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v3.23.3

Investments (Tables) | 9 Months Ended
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Sep. 30, 2023
Schedule of Investments [Abstract] |
Schedule of Available-for-sale and Held to Maturity Securities | A summary of investment securities available-for-sale and held-to-maturity is as follows: Schedule of Available-for-sale and Held to Maturity Securities
(Dollars in thousands) |  | As of September 30, 2023 |  |  |  |  |  |  |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 125,667 |  |  | $ | - |  |  | $ | (7,326 | ) |  | $ | 118,341 |
Municipal obligations, tax exempt |  |  | 124,352 |  |  |  | - |  |  |  | (8,646 | ) |  |  | 115,706 |
Municipal obligations, taxable |  |  | 81,834 |  |  |  | - |  |  |  | (7,841 | ) |  |  | 73,993 |
Agency mortgage-backed securities |  |  | 167,842 |  |  |  | - |  |  |  | (19,025 | ) |  |  | 148,817 |
Total available-for-sale |  | $ | 499,695 |  |  | $ | - |  |  | $ | (42,838 | ) |  | $ | 456,857 |
|  | As of September 30, 2023 |  |  |  |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | $ | 3,525 |  |  | $ | - |  |  | $ | (300 | ) |  | $ | 3,225 |
Total held-to-maturity |  | $ | 3,525 |  |  | $ | - |  |  | $ | (300 | ) |  | $ | 3,225 |
|  | 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 Securities Continuous Unrealized Loss Position Fair Value | Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value
|  |  |  |  | As of September 30, 2023 |
(Dollars in thousands) |  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Available-for-sale: |  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
U.S. treasury securities |  |  | 66 |  |  | $ | 909 |  |  | $ | (10 | ) |  | $ | 117,432 |  |  | $ | (7,316 | ) |  | $ | 118,341 |  |  | $ | (7,326 | )
Municipal obligations, tax exempt |  |  | 290 |  |  |  | 50,036 |  |  |  | (3,126 | ) |  |  | 65,225 |  |  |  | (5,520 | ) |  |  | 115,261 |  |  |  | (8,646 | )
Municipal obligations, taxable |  |  | 126 |  |  |  | 23,773 |  |  |  | (1,519 | ) |  |  | 50,220 |  |  |  | (6,322 | ) |  |  | 73,993 |  |  |  | (7,841 | )
Agency mortgage-backed securities |  |  | 103 |  |  |  | 20,263 |  |  |  | (629 | ) |  |  | 128,554 |  |  |  | (18,396 | ) |  |  | 148,817 |  |  |  | (19,025 | )
Total for available-for-sale |  |  | 585 |  |  | $ | 94,981 |  |  | $ | (5,284 | ) |  | $ | 361,431 |  |  | $ | (37,554 | ) |  | $ | 456,412 |  |  | $ | (42,838 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 7 |  |  | $ | 3,225 |  |  | $ | 300 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,225 |  |  | $ | 300 |
Total held-to-maturity |  |  | 7 |  |  |  | 3,225 |  |  |  | 300 |  |  |  | - |  |  |  | - |  |  |  | 3,225 |  |  |  | 300 |
|  |  |  |  | As of December 31, 2022 |
|  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Available-for-sale: |  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
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 Securities | 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 Securities
(Dollars in thousands) |  |  |
Balance at January 1, 2023 |  | $ | - |
Impact of adopting ASC 326 |  |  | 72 |
Provision for credit losses |  |  | 19 |
Balance at September 30, 2023 |  | $ | 91 |
Schedule of Investments Classified by Contractual Maturity Date | Schedule of Investments Classified by Contractual Maturity Date
(Dollars in thousands) |  | Amortized |  |  | Estimated |
Available-for-sale: |  | cost |  |  | fair value |
Due in less than one year |  | $ | 37,975 |  |  | $ | 37,272 |
Due after one year but within five years |  |  | 265,924 |  |  |  | 244,855 |
Due after five years but within ten years |  |  | 142,733 |  |  |  | 127,386 |
Due after ten years |  |  | 53,063 |  |  |  | 47,344 |
Total available-for-sale |  | $ | 499,695 |  |  | $ | 456,857 |
Held-to-maturity: |  |  |  |  |  |  |  |
Due after five years but within ten years |  |  | 3,525 |  |  |  | 3,225 |
Total held-to-maturity |  | $ | 3,525 |  |  | $ | 3,225 |
Schedule of Realized Gain (loss) | Sales proceeds and gross realized gains and losses on sales of available-for-sale securities were as follows for the periods indicated: Schedule of Realized Gain (loss)
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(Dollars in thousands) |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Sales proceeds |  | $ | - |  |  | $ | 11,210 |  |  | $ | - |  |  | $ | 11,210 |
Realized gains |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Realized losses |  |  | - |  |  |  | (353 | ) |  |  | - |  |  |  | (353 | )
Net realized losses |  | $ | - |  |  | $ | (353 | ) |  | $ | - |  |  | $ | (353 | )

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