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Investment Securities | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 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 |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 20,773 |  |  | $ | — |  |  | $ | (3,223 | ) |  | $ | 17,550 |
Government Sponsored Enterprises |  |  | 2,500 |  |  |  | — |  |  |  | (492 | ) |  |  | 2,008 |
Mortgage-backed securities |  |  | 258,775 |  |  |  | 3 |  |  |  | (22,188 | ) |  |  | 236,590 |
Small Business Administration pools |  |  | 17,157 |  |  |  | 26 |  |  |  | (562 | ) |  |  | 16,621 |
Corporate and other securities |  |  | 8,759 |  |  |  | — |  |  |  | (979 | ) |  |  | 7,780 |
Total |  | $ | 307,964 |  |  | $ | 29 |  |  | $ | (27,444 | ) |  | $ | 280,549 |
|  |  |  |  | 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: Debt Securities, Held-to-Maturity
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(Dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 114,459 |  |  | $ | — |  |  | $ | (12,464 | ) |  | $ | 101,995 |
State and local government |  |  | 105,412 |  |  |  | — |  |  |  | (8,999 | ) |  |  | 96,413 |
Total |  | $ | 219,871 |  |  | $ | — |  |  | $ | (21,463 | ) |  | $ | 198,408 |
(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 and nine months ended September 30, 2023, there were no gross realized gains from the sale of investment securities available-for-sale and $1.2 million gross realized losses. During the three and nine months ended September 30, 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, as of September 30, 2023. Schedule of gross unrealized losses and fair values of available-for-sale securities
September 30, 2023 |  | Less than 12 months |  |  | 12 months or more |  |  | Total |
Available-for-sale securities: |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(Dollars in thousands) |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
US Treasury Securities |  | $ | — |  |  | $ | — |  |  | $ | 17,550 |  |  | $ | 3,223 |  |  | $ | 17,550 |  |  | $ | 3,223 |
Government Sponsored Enterprise |  |  | — |  |  |  | — |  |  |  | 2,008 |  |  |  | 492 |  |  |  | 2,008 |  |  |  | 492 |
Mortgage-backed securities |  |  | 10,028 |  |  |  | 815 |  |  |  | 225,640 |  |  |  | 21,373 |  |  |  | 235,668 |  |  |  | 22,188 |
Small Business Administration pools |  |  | 4,765 |  |  |  | 47 |  |  |  | 8,052 |  |  |  | 515 |  |  |  | 12,817 |  |  |  | 562 |
Corporate and other securities |  |  | 1,874 |  |  |  | 121 |  |  |  | 4,152 |  |  |  | 858 |  |  |  | 6,026 |  |  |  | 979 |
Total |  | $ | 16,667 |  |  | $ | 983 |  |  | $ | 257,402 |  |  | $ | 26,461 |  |  | $ | 274,069 |  |  | $ | 27,444 |
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 as of December 31, 2022.
December 31, 2022 |  | Less than 12 months |  |  | 12 months or more |  |  | Total |
Available-for-sale securities: |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(Dollars in thousands) |  | 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 roll forward of the allowance for credit losses on held to maturity securities for the nine months ended September 30, 2023. Schedule of allowance for credit losses on held to maturity securities
|  | State and |
|  | local |
(Dollars in thousands) |  | government |
Allowance for Credit Losses on Held-to-Maturity Securities: |  |  |  |
Three months ended September 30, 2023 |  |  |  |
Beginning balance, June 30, 2023 |  | $ | (37 | )
Provision for credit losses |  |  | 5 |
Ending balance, September 30, 2023 |  | $ | (32 | )
|  | State and |
|  | local |
(Dollars in thousands) |  | government |
Nine months ended September 30, 2023 |  |  |  |
Beginning balance, December 31, 2022 |  | $ | — |
Adjustment for adoption of ASU 2016-13 |  |  | (43 | )
Release of credit losses |  |  | 11 |
Ending balance, September 30, 2023 |  | $ | (32 | )
At September 30, 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 September 30, 2023. The following table shows the amortized cost and fair value of investment securities at September 30, 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 |
September 30, 2023 |  | Amortized |  |  | Fair |
(Dollars in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 4,997 |  |  | $ | 4,934 |
Due after one year through five years |  |  | 9,105 |  |  |  | 8,656 |
Due after five years through ten years |  |  | 40,958 |  |  |  | 35,720 |
Due after ten years |  |  | 252,904 |  |  |  | 231,239 |
Total |  | $ | 307,964 |  |  | $ | 280,549 |
|  | Held-To-Maturity |
September 30, 2023 |  | Amortized |  |  | Fair |
(Dollars in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 1,175 |  |  | $ | 1,163 |
Due after one year through five years |  |  | 26,535 |  |  |  | 25,196 |
Due after five years through ten years |  |  | 86,439 |  |  |  | 79,115 |
Due after ten years |  |  | 105,754 |  |  |  | 92,966 |
Allowance for Credit Losses on Held-to-Maturity Securities |  |  | (32 | ) |  |  | (32 | )
Total |  | $ | 219,871 |  |  | $ | 198,408 |

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