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Investments (Tables)
 6 Months Ended
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:

 

(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

 

       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.

 

(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

 

(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