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Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Unrealized Gain (Loss) on Investments



(in thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			OTTI in AOCL
June 30, 2022
Available for Sale:
U.S. government agencies		$	11,060		$	—		$	1,145		$	9,915		$	—
Residential mortgage-backed agencies			47,086			—			5,840			41,246			—
Commercial mortgage-backed agencies			36,498			—			4,502			31,996			—
Collateralized mortgage obligations			27,095			—			2,945			24,150			—
Obligations of states and political subdivisions			8,341			43			61			8,323			—
Corporate bonds			1,000			—			21			979			—
Collateralized debt obligations			18,640			—			2,382			16,258			(1,415)
Total available for sale		$	149,720		$	43		$	16,896		$	132,867		$	(1,415)

(in thousands)		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value			OTTI in AOCL
June 30, 2022
Held to Maturity:
U.S. treasuries		$	37,076		$	—		$	1,226		$	35,850		$	—
U.S. government agencies			67,596			—			8,749			58,847			—
Residential mortgage-backed agencies			27,996			3			2,282			25,717			—
Commercial mortgage-backed agencies			25,440			1			2,996			22,445			—
Collateralized mortgage obligations			59,951			—			5,658			54,293			—
Obligations of states and political subdivisions			22,529			1,107			487			23,149			—
Total held to maturity		$	240,588		$	1,111		$	21,398		$	220,301		$	—


(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
June 30, 2022
Available for Sale:
U.S. government agencies		$	8,481			580		2			1,435			565		1
Residential mortgage-backed agencies			25,523			2,957		3			15,723			2,883		2
Commercial mortgage-backed agencies			18,648			2,527		6			13,348			1,975		3
Collateralized mortgage obligations			15,997			1,827		9			8,152			1,118		1
Obligations of states and political subdivisions			5,598			61		6			—			—		—
Collateralized debt obligations			6,492			128		4			9,766			2,254		5
Corporate Bonds			979			21		1			—			—		—
Total available for sale		$	81,718		$	8,101		31		$	48,424		$	8,795		12

		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrecognized Losses			Number of Investments		Fair Value			Unrecognized Losses			Number of Investments
June 30, 2022
Held to Maturity:
U.S. treasuries		$	35,850			1,226		4		$	—		$	—		—
U.S. government agencies			58,847		$	8,749		9			—			—		—
Residential mortgage-backed agencies			18,356			829		31			7,264			1,453		3
Commercial mortgage-backed agencies			20,443			2,996		3			—			—		—
Collateralized mortgage obligations			54,293			5,658		8			—			—		—
Obligations of states and political subdivisions			2,379			487		1			—			—		—
Total held to maturity		$	190,168		$	19,945		56		$	7,264		$	1,453		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


		Six Months Ended
		June 30,
(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			(101)			(101)
Balance of credit-related OTTI at June 30		$	1,942		$	2,143


		Three Months Ended
		June 30,
(in thousands)		2022			2021
Balance of credit-related OTTI at April 1		$	1,993		$	2,194
Reduction for increases in cash flows expected to be collected			(51)			(51)
Balance of credit-related OTTI at June 30		$	1,942		$	2,143

Amortized Cost and Fair Values Classified by Contractual Maturity Date



		June 30, 2022
(in thousands)		Amortized Cost			Fair Value
Available for Sale:
Due after one year through five years		$	8,365		$	8,099
Due after five years through ten years			5,556			5,195
Due after ten years			25,120			22,181
			39,041			35,475
Residential mortgage-backed agencies			47,086			41,246
Commercial mortgage-backed agencies			36,498			31,996
Collateralized mortgage obligations			27,095			24,150
Total available for sale		$	149,720		$	132,867
Held to Maturity:
Due after one year through five years		$	49,576		$	47,528
Due after five years through ten years			23,748			20,999
Due after ten years		$	53,877		$	49,319
			127,201			117,846
Residential mortgage-backed agencies			27,996			25,717
Commercial mortgage-backed agencies			25,440			22,445
Collateralized mortgage obligations			59,951			54,293
Total held to maturity		$	240,588		$	220,301