XML 32 R23.htm IDEA: XBRL DOCUMENT v3.23.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Available-For-Sale

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:

       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 
Debt Securities, Held-to-Maturity

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 
Schedule of gross unrealized losses and fair values of available-for-sale securities

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.

  

                         
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 
Schedule of allowance for credit losses on held to maturity securities

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.

   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)
Schedule of Amortized Cost and Fair Value of Investment Securities

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.

   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