10 years			37,971,000						38,400,000						171,039,000						176,007,000
Due after 10 years			265,762,000						264,295,000						182,256,000						180,601,000
			$	310,018,000					$	309,224,000					$	375,699,000					$	379,797,000

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for the nine months and quarters ended September 30, 2022 and 2021:

			For the nine months ended September 30,									For the quarter ended September 30,
			2022			2021						2022			2021
Proceeds from sales of securities			$	1,301,000		$	19,435,000					$	1,301,000		$	3,743,000
Gross realized gains			8,000			627,000						6,000			1,000
Gross realized losses			(1,000)			(605,000)						(1,000)			(143,000)
Net gain (loss)			$	7,000		$	22,000					$	5,000		$	(142,000)
Related income taxes			$	1,000		$	5,000					$	1,000		$	(29,000)

Schedule of Securities Temporarily Impaired

Information regarding securities temporarily impaired as of September 30, 2022 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses
U.S. Government-sponsored agencies			$	7,364,000					$	(1,264,000)					$	39,452,000					$	(16,043,000)					$	46,816,000					$	(17,307,000)
Mortgage-backed securities			109,041,000						(13,868,000)						162,979,000						(41,957,000)						272,020,000						(55,825,000)
State and political subdivisions			197,145,000						(44,277,000)						17,902,000						(9,005,000)						215,047,000						(53,282,000)
Asset-backed securities			3,840,000						(32,000)						—						—						3,840,000						(32,000)
Corporate securities			20,186,000						(1,814,000)						3,229,000						(271,000)						23,415,000						(2,085,000)
			$	337,576,000					$	(61,255,000)					$	223,562,000					$	(67,276,000)					$	561,138,000					$	(128,531,000)

As of December 31, 2021, there were 163 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 27 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of December 31, 2021 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses
U.S. Government-sponsored agencies			$	24,030,000					$	(920,000)					$	29,170,000					$	(1,375,000)					$	53,200,000					$	(2,295,000)
Mortgage-backed securities			216,461,000						(4,768,000)						26,772,000						(922,000)						243,233,000						(5,690,000)
State and political subdivisions			29,528,000						(390,000)						—						—						29,528,000						(390,000)
Corporate securities			3,434,000						(66,000)						—						—						3,434,000						(66,000)
			$	273,453,000					$	(6,144,000)					$	55,942,000					$	(2,297,000)					$	329,395,000					$	(8,441,000)

As of September 30, 2021, there were 184 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 19 had been temporarily impaired for 12 months or more.

Information regarding securities temporarily impaired as of September 30, 2021 is summarized below:

			Less than 12 months												12 months or more												Total
			Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses						Fair Value (Estimated)						Unrealized Losses
U.S. Government-sponsored agencies			$	37,054,000					$	(1,396,000)					$	16,174,000					$	(871,000)					$	53,228,000					$	(2,267,000)
Mortgage-backed securities			207,951,000						(4,207,000)						17,337,000						(598,000)						225,288,000						(4,805,000)
State and political subdivisions			50,050,000						(1,348,000)						—						—						50,050,000						(1,348,000)
Corporate securities			3,465,000						(35,000)						—						—						3,465,000						(35,000)
			$	298,520,000					$	(6,986,000)					$	33,511,000					$	(1,469,000)					$	332,031,000					$	(8,455,000)

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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