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Securities (Tables)

3 Months Ended

Mar. 31, 2023

Available For Sale Securities [Abstract]

Amortized Costs And Fair Values Of Securities Available For Sale

Amortized costs and fair values of securities available for sale at March 31, 2023 and December 31, 2022 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Fair Value
		March 31, 2023
		(in thousands)
Obligations of U.S. government corporations and agencies		$	9,495			$	—			$	(638	)		$	8,857
Mortgage-backed securities			150,148				—				(20,748	)			129,400
Obligations of states and political subdivisions			6,628				4				(260	)			6,372
Subordinated debt			4,750				—				(489	)			4,261
		$	171,021			$	4			$	(22,135	)		$	148,890

		December 31, 2022
		(in thousands)
Obligations of U.S. government corporations and agencies		$	9,993			$	—			$	(858	)		$	9,135
Mortgage-backed securities			153,289				—				(24,136	)			129,153
Obligations of states and political subdivisions			7,027				2				(422	)			6,607
Subordinated debt			4,750				—				(489	)			4,261
		$	175,059			$	2			$	(25,905	)		$	149,156

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of securities at March 31, 2023, by the earlier of contractual maturity or expected maturity, are shown below. The Company has elected to exclude accrued interest receivable, totaling $408 thousand at March 31, 2023, from the amortized cost basis of securities. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

		Amortized Cost				Fair Value
		(in thousands)
Due in one year or less		$	438			$	435
Due after one year through five years			5,743				5,484
Due after five years through ten years			21,928				20,129
Due after ten years			142,912				122,842
		$	171,021			$	148,890

Fair Value And Gross Unrealized Losses For Securities Available For Sale

The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2023 and December 31, 2022 were as follows:

		Less than 12 months								12 months or more								Total
		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
		March 31, 2023
		(in thousands)
Obligations of U.S. government corporations and agencies		$	1,626			$	58			$	7,231			$	580			$	8,857			$	638
Mortgage-backed securities			1,525				39				127,875				20,709				129,400				20,748
Obligations of states and political subdivisions			1,351				13				4,477				247				5,828				260
Subordinated debt			1,153				96				2,607				393				3,760				489
		$	5,655			$	206			$	142,190			$	21,929			$	147,845			$	22,135

		Less than 12 months								12 months or more								Total
		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
		December 31, 2022
		(in thousands)
Obligations of U.S. government corporations and agencies		$	6,140			$	543			$	2,994			$	315			$	9,134			$	858
Mortgage-backed securities			31,771				4,052				97,382				20,084				129,153				24,136
Obligations of states and political subdivisions			6,065				422				—				—				6,065				422
Subordinated debt			2,431				319				1,080				170				3,511				489
		$	46,407			$	5,336			$	101,456			$	20,569			$	147,863			$	25,905

Schedule Composition Of Restricted Investments

The composition of restricted investments at March 31, 2023 and December 31, 2022 was as follows:

		March 31, 2023				December 31, 2022
		(in thousands)
Federal Reserve Bank Stock		$	944			$	944
Federal Home Loan Bank Stock			10,218				8,149
Community Bankers’ Bank Stock			140				140
		$	11,302			$	9,233

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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