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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Unrealized Gain (Loss) on Investments



(in thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			OTTI in AOCL
September 30, 2022
Available for Sale:
U.S. government agencies		$	11,052		$	—		$	1,605		$	9,447		$	—
Residential mortgage-backed agencies			45,899			—			8,165			37,734			—
Commercial mortgage-backed agencies			37,766			—			6,155			31,611			—
Collateralized mortgage obligations			26,336			—			4,635			21,701			—
Obligations of states and political subdivisions			11,208			1			465			10,744			—
Corporate bonds			1,000			—			80			920			—
Collateralized debt obligations			18,648			—			2,766			15,882			(1,664)
Total available for sale		$	151,909		$	1		$	23,871		$	128,039		$	(1,664)

(in thousands)		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value			OTTI in AOCL
September 30, 2022
Held to Maturity:
U.S. treasuries		$	37,140		$	—		$	1,727		$	35,413		$	—
U.S. government agencies			67,665			—			12,853			54,812			—
Residential mortgage-backed agencies			29,536			1			3,920			25,617			—
Commercial mortgage-backed agencies			23,018			—			4,378			18,640			—
Collateralized mortgage obligations			58,462			—			9,622			48,840			—
Obligations of states and political subdivisions			22,624			504			705			22,423			—
Total held to maturity		$	238,445		$	505		$	33,205		$	205,745		$	—


(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
September 30, 2022
Available for Sale:
U.S. government agencies		$	8,145			907		2			1,302			698		1
Residential mortgage-backed agencies			15,945			3,065		2			21,788			5,100		3
Commercial mortgage-backed agencies			13,915			2,182		6			17,697			3,973		4
Collateralized mortgage obligations			13,352			2,860		8			8,349			1,775		2
Obligations of states and political subdivisions			10,048			465		9			—			—		—
Corporate Bonds			920			80		1			—			—		—
Collateralized debt obligations			6,464			152		4			9,418			2,614		5
Total available for sale		$	68,789		$	9,711		32		$	58,554		$	14,160		15

		Less than 12 months								12 months or more
(in thousands)		Fair Value			Unrecognized Losses			Number of Investments		Fair Value			Unrecognized Losses			Number of Investments
September 30, 2022
Held to Maturity:
U.S. treasuries		$	35,413			1,727		4		$	—		$	—		—
U.S. government agencies			54,811		$	12,853		9			—			—		—
Residential mortgage-backed agencies			18,794			1,992		33			6,730			1,928		3
Commercial mortgage-backed agencies			18,640			4,378		3			—			—		—
Collateralized mortgage obligations			48,840			9,622		8			—			—		—
Obligations of states and political subdivisions			2,162			705		1			—			—		—
Total held to maturity		$	178,660		$	31,277		58		$	6,730		$	1,928		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


		Nine Months Ended
		September 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			(152)			(151)
Balance of credit-related OTTI at September 30		$	1,891		$	2,093


		Three Months Ended
		September 30,
(in thousands)		2022			2021
Balance of credit-related OTTI at July 1		$	1,942		$	2,143
Reduction for increases in cash flows expected to be collected			(51)			(50)
Balance of credit-related OTTI at September 30		$	1,891		$	2,093

Amortized Cost and Fair Values Classified by Contractual Maturity Date



		September 30, 2022
(in thousands)		Amortized Cost			Fair Value
Available for Sale:
Due after one year through five years		$	8,364		$	7,865
Due after five years through ten years			6,197			5,572
Due after ten years			27,347			23,556
			41,908			36,993
Residential mortgage-backed agencies			45,899			37,734
Commercial mortgage-backed agencies			37,766			31,611
Collateralized mortgage obligations			26,336			21,701
Total available for sale		$	151,909		$	128,039
Held to Maturity:
Due after one year through five years		$	49,640		$	46,582
Due after five years through ten years			32,986			26,924
Due after ten years			44,803			39,142
			127,429			112,648
Residential mortgage-backed agencies			29,536			25,617
Commercial mortgage-backed agencies			23,018			18,640
Collateralized mortgage obligations			58,462			48,840
Total held to maturity		$	238,445		$	205,745