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Securities (Tables)

6 Months Ended

Jun. 30, 2023

Debt Securities, Available-for-Sale [Abstract]

Amortized Costs And Fair Values Of Securities Available For Sale

Amortized costs and fair values of securities available for sale at June 30, 2023 and December 31, 2022 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Fair Value
		June 30, 2023
		(in thousands)
Obligations of U.S. government corporations and agencies		$	9,494			$	—			$	(791	)		$	8,703
Mortgage-backed securities			146,696				—				(22,757	)			123,939
Obligations of states and political subdivisions			6,589				—				(358	)			6,231
Subordinated debt			4,750				—				(687	)			4,063
		$	167,529			$	—			$	(24,593	)		$	142,936

		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 June 30, 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 June 30, 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		$	868			$	860
Due after one year through five years			5,275				4,940
Due after five years through ten years			21,536				19,320
Due after ten years			139,850				117,816
		$	167,529			$	142,936

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 June 30, 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
		June 30, 2023
		(in thousands)
Obligations of U.S. government corporations and agencies		$	660			$	34			$	8,043			$	757			$	8,703			$	791
Mortgage-backed securities			1,434				74				122,505				22,683				123,939				22,757
Obligations of states and political subdivisions			1,839				26				4,392				332				6,231				358
Subordinated debt			1,076				174				2,487				513				3,563				687
		$	5,009			$	308			$	137,427			$	24,285			$	142,436			$	24,593

		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 June 30, 2023 and December 31, 2022 was as follows:

		June 30, 2023				December 31, 2022
		(in thousands)
Federal Reserve Bank Stock		$	344			$	944
Federal Home Loan Bank Stock			8,093				8,149
Community Bankers’ Bank Stock			140				140
		$	8,577			$	9,233

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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).

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Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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