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Investment Securities
 3 Months Ended
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:

 

       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.

                         
(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

 

   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.

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