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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Gain (Loss) on Securities | Changes in the fair value of equity securities with a readily determinable fair value for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net losses recognized during the period | $ | (14) |  |  | (178) |  |  | (45) |  |  | (304) |
Less net gains recognized during the period on equity securities sold during the period | — |  |  | — |  |  | (61) |  |  | — |
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end | $ | (14) |  |  | (178) |  |  | 16 |  |  | (304) |
Realized Gain (Loss) on Investments |
Marketable Securities | The cost and estimated fair value of equity securities with a readily determinable fair value at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mutual funds | $ | 1,399 |  |  | 1,207 |  |  | 1,429 |  |  | 1,234 |
Equity securities | 10 |  |  | 72 |  |  | 778 |  |  | 1,039 |
Total equity securities with a readily determinable fair value | $ | 1,409 |  |  | 1,279 |  |  | 2,207 |  |  | 2,273 |
Investments Classified by Contractual Maturity Date | Contractual maturities of debt securities at June 30, 2023 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 8,913 |  |  | 8,805 |  |  | 280 |  |  | 283 |
Due from one to five years | 152,490 |  |  | 137,092 |  |  | 3,585 |  |  | 3,445 |
Due from five to ten years | 68,234 |  |  | 59,281 |  |  | 2,440 |  |  | 2,252 |
Due after ten years | 731 |  |  | 656 |  |  | 12,818 |  |  | 11,610 |
| 230,368 |  |  | 205,834 |  |  | 19,123 |  |  | 17,590 |
U.S. Agency mortgage-backed securities | 85,906 |  |  | 75,322 |  |  | — |  |  | — |
| $ | 316,274 |  |  | 281,156 |  |  | 19,123 |  |  | 17,590 |
Schedule of Unrealized Loss on Investments | Information concerning debt securities with gross unrealized losses at June 30, 2023 and December 31, 2022, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands):
| Less than Twelve Months |  | Twelve Months or Greater
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
June 30, 2023 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 198 |  |  | 1 |  |  | 70,765 |  |  | 8,042 |
U.S. Agency notes | — |  |  | — |  |  | 78,720 |  |  | 10,337 |
Corporate bonds | — |  |  | — |  |  | 5,746 |  |  | 953 |
U.S. Agency mortgage-backed securities | 4,058 |  |  | 110 |  |  | 71,192 |  |  | 10,474 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 2,124 |  |  | 21 |  |  | 5,913 |  |  | 306 |
Taxable | 2,030 |  |  | 51 |  |  | 39,116 |  |  | 4,829 |
| $ | 8,410 |  |  | 183 |  |  | 271,452 |  |  | 34,941 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 6,953 |  |  | 618 |  |  | 6,845 |  |  | 544 |
Taxable | — |  |  | — |  |  | 3,054 |  |  | 377 |
| $ | 6,953 |  |  | 618 |  |  | 9,899 |  |  | 921 |
December 31, 2022 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 16,521 |  |  | 931 |  |  | 59,927 |  |  | 7,549 |
U.S. Agency notes | 7,729 |  |  | 543 |  |  | 70,247 |  |  | 10,641 |
Corporate Bonds | 2,667 |  |  | 283 |  |  | 3,255 |  |  | 495 |
U.S. Agency mortgage-backed securities | 41,543 |  |  | 3,597 |  |  | 37,282 |  |  | 7,714 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 6,831 |  |  | 248 |  |  | 893 |  |  | 120 |
Taxable | 22,162 |  |  | 1,951 |  |  | 18,435 |  |  | 3,828 |
| $ | 97,453 |  |  | 7,553 |  |  | 190,039 |  |  | 30,347 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 9,567 |  |  | 593 |  |  | 31 |  |  | 1 |
Taxable | 2,811 |  |  | 370 |  |  | 212 |  |  | 39 |
| $ | 12,378 |  |  | 963 |  |  | 243 |  |  | 40 |
Unrealized Gain (Loss) on Investments | The amortized cost and estimated fair value of debt securities and the allowance for credit losses of securities held-to-maturity at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
June 30, 2023 |  |  |  |  |  |  |
Debt Securities, Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 79,006 |  |  | — |  |  | 8,043 |  |  | 70,963 |
U.S. Agency notes | 89,057 |  |  | — |  |  | 10,337 |  |  | 78,720 |
Corporate bonds | 7,450 |  |  | 6 |  |  | 953 |  |  | 6,503 |
U.S. Agency mortgage-backed securities | 85,906 |  |  | — |  |  | 10,584 |  |  | 75,322 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 8,829 |  |  | — |  |  | 327 |  |  | 8,502 |
Taxable | 46,026 |  |  | — |  |  | 4,880 |  |  | 41,146 |
| $ | 316,274 |  |  | 6 |  |  | 35,124 |  |  | 281,156 |
Debt Securities, Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 15,692 |  |  | 6 |  |  | 1,162 |  |  | 14,536 |
Taxable | 3,431 |  |  | — |  |  | 377 |  |  | 3,054 |
| $ | 19,123 |  |  | 6 |  |  | 1,539 |  |  | 17,590 |
December 31, 2022 |  |  |  |  |  |  |
Debt Securities, Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 84,927 |  |  | — |  |  | 8,480 |  |  | 76,447 |
U.S. Agency notes | 89,160 |  |  | — |  |  | 11,184 |  |  | 77,976 |
Corporate Bonds | 7,450 |  |  | 13 |  |  | 778 |  |  | 6,685 |
U.S. Agency mortgage-backed securities | 90,746 |  |  | 5 |  |  | 11,311 |  |  | 79,440 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 8,892 |  |  | — |  |  | 368 |  |  | 8,524 |
Taxable | 46,556 |  |  | 1 |  |  | 5,779 |  |  | 40,778 |
| $ | 327,731 |  |  | $ | 19 |  |  | 37,900 |  |  | 289,850 |
Debt Securities, Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 16,447 |  |  | 10 |  |  | 594 |  |  | 15,863 |
Taxable | 3,431 |  |  | — |  |  | 409 |  |  | 3,022 |
| $ | 19,878 |  |  | 10 |  |  | 1,003 |  |  | 18,885 |

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