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Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Unrealized Gain (Loss) on Investments



(in thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			OTTI in AOCL
March 31, 2022
Available for Sale:
U.S. government agencies		$	11,070		$	—		$	772		$	10,298		$	—
Residential mortgage-backed agencies			48,319			—			4,021			44,298			—
Commercial mortgage-backed agencies			38,907			—			2,674			36,233			—
Collateralized mortgage obligations			27,994			—			1,997			25,997			—
Obligations of states and political subdivisions			8,351			114			1			8,464			—
Corporate bonds			1,000			—			—			1,000			—
Collateralized debt obligations			18,616			145			1,442			17,319			(570)
Total available for sale		$	154,257		$	259		$	10,907		$	143,609		$	(570)

(in thousands)		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value			OTTI in AOCL
March 31, 2022
Held to Maturity:
U.S. treasuries		$	37,012		$	—		$	953		$	36,059		$	—
U.S. government agencies			67,527			—			4,522			63,005			—
Residential mortgage-backed agencies			29,068			14			1,324			27,758			—
Commercial mortgage-backed agencies			26,525			28			1,171			25,382			—
Collateralized mortgage obligations			58,490			—			2,967			55,523			—
Obligations of states and political subdivisions			23,034			4,519			254			27,299			—
Total held to maturity		$	241,656		$	4,561		$	11,191		$	235,026		$	—


(in thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			OTTI in AOCL
December 31, 2021
Available for Sale:
U.S. government agencies		$	69,602		$	66		$	2,499		$	67,169		$	—
Residential mortgage-backed agencies			49,630			—			969			48,661			—
Commercial mortgage-backed agencies			51,694			175			1,001			50,868			—
Collateralized mortgage obligations			93,018			84			3,025			90,077			—
Obligations of states and political subdivisions			12,439			371			6			12,804			—
Collateralized debt obligations			18,609			112			1,529			17,192			(660)
Total available for sale		$	294,992		$	808		$	9,029		$	286,771		$	(660)

(in thousands)		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value			OTTI in AOCL
December 31, 2021
Held to Maturity:
Residential mortgage-backed agencies		$	30,634		$	649		$	436		$	30,847		$	—
Commercial mortgage-backed agencies			5,456			145			—			5,601			—
Obligations of states and political subdivisions			20,169			8,752			—			28,921			—
Total held to maturity		$	56,259		$	9,546		$	436		$	65,369		$	—

Gross Unrealized Losses and Fair Values of Securities


		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrealized Losses			Number of Investments		Fair Value			Unrealized Losses			Number of Investments
March 31, 2022
Available for Sale:
U.S. government agencies		$	8,661			409		2			1,637			363		1
Residential mortgage-backed agencies			27,175			2,023		3			17,123			1,998		2
Commercial mortgage-backed agencies			27,640			1,819		7			8,593			855		2
Collateralized mortgage obligations			17,359			1,157		9			8,637			840		1
Obligations of states and political subdivisions			2,673			1		1			—			—		—
Collateralized debt obligations			—			—		—			10,566			1,442		5
Total available for sale		$	83,508		$	5,409		22		$	46,556		$	5,498		11

		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrecognized Losses			Number of Investments		Fair Value			Unrecognized Losses			Number of Investments
March 31, 2022
Held to Maturity:
U.S. treasuries		$	36,059			953		4		$	—		$	—		—
U.S. government agencies			63,005		$	4,522		9			—			—		—
Residential mortgage-backed agencies			14,874			340		29			7,791			984		3
Commercial mortgage-backed agencies			20,641			1,171		2			—			—		—
Collateralized mortgage obligations			55,523			2,967		7			—			—		—
Obligations of states and political subdivisions			2,611			254		1			—			—		—
Total held to maturity		$	192,713		$	10,207		52		$	7,791		$	984		3


		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrealized Losses			Number of Investments		Fair Value			Unrealized Losses			Number of Investments
December 31, 2021
Available for Sale:
U.S. government agencies		$	23,577		$	122		3		$	33,972		$	2,377		6
Residential mortgage-backed agencies			29,507			257		3			19,154			712		2
Commercial mortgage-backed agencies			32,177			787		4			5,211			214		1
Collateralized mortgage obligations			24,322			649		5			43,076			2,376		5
Obligations of states and political subdivisions			3,046			6		1			—			—		—
Collateralized debt obligations			—			—		—			10,468			1,529		5
Total available for sale		$	112,629		$	1,821		16		$	111,881		$	7,208		19


		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrecognized Losses			Number of Investments		Fair Value			Unrecognized Losses			Number of Investments
December 31, 2021
Held to Maturity:
Residential mortgage-backed agencies		$	7,395		$	291		6		$	2,782		$	145		1
Total held to maturity		$	7,395		$	291		6		$	2,782		$	145		1

Non-Cash OTTI Credit Losses Recognized in Earnings


		Three Months Ended
		March 31,
(in thousands)		2022			2021
Balance of credit-related OTTI at January 1		$	2,043		$	2,244
Reduction for increases in cash flows expected to be collected			(50)			(50)
Balance of credit-related OTTI at March 31		$	1,993		$	2,194

Amortized Cost and Fair Values Classified by Contractual Maturity Date



		March 31, 2022
(in thousands)		Amortized Cost			Fair Value
Available for Sale:
Due after one year through five years		$	8,370		$	8,217
Due after five years through ten years			5,564			5,312
Due after ten years			25,103			23,552
			39,037			37,081
Residential mortgage-backed agencies			48,319			44,298
Commercial mortgage-backed agencies			38,907			36,233
Collateralized mortgage obligations			27,994			25,997
Total available for sale		$	154,257		$	143,609
Held to Maturity:
Due after one year through five years		$	49,512		$	48,077
Due after five years through ten years			14,319			13,553
Due after ten years		$	63,742		$	64,733
			127,573			126,363
Residential mortgage-backed agencies			29,068			27,758
Commercial mortgage-backed agencies			26,525			25,382
Collateralized mortgage obligations			58,490			55,523
Total held to maturity		$	241,656		$	235,026