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Investments (Tables)
 9 Months Ended
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:

 

(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

 

       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.

 

(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

 

(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:

 

   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)