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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investment Securities |
Investment securities available for sale |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasuries |  | $ | 10,974 |  |  |  | - |  |  |  | 830 |  |  |  | 10,144 |
U.S. Government sponsored enterprises |  |  | 11,111 |  |  |  | - |  |  |  | 596 |  |  |  | 10,515 |
GSE - Mortgage-backed securities |  |  | 257,705 |  |  |  | 185 |  |  |  | 22,988 |  |  |  | 234,902 |
Private label mortgage-backed securities |  |  | 33,317 |  |  |  | 16 |  |  |  | 2,063 |  |  |  | 31,270 |
State and political subdivisions |  |  | 129,922 |  |  |  | - |  |  |  | 24,829 |  |  |  | 105,093 |
Total |  | $ | 443,029 |  |  |  | 201 |  |  |  | 51,306 |  |  |  | 391,924 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasuries |  | $ | 10,951 |  |  |  | - |  |  |  | 1,137 |  |  |  | 9,814 |
U.S. Government sponsored enterprises |  |  | 12,245 |  |  |  | - |  |  |  | 706 |  |  |  | 11,539 |
GSE - Mortgage-backed securities |  |  | 263,712 |  |  |  | 445 |  |  |  | 23,657 |  |  |  | 240,500 |
Private label mortgage-backed securities |  |  | 35,510 |  |  |  | - |  |  |  | 2,172 |  |  |  | 33,338 |
State and political subdivisions |  |  | 184,768 |  |  |  | 91 |  |  |  | 34,656 |  |  |  | 150,203 |
Total |  | $ | 507,186 |  |  |  | 536 |  |  |  | 62,328 |  |  |  | 445,394 |
current fair value and associated unrealized losses on investments in debt securities with unrealized losses |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasuries |  | $ | - |  |  |  | - |  |  |  | 10,144 |  |  |  | 830 |  |  |  | 10,144 |  |  |  | 830 |
U.S. government sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 10,515 |  |  |  | 596 |  |  |  | 10,515 |  |  |  | 596 |
GSE -Mortgage-backed securities |  |  | 24,167 |  |  |  | 546 |  |  |  | 203,234 |  |  |  | 22,442 |  |  |  | 227,401 |  |  |  | 22,988 |
Private label mortgage-backed securities |  |  | 3,416 |  |  |  | 43 |  |  |  | 23,095 |  |  |  | 2,020 |  |  |  | 26,511 |  |  |  | 2,063 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 105,093 |  |  |  | 24,829 |  |  |  | 105,093 |  |  |  | 24,829 |
Total |  | $ | 27,583 |  |  |  | 589 |  |  |  | 352,081 |  |  |  | 50,717 |  |  |  | 379,664 |  |  |  | 51,306 |
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasuries |  | $ | 2,878 |  |  |  | 104 |  |  |  | 6,936 |  |  |  | 1,033 |  |  |  | 9,814 |  |  |  | 1,137 |
U.S. government sponsored enterprises |  |  | 2,904 |  |  |  | 87 |  |  |  | 8,635 |  |  |  | 619 |  |  |  | 11,539 |  |  |  | 706 |
GSE -Mortgage-backed securities |  |  | 94,903 |  |  |  | 6,568 |  |  |  | 120,464 |  |  |  | 17,089 |  |  |  | 215,367 |  |  |  | 23,657 |
Private label mortgage-backed securities |  |  | 33,338 |  |  |  | 2,172 |  |  |  | - |  |  |  | - |  |  |  | 33,338 |  |  |  | 2,172 |
State and political subdivisions |  |  | 65,880 |  |  |  | 7,766 |  |  |  | 76,291 |  |  |  | 26,890 |  |  |  | 142,171 |  |  |  | 34,656 |
Total |  | $ | 199,903 |  |  |  | 16,697 |  |  |  | 212,326 |  |  |  | 45,631 |  |  |  | 412,229 |  |  |  | 62,328 |
Amortized cost and estimated fair value of investment securities available for sale by contractual maturity |
December 31, 2023 |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |
|  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 2,998 |  |  |  | 2,989 |
Due from one to five years |  |  | 19,214 |  |  |  | 17,758 |
Due from five to ten years |  |  | 53,239 |  |  |  | 45,184 |
Due after ten years |  |  | 76,556 |  |  |  | 59,821 |
Mortgage-backed securities |  |  | 291,022 |  |  |  | 266,172 |
Total |  | $ | 443,029 |  |  |  | 391,924 |
Fair value measurements of investment securities available for sale using Level 3 significant unobservable inputs |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
|  | Fair Value Measurements |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |
U.S. Treasuries |  | $ | 10,144 |  |  |  | - |  |  |  | 10,144 |  |  |  | - |
U.S. Government sponsored enterprises |  |  | 10,515 |  |  |  | - |  |  |  | 10,515 |  |  |  | - |
GSE - Mortgage-backed securities |  |  | 234,902 |  |  |  | - |  |  |  | 234,902 |  |  |  | - |
Private label mortgage-backed securities |  |  | 31,270 |  |  |  | - |  |  |  | 31,270 |  |  |  | - |
State and political subdivisions |  |  | 105,093 |  |  |  | - |  |  |  | 105,093 |  |  |  | - |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |
|  | Fair Value Measurements |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |
U.S. Treasuries |  | $ | 9,814 |  |  |  | - |  |  |  | 9,814 |  |  |  | - |
U.S. Government sponsored enterprises |  |  | 11,539 |  |  |  | - |  |  |  | 11,539 |  |  |  | - |
GSE - Mortgage-backed securities |  |  | 240,500 |  |  |  | - |  |  |  | 240,500 |  |  |  | - |
Private label mortgage-backed securities |  |  | 33,338 |  |  |  | - |  |  |  | 33,338 |  |  |  | - |
State and political subdivisions |  |  | 150,203 |  |  |  | - |  |  |  | 150,203 |  |  |  | - |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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