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Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Fair Value
		September 30, 2023
		(in thousands)
Obligations of U.S. government corporations and agencies		$	9,259			$	—			$	(1,011	)		$	8,248
Mortgage-backed securities			143,206				—				(27,616	)			115,590
Obligations of states and political subdivisions			6,591				—				(423	)			6,168
Subordinated debt			4,750				—				(780	)			3,970
		$	163,806			$	—			$	(29,830	)		$	133,976

		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 September 30, 2023, by the earlier of contractual maturity or expected maturity, are shown below. The Company has elected to exclude accrued interest receivable, totaling $396 thousand at September 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		$	1,667			$	1,646
Due after one year through five years			5,124				4,705
Due after five years through ten years			20,776				18,124
Due after ten years			136,239				109,501
		$	163,806			$	133,976

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 September 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
		September 30, 2023
		(in thousands)
Obligations of U.S. government corporations and agencies		$	—			$	—			$	8,248			$	1,011			$	8,248			$	1,011
Mortgage-backed securities			—				—				115,590				27,616				115,590				27,616
Obligations of states and political subdivisions			485				16				5,283				407				5,768				423
Subordinated debt			218				32				3,252				748				3,470				780
		$	703			$	48			$	132,373			$	29,782			$	133,076			$	29,830

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

		September 30, 2023				December 31, 2022
		(in thousands)
Federal Reserve Bank Stock		$	344			$	944
Federal Home Loan Bank Stock			8,099				8,149
Community Bankers’ Bank Stock			140				140
		$	8,583			$	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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