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Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments [Abstract] |
Unrealized Gain (Loss) on Investments | ​
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(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 11,028 | ​ | $ | — | ​ | $ | 1,487 | ​ | $ | — | ​ | $ | 9,541
Residential mortgage-backed agencies | ​ | ​ | 43,224 | ​ | ​ | — | ​ | ​ | 7,357 | ​ | ​ | — | ​ | ​ | 35,867
Commercial mortgage-backed agencies | ​ | ​ | 36,897 | ​ | ​ | — | ​ | ​ | 7,763 | ​ | ​ | — | ​ | ​ | 29,134
Collateralized mortgage obligations | ​ | ​ | 24,836 | ​ | ​ | — | ​ | ​ | 4,711 | ​ | ​ | — | ​ | ​ | 20,125
Obligations of states and political subdivisions | ​ | ​ | 10,837 | ​ | ​ | 14 | ​ | ​ | 285 | ​ | ​ | — | ​ | ​ | 10,566
Corporate bonds | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 253 | ​ | ​ | — | ​ | ​ | 747
Collateralized debt obligations | ​ | ​ | 18,674 | ​ | ​ | — | ​ | ​ | 4,569 | ​ | ​ | — | ​ | ​ | 14,105
Total available for sale | ​ | $ | 146,496 | ​ | $ | 14 | ​ | $ | 26,425 | ​ | $ | — | ​ | $ | 120,085
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 37,332 | ​ | $ | — | ​ | $ | 1,075 | ​ | $ | 36,257 | ​ | $ | —
U.S. government agencies | ​ | ​ | 67,873 | ​ | ​ | — | ​ | ​ | 12,111 | ​ | ​ | 55,762 | ​ | ​ | —
Residential mortgage-backed agencies | ​ | ​ | 26,970 | ​ | ​ | — | ​ | ​ | 3,264 | ​ | ​ | 23,706 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 21,494 | ​ | ​ | — | ​ | ​ | 5,188 | ​ | ​ | 16,306 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 55,104 | ​ | ​ | — | ​ | ​ | 10,124 | ​ | ​ | 44,980 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 21,986 | ​ | ​ | 688 | ​ | ​ | 614 | ​ | ​ | 22,060 | ​ | ​ | —
Total held to maturity | ​ | $ | 230,759 | ​ | $ | 688 | ​ | $ | 32,376 | ​ | $ | 199,071 | ​ | $ | —
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​ ​
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(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | OTTI in AOCL
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 11,044 | ​ | $ | — | ​ | $ | 1,582 | ​ | $ | 9,462 | ​ | $ | —
Residential mortgage-backed agencies | ​ | ​ | 45,052 | ​ | ​ | — | ​ | ​ | 7,651 | ​ | ​ | 37,401 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 37,393 | ​ | ​ | — | ​ | ​ | 6,661 | ​ | ​ | 30,732 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 25,828 | ​ | ​ | — | ​ | ​ | 4,784 | ​ | ​ | 21,044 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 10,848 | ​ | ​ | 4 | ​ | ​ | 360 | ​ | ​ | 10,492 | ​ | ​ | —
Corporate Bonds | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 113 | ​ | ​ | 887 | ​ | ​ | —
Collateralized debt obligations | ​ | ​ | 18,664 | ​ | ​ | — | ​ | ​ | 2,793 | ​ | ​ | 15,871 | ​ | ​ | (1,695)
Total available for sale | ​ | $ | 149,829 | ​ | $ | 4 | ​ | $ | 23,944 | ​ | $ | 125,889 | ​ | $ | (1,695)
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(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | OTTI in AOCL
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 37,204 | ​ | $ | — | ​ | $ | 1,593 | ​ | $ | 35,611 | ​ | $ | —
U.S. government agencies | ​ | ​ | 67,734 | ​ | ​ | — | ​ | ​ | 13,261 | ​ | ​ | 54,473 | ​ | ​ | —
Residential mortgage-backed agencies | ​ | ​ | 28,624 | ​ | ​ | 1 | ​ | ​ | 3,503 | ​ | ​ | 25,122 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 22,389 | ​ | ​ | — | ​ | ​ | 4,568 | ​ | ​ | 17,821 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 57,085 | ​ | ​ | — | ​ | ​ | 10,001 | ​ | ​ | 47,084 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 22,623 | ​ | ​ | 946 | ​ | ​ | 600 | ​ | ​ | 22,969 | ​ | ​ | —
Total held to maturity | ​ | $ | 235,659 | ​ | $ | 947 | ​ | $ | 33,526 | ​ | $ | 203,080 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 9,541 | ​ | $ | 1,487 | ​ | 3
Residential mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 35,867 | ​ | ​ | 7,357 | ​ | 5
Commercial mortgage-backed agencies | ​ | ​ | 1,715 | ​ | ​ | 189 | ​ | 1 | ​ | ​ | 27,419 | ​ | ​ | 7,574 | ​ | 8
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 20,125 | ​ | ​ | 4,711 | ​ | 10
Obligations of states and political subdivisions | ​ | ​ | 3,853 | ​ | ​ | 196 | ​ | 3 | ​ | ​ | 3,878 | ​ | ​ | 89 | ​ | 2
Corporate Bonds | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 747 | ​ | ​ | 253 | ​ | 1
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 14,105 | ​ | ​ | 4,569 | ​ | 9
Total available for sale | ​ | $ | 5,568 | ​ | $ | 385 | ​ | 4 | ​ | $ | 111,682 | ​ | $ | 26,040 | ​ | 38
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 36,257 | ​ | $ | 1,075 | ​ | 4
U.S. government agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 55,762 | ​ | ​ | 12,111 | ​ | 9
Residential mortgage-backed agencies | ​ | ​ | 3,143 | ​ | ​ | 134 | ​ | 3 | ​ | ​ | 20,563 | ​ | ​ | 3,130 | ​ | 33
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 16,306 | ​ | ​ | 5,188 | ​ | 2
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 44,980 | ​ | ​ | 10,124 | ​ | 8
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 2,258 | ​ | ​ | 614 | ​ | 1
Total held to maturity | ​ | $ | 3,143 | ​ | $ | 134 | ​ | 3 | ​ | $ | 176,126 | ​ | $ | 32,242 | ​ | 57
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 4,598 | ​ | $ | 402 | ​ | 1 | ​ | $ | 4,865 | ​ | $ | 1,180 | ​ | 2
Residential mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 37,401 | ​ | ​ | 7,651 | ​ | 5
Commercial mortgage-backed agencies | ​ | ​ | 4,044 | ​ | ​ | 455 | ​ | 3 | ​ | ​ | 26,688 | ​ | ​ | 6,206 | ​ | 6
Collateralized mortgage obligations | ​ | ​ | 1,600 | ​ | ​ | 210 | ​ | 5 | ​ | ​ | 19,444 | ​ | ​ | 4,574 | ​ | 5
Obligations of states and political subdivisions | ​ | ​ | 8,906 | ​ | ​ | 360 | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | —
Corporate Bonds | ​ | ​ | 887 | ​ | ​ | 113 | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | —
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 15,871 | ​ | ​ | 2,793 | ​ | 9
Total available for sale | ​ | $ | 20,035 | ​ | $ | 1,540 | ​ | 17 | ​ | $ | 104,269 | ​ | $ | 22,404 | ​ | 27
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 35,611 | ​ | $ | 1,593 | ​ | 4
U.S. government agencies | ​ | ​ | 38,883 | ​ | ​ | 9,617 | ​ | 7 | ​ | ​ | 15,591 | ​ | ​ | 3,644 | ​ | 2
Residential mortgage-backed agencies | ​ | ​ | 16,893 | ​ | ​ | 1,425 | ​ | 29 | ​ | ​ | 8,138 | ​ | ​ | 2,078 | ​ | 7
Commercial mortgage-backed agencies | ​ | ​ | 17,821 | ​ | ​ | 4,568 | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | —
Collateralized mortgage obligations | ​ | ​ | 47,083 | ​ | ​ | 10,001 | ​ | 8 | ​ | ​ | — | ​ | ​ | — | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 2,269 | ​ | ​ | 600 | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | —
Total held to maturity | ​ | $ | 122,949 | ​ | $ | 26,211 | ​ | 48 | ​ | $ | 59,340 | ​ | $ | 7,315 | ​ | 13
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Cash OTTI Credit Losses Recognized in Earnings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | June 30,
(in thousands) |  | 2023 |  | 2022
Balance of credit-related impairment at January 1 | ​ | $ | 1,841 | ​ | $ | 2,043
Reduction for increases in cash flows expected to be collected | ​ | ​ | (101) | ​ | ​ | (101)
Balance of credit-related impairment at June 30 | ​ | $ | 1,740 | ​ | $ | 1,942
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | June 30,
(in thousands) | ​ | 2023 | ​ | 2022
Balance of credit-related impairment at April 1 | ​ | $ | 1,791 | ​ | $ | 1,993
Reduction for increases in cash flows expected to be collected | ​ | ​ | (51) | ​ | ​ | (51)
Balance of credit-related impairment at June 30 | ​ | $ | 1,740 | ​ | $ | 1,942
Amortized Cost and Fair Values Classified by Contractual Maturity Date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
(in thousands) |  | Amortized Cost |  | Fair Value
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 340 | ​ | $ | 340
Due after one year through five years | ​ | ​ | 11,948 | ​ | ​ | 11,052
Due after five years through ten years | ​ | ​ | 1,895 | ​ | ​ | 1,631
Due after ten years | ​ | ​ | 27,356 | ​ | ​ | 21,936
​ | ​ | ​ | 41,539 | ​ | ​ | 34,959
Residential mortgage-backed agencies | ​ | ​ | 43,224 | ​ | ​ | 35,867
Commercial mortgage-backed agencies | ​ | ​ | 36,897 | ​ | ​ | 29,134
Collateralized mortgage obligations | ​ | ​ | 24,836 | ​ | ​ | 20,125
Total available for sale | ​ | $ | 146,496 | ​ | $ | 120,085
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 37,332 | ​ | $ | 36,257
Due after one year through five years | ​ | ​ | 12,500 | ​ | ​ | 11,338
Due after five years through ten years | ​ | ​ | 33,094 | ​ | ​ | 27,382
Due after ten years | ​ | ​ | 44,265 | ​ | ​ | 39,102
​ | ​ | ​ | 127,191 | ​ | ​ | 114,079
Residential mortgage-backed agencies | ​ | ​ | 26,970 | ​ | ​ | 23,706
Commercial mortgage-backed agencies | ​ | ​ | 21,494 | ​ | ​ | 16,306
Collateralized mortgage obligations | ​ | ​ | 55,104 | ​ | ​ | 44,980
Total held to maturity | ​ | $ | 230,759 | ​ | $ | 199,071

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 320 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-8 + Details
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