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v3.23.1

Investment Securities | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 3 - Investment Securities The amortized cost and estimated fair values of investment securities are summarized below. For the three months ended March 31, 2023, there was no allowance for credit losses on available-for-sale securities. AVAILABLE-FOR-SALE: Schedule of Investment Available-For-Sale
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(Dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 60,600 |  |  | $ | — |  |  | $ | (3,796 | ) |  | $ | 56,804 |
Government Sponsored Enterprises |  |  | 2,500 |  |  |  | — |  |  |  | (373 | ) |  |  | 2,127 |
Mortgage-backed securities |  |  | 266,829 |  |  |  | 250 |  |  |  | (17,115 | ) |  |  | 249,964 |
Small Business Administration pools |  |  | 19,798 |  |  |  | 162 |  |  |  | (426 | ) |  |  | 19,534 |
Corporate and other securities |  |  | 8,771 |  |  |  | 11 |  |  |  | (754 | ) |  |  | 8,028 |
Total |  | $ | 358,498 |  |  | $ | 423 |  |  | $ | (22,464 | ) |  | $ | 336,457 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(Dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 60,552 |  |  | $ | — |  |  | $ | (4,569 | ) |  | $ | 55,983 |
Government Sponsored Enterprises |  |  | 2,500 |  |  |  | — |  |  |  | (426 | ) |  |  | 2,074 |
Mortgage-backed securities |  |  | 263,704 |  |  |  | 10 |  |  |  | (19,114 | ) |  |  | 244,600 |
Small Business Administration pools |  |  | 21,657 |  |  |  | 60 |  |  |  | (630 | ) |  |  | 21,087 |
Corporate and other securities |  |  | 8,772 |  |  |  | 12 |  |  |  | (666 | ) |  |  | 8,118 |
Total |  | $ | 357,185 |  |  | $ | 82 |  |  | $ | (25,405 | ) |  | $ | 331,862 |
HELD-TO-MATURITY:
|  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |  | Allowance for |
(Dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |  |  | Credit Losses |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 117,707 |  |  |  | — |  |  |  | (6,691 | ) |  |  | 111,016 |  |  |  | — |
State and local government |  |  | 105,430 |  |  |  | 174 |  |  |  | (3,580 | ) |  |  | 102,024 |  |  |  | (42 | )
Total |  | $ | 223,137 |  |  |  | 174 |  |  |  | (10,271 | ) |  |  | 213,040 |  |  |  | (42 | )
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 121,772 |  |  |  | — |  |  |  | (8,656 | ) |  |  | 113,116 |  |  |  |
State and local government |  |  | 106,929 |  |  |  | — |  |  |  | (6,432 | ) |  |  | 100,497 |  |  |  |
Total |  | $ | 228,701 |  |  | $ | — |  |  | $ | (15,088 | ) |  | $ | 213,613 |  |  |  |
During the three months ended March 31, 2023 and 2022, the Company did not receive any proceeds from the sale of investment securities available-for-sale. For the three months ended March 31, 2023, and 2022, there were no gross realized gains from the sale of investment securities available-for-sale and no gross realized losses. The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at March 31, 2023. Schedule of gross unrealized losses and fair values of available-for-sale securities
(Dollars in thousands) |  | Less than 12 months |  |  | 12 months or more |  |  | Total |
March 31, 2023 |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Available-for-sale securities: |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
US Treasury Securities |  | $ | — |  |  | $ | — |  |  | $ | 56,804 |  |  | $ | 3,796 |  |  | $ | 56,804 |  |  | $ | 3,796 |
Government Sponsored Enterprise |  |  | — |  |  |  | — |  |  |  | 2,127 |  |  |  | 373 |  |  |  | 2,127 |  |  |  | 373 |
Mortgage-backed securities |  |  | 46,501 |  |  |  | 1,474 |  |  |  | 191,670 |  |  |  | 15,641 |  |  |  | 238,171 |  |  |  | 17,115 |
Small Business Administration pools |  |  | 6,768 |  |  |  | 116 |  |  |  | 5,977 |  |  |  | 310 |  |  |  | 12,745 |  |  |  | 426 |
Corporate and other securities |  |  | 1,204 |  |  |  | 76 |  |  |  | 4,072 |  |  |  | 678 |  |  |  | 5,276 |  |  |  | 754 |
Total |  | $ | 54,473 |  |  | $ | 1,666 |  |  | $ | 260,650 |  |  | $ | 20,798 |  |  | $ | 315,123 |  |  | $ | 22,464 |
The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2022.
(Dollars in thousands) |  | Less than 12 months |  |  | 12 months or more |  |  | Total |
December 31, 2022 |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Available-for-sale securities: |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
US Treasury Securities |  | $ | 28,827 |  |  | $ | 1,032 |  |  | $ | 27,156 |  |  | $ | 3,537 |  |  | $ | 55,983 |  |  | $ | 4,569 |
Government Sponsored Enterprise |  |  | — |  |  |  | — |  |  |  | 2,074 |  |  |  | 426 |  |  |  | 2,074 |  |  |  | 426 |
Mortgage-backed securities |  |  | 81,961 |  |  |  | 4,435 |  |  |  | 159,227 |  |  |  | 14,679 |  |  |  | 241,188 |  |  |  | 19,114 |
Small Business Administration pools |  |  | 16,066 |  |  |  | 453 |  |  |  | 2,592 |  |  |  | 177 |  |  |  | 18,658 |  |  |  | 630 |
Corporate and other securities |  |  | 2,128 |  |  |  | 146 |  |  |  | 3,230 |  |  |  | 520 |  |  |  | 5,358 |  |  |  | 666 |
Total |  | $ | 128,982 |  |  | $ | 6,066 |  |  | $ | 194,279 |  |  | $ | 19,339 |  |  | $ | 323,261 |  |  | $ | 25,405 |
The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the three months ended Schedule of allowance for credit losses on held to maturity securities
|  | Government |  |  |  |  |  |  |  |  |  |
March 31, 2023 |  | Sponsored |  |  | Mortgage- |  |  | State and |  |  |  |
Held-to-Maturity securities |  | Enterprise |  |  | backed |  |  | local |  |  | Corporate |
(Dollars in thousands) |  | securities |  |  | Securities |  |  | government |  |  | Bonds |
Allowance for Credit Losses on Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | — |  |  |  | — |  |  |  | — |  |  |  | — |
Adjustment for adoption of ASU 2016-13 |  |  | — |  |  |  | — |  |  |  | (43 | ) |  |  | — |
Provision for credit losses |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Ending balance March 31, 2023 |  | $ | — |  |  |  | — |  |  |  | (42 | ) |  |  | — |
At March 31, 2023, the Company had no securities held-to-maturity that were past due 30 days or more as to principal or interest payments. The Company had no securities held-to-maturity classified as non-accrual at March 31, 2023. The following table shows the amortized cost and fair value of investment securities at March 31, 2023, by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life. Schedule of Amortized Cost and Fair Value of Investment Securities AVAILABLE-FOR-SALE:
|  | Available-for-sale |
March 31, 2023 |  | Amortized |  |  | Fair |
(Dollars in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 30,718 |  |  | $ | 29,960 |
Due after one year through five years |  |  | 67,008 |  |  |  | 65,062 |
Due after five years through ten years |  |  | 230,023 |  |  |  | 213,389 |
Due after ten years |  |  | 30,749 |  |  |  | 28,046 |
Total |  | $ | 358,498 |  |  | $ | 336,457 |
HELD-TO-MATURITY:
|  | Held-To-Maturity |
March 31, 2023 |  | Amortized |  |  | Fair |
(Dollars in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 4,603 |  |  | $ | 4,568 |
Due after one year through five years |  |  | 39,730 |  |  |  | 38,713 |
Due after five years through ten years |  |  | 131,226 |  |  |  | 125,418 |
Due after ten years |  |  | 47,578 |  |  |  | 44,341 |
Total |  | $ | 223,137 |  |  | $ | 213,040 |

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