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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Investments [Abstract]  
Schedule of Available-for-sale Securities

A summary of investment securities available-for-sale and securities held-to-maturity is as follows:

  

(Dollars in thousands)  As of December 31, 2023 
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
                 
Available-for-sale:                    
U. S. treasury securities  $99,340   $-   $(3,673)  $95,667 
Municipal obligations, tax exempt   122,775    186    (2,338)   120,623 
Municipal obligations, taxable   82,926    225    (4,068)   79,083 
Agency mortgage-backed securities   169,656    247    (12,507)   157,396 
Total available-for-sale  $474,697   $658   $(22,586)  $452,769 
                     
Held-to-maturity:                    
Other  $3,555   $-   $(506)  $3,049 
Total held-to-maturity  $3,555   $-   $(506)  $3,049 

 

(Dollars in thousands)  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 
                     
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

The following table summarizes securities available-for-sale in an unrealized loss positions for which an allowance for credit losses has not been recorded at December 31, 2023 along with length of time in a continuous unrealized loss position.

 

(Dollars in thousands)      As of December 31, 2023 
       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   47   $1,129   $(7)  $93,833   $(3,666)  $94,962   $(3,673)
Municipal obligations, tax exempt   229    31,468    (337)   64,962    (2,001)   96,430    (2,338)
Municipal obligations, taxable   110    17,278    (151)   52,212    (3,917)   69,490    (4,068)
Agency mortgage-backed securities   100    6,480    (68)   128,512    (12,439)   134,992    (12,507)
Total available-for-sale   486   $56,355   $(563)  $339,519   $(22,023)  $395,874   $(22,586)

 

Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position.

 

(Dollars in thousands)      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 available-for-sale   550   $328,955   $(17,181)  $133,071   $(16,263)  $462,026   $(33,444)
                                    
Other   6   $3,009   $(77)  $-   $-   $3,009   $(77)
Total   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 December 31, 2023  $91 
Schedule of Investments Classified by Contractual Maturity Date

 

   Amortized   Estimated 
(Dollars in thousands)  cost   fair value 
Available-for-sale:          
Due in less than one year  $37,665   $37,145 
Due after one year but within five years   244,383    232,810 
Due after five years but within ten years   142,669    134,262 
Due after ten years   49,980    48,552 
Total available-for-sale  $474,697   $452,769 
           
Held-to-maturity:          
Due after five years but within ten years  $3,555   $3,049 
Total held-to-maturity  $3,555   $3,049 
Schedule of Realized Gain (loss)

The Company has not sold any investment securities subsequent to December 31, 2023 and the date of this filing. Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows:

 

   2023   2022   2021 
(Dollars in thousands)  Years ended December 31, 
   2023   2022   2021 
             
Sales proceeds  $20,913   $52,597   $16,623 
                
Realized gains  $-   $-   $1,138 
Realized losses   (1,246)   (1,103)   - 
Net realized (losses) gains  $(1,246)  $(1,103)  $1,138