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v3.23.2

Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Schedule of Investments [Abstract] |
Schedule of Available-for-sale and Held to Maturity Seurities | A summary of investment securities available-for-sale and held-to-maturity is as follows: Schedule of Available-for-sale and Held to Maturity Seurities
(Dollars in thousands) |  | As of June 30, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 128,458 |  |  | $ | - |  |  | $ | (6,978 | ) |  | $ | 121,480 |
Municipal obligations, tax exempt |  |  | 127,921 |  |  |  | 56 |  |  |  | (3,526 | ) |  |  | 124,451 |
Municipal obligations, taxable |  |  | 82,456 |  |  |  | 79 |  |  |  | (4,822 | ) |  |  | 77,713 |
Agency mortgage-backed securities |  |  | 175,571 |  |  |  | 31 |  |  |  | (14,868 | ) |  |  | 160,734 |
Total available-for-sale |  | $ | 514,406 |  |  | $ | 166 |  |  | $ | (30,194 | ) |  | $ | 484,378 |
|  | As of June 30, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other |  | $ | 3,496 |  |  | $ | - |  |  | $ | (196 | ) |  | $ | 3,300 |
Total held-to-maturity |  | $ | 3,496 |  |  | $ | - |  |  | $ | (196 | ) |  | $ | 3,300 |
|  | As of December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 130,684 |  |  | $ | - |  |  | $ | (7,573 | ) |  | $ | 123,111 |
U. S. federal agency obligations |  |  | 2,002 |  |  |  | - |  |  |  | (14 | ) |  |  | 1,988 |
Municipal obligations, tax exempt |  |  | 130,848 |  |  |  | 59 |  |  |  | (3,645 | ) |  |  | 127,262 |
Municipal obligations, taxable |  |  | 73,520 |  |  |  | 14 |  |  |  | (6,290 | ) |  |  | 67,244 |
Agency mortgage-backed securities |  |  | 185,451 |  |  |  | 172 |  |  |  | (15,922 | ) |  |  | 169,701 |
Total available-for-sale |  | $ | 522,505 |  |  | $ | 245 |  |  | $ | (33,444 | ) |  | $ | 489,306 |
|  | As of December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | $ | 3,524 |  |  | $ | 5 |  |  | $ | (77 | ) |  | $ | 3,452 |
Total held-to-maturity |  | $ | 3,524 |  |  | $ | 5 |  |  | $ | (77 | ) |  | $ | 3,452 |
Schedule of Available for Sale Securites Continuous Unrealized Loss Position Fair Value | Schedule of Available for Sale Securites Continuous Unrealized Loss Position Fair Value
|  |  |  |  | As of June 30, 2023 |
(Dollars in thousands) |  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 67 |  |  | $ | 13,995 |  |  | $ | (562 | ) |  | $ | 107,485 |  |  | $ | (6,416 | ) |  | $ | 121,480 |  |  | $ | (6,978 | )
Municipal obligations, tax exempt |  |  | 268 |  |  |  | 58,460 |  |  |  | (861 | ) |  |  | 54,533 |  |  |  | (2,665 | ) |  |  | 112,993 |  |  |  | (3,526 | )
Municipal obligations, taxable |  |  | 119 |  |  |  | 32,430 |  |  |  | (891 | ) |  |  | 39,464 |  |  |  | (3,931 | ) |  |  | 71,894 |  |  |  | (4,822 | )
Agency mortgage-backed securities |  |  | 102 |  |  |  | 27,246 |  |  |  | (610 | ) |  |  | 127,921 |  |  |  | (14,258 | ) |  |  | 155,167 |  |  |  | (14,868 | )
Total for available-for-sale |  |  | 556 |  |  | $ | 132,131 |  |  | $ | (2,924 | ) |  | $ | 329,403 |  |  | $ | (27,270 | ) |  | $ | 461,534 |  |  | $ | (30,194 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 7 |  |  | $ | 3,300 |  |  | $ | (196 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,300 |  |  | $ | (196 | )
Total held-to-maturity |  |  | 7 |  |  |  | 3,300 |  |  |  | (196 | ) |  |  | - |  |  |  | - |  |  |  | 3,300 |  |  |  | (196 | )
|  |  |  |  | As of December 31, 2022 |
|  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 67 |  |  | $ | 85,988 |  |  | $ | (4,591 | ) |  | $ | 37,123 |  |  | $ | (2,982 | ) |  | $ | 123,111 |  |  | $ | (7,573 | )
U.S. federal agency obligations |  |  | 1 |  |  |  | 1,988 |  |  |  | (14 | ) |  |  | - |  |  |  | - |  |  |  | 1,988 |  |  |  | (14 | )
Municipal obligations, tax exempt |  |  | 274 |  |  |  | 107,262 |  |  |  | (3,020 | ) |  |  | 8,495 |  |  |  | (625 | ) |  |  | 115,757 |  |  |  | (3,645 | )
Municipal obligations, taxable |  |  | 108 |  |  |  | 54,746 |  |  |  | (5,006 | ) |  |  | 7,571 |  |  |  | (1,284 | ) |  |  | 62,317 |  |  |  | (6,290 | )
Agency mortgage-backed securities |  |  | 100 |  |  |  | 78,971 |  |  |  | (4,550 | ) |  |  | 79,882 |  |  |  | (11,372 | ) |  |  | 158,853 |  |  |  | (15,922 | )
Total for available-for-sale |  |  | 550 |  |  |  | 328,955 |  |  |  | (17,181 | ) |  |  | 133,071 |  |  |  | (16,263 | ) |  |  | 462,026 |  |  |  | (33,444 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 6 |  |  | $ | 3,009 |  |  | $ | (77 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,009 |  |  | $ | (77 | )
Total held-to-maturity |  |  | 6 |  |  |  | 3,009 |  |  |  | (77 | ) |  |  | - |  |  |  | - |  |  |  | 3,009 |  |  |  | (77 | )
Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securites | The following table provides information on the Company’s allowance for credit losses related to held-to-maturity investment securities. Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securites
(Dollars in thousands) |  |  |
Balance at January 1, 2023 |  | $ | - |
Impact of adopting ASC 326 |  |  | 72 |
Provision for credit losses |  |  | 19 |
Balance at June 30, 2023 |  | $ | 91 |
Schedule of Investments Classified by Contractual Maturity Date | Schedule of Investments Classified by Contractual Maturity Date
(Dollars in thousands) |  | Amortized |  |  | Estimated |
|  | cost |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |
Due in less than one year |  | $ | 33,292 |  |  | $ | 32,728 |
Due after one year but within five years |  |  | 263,298 |  |  |  | 246,734 |
Due after five years but within ten years |  |  | 162,266 |  |  |  | 151,903 |
Due after ten years |  |  | 55,550 |  |  |  | 53,013 |
Total available-for-sale |  | $ | 514,406 |  |  | $ | 484,378 |
Held-to-maturity: |  |  |  |  |  |  |  |
Due after five years but within ten years |  |  | 3,496 |  |  |  | 3,300 |
Total held-to-maturity |  | $ | 3,496 |  |  | $ | 3,300 |

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