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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized as follows:

		March 31, 2023
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	44,212			$	353			$	(3,003	)		$	41,562
State and political subdivisions			35,264				23				(2,303	)			32,984
Corporate			11,542				581				(595	)			11,528
Asset backed securities			15,423				-				(585	)			14,838
Residential mortgage-backed - US agency			17,439				-				(1,267	)			16,172
Collateralized mortgage obligations - US agency			10,275				-				(1,015	)			9,260
Collateralized mortgage obligations - Private label			64,910				-				(4,475	)			60,435
Total			199,065				957				(13,243	)			186,779
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Total			206				-				-				206
Total available-for-sale		$	199,271			$	957			$	(13,243	)		$	186,985
Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	3,842			$	-			$	(265	)		$	3,577
State and political subdivisions			15,859				12				(1,865	)			14,006
Corporate			45,577				5				(2,703	)			42,879
Asset backed securities			18,667				-				(1,073	)			17,594
Residential mortgage-backed - US agency			7,416				3				(636	)			6,783
Collateralized mortgage obligations - US agency			14,843				-				(1,192	)			13,651
Collateralized mortgage obligations - Private label			95,462				7				(4,337	)			91,132
Total			201,666				27				(12,071	)			189,622
Less: Allowance for credit losses			450				-				-				-
Total held-to-maturity		$	201,216			$	27			$	(12,071	)		$	189,622

		December 31, 2022
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	32,533			$	37			$	(3,206	)		$	29,364
State and political subdivisions			48,002				384				(3,001	)			45,385
Corporate			11,803				676				(650	)			11,829
Asset backed securities			16,059				-				(659	)			15,400
Residential mortgage-backed - US agency			17,982				-				(1,582	)			16,400
Collateralized mortgage obligations - US agency			13,070				-				(1,362	)			11,708
Collateralized mortgage obligations - Private label			65,781				8				(4,355	)			61,434
Total			205,230				1,105				(14,815	)			191,520
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Total			206				-				-				206
Total available-for-sale		$	205,436			$	1,105			$	(14,815	)		$	191,726
Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	3,852			$	-			$	(280	)		$	3,572
State and political subdivisions			15,211				-				(2,340	)			12,871
Corporate			45,086				2				(2,586	)			42,502
Asset backed securities			19,158				-				(1,291	)			17,867
Residential mortgage-backed - US agency			7,489				-				(739	)			6,750
Collateralized mortgage obligations - US agency			15,109				-				(1,251	)			13,858
Collateralized mortgage obligations - Private label			88,497				4				(4,430	)			84,071
Total held-to-maturity		$	194,402			$	6			$	(12,917	)		$	181,491

Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity

The amortized cost and estimated fair value of debt investments at March 31, 2023 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

		Available-for-Sale								Held-to-Maturity
		Amortized				Estimated				Amortized				Estimated
(In thousands)		Cost				Fair Value				Cost				Fair Value
Due in one year or less		$	7,059			$	7,636			$	1,131			$	1,114
Due after one year through five years			9,760				9,528				17,335				16,898
Due after five years through ten years			39,087				36,222				41,600				38,624
Due after ten years			50,535				47,526				23,879				21,420
Sub-total			106,441				100,912				83,945				78,056
Residential mortgage-backed - US agency			17,439				16,172				7,416				6,783
Collateralized mortgage obligations - US agency			10,275				9,260				14,843				13,651
Collateralized mortgage obligations - Private label			64,910				60,435				95,462				91,132
Totals		$	199,065			$	186,779			$	201,666			$	189,622

Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position

The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:

		March 31, 2023
		Less than Twelve Months												Twelve Months or More												Total
		Number of												Number of												Number of
		Individual				Unrealized				Fair				Individual				Unrealized				Fair				Individual				Unrealized				Fair
(Dollars in thousands)		Securities				Losses				Value				Securities				Losses				Value				Securities				Losses				Value
Available-for-Sale Portfolio
US Treasury, agencies and GSEs			1			$	(1	)		$	1,998				3			$	(3,002	)		$	26,380				4			$	(3,003	)		$	28,378
State and political subdivisions			1				(9	)			512				23				(2,294	)			29,064				24				(2,303	)			29,576
Corporate			2				(3	)			1,697				6				(592	)			5,140				8				(595	)			6,837
Asset backed securities			2				(116	)			4,384				8				(469	)			10,454				10				(585	)			14,838
Residential mortgage-backed - US agency			4				(8	)			628				11				(1,259	)			15,544				15				(1,267	)			16,172
Collateralized mortgage obligations - US agency			2				(214	)			3,374				9				(801	)			5,886				11				(1,015	)			9,260
Collateralized mortgage obligations - Private label			6				(424	)			8,021				29				(4,051	)			48,666				35				(4,475	)			56,687
Totals			18			$	(775	)		$	20,614				89			$	(12,468	)		$	141,134				107			$	(13,243	)		$	161,748
Held-to-Maturity Portfolio
US Treasury, agencies and GSEs			2			$	(265	)		$	3,576				-			$	-			$	-				2			$	(265	)		$	3,576
State and political subdivisions			5				(131	)			2,557				12				(1,734	)			10,620				17				(1,865	)			13,177
Corporate			16				(696	)			13,045				25				(2,007	)			22,886				41				(2,703	)			35,931
Asset backed securities			4				(353	)			7,571				5				(720	)			5,651				9				(1,073	)			13,222
Residential mortgage-backed - US agency			5				(54	)			2,267				5				(582	)			3,606				10				(636	)			5,873
Collateralized mortgage obligations - US agency			4				(152	)			4,766				7				(1,040	)			8,885				11				(1,192	)			13,651
Collateralized mortgage obligations - Private label			22				(1,328	)			36,162				28				(3,009	)			39,587				50				(4,337	)			75,749
Totals			58			$	(2,979	)		$	69,944				82			$	(9,092	)		$	91,235				140			$	(12,071	)		$	161,179

		December 31, 2022
		Less than Twelve Months												Twelve Months or More												Total
		Number of												Number of												Number of
		Individual				Unrealized				Fair				Individual				Unrealized				Fair				Individual				Unrealized				Fair
(Dollars in thousands)		Securities				Losses				Value				Securities				Losses				Value				Securities				Losses				Value
Available-for-Sale Portfolio
US Treasury, agencies and GSEs			-			$	-			$	-				3			$	(3,206	)		$	26,167				3			$	(3,206	)		$	26,167
State and political subdivisions			10				(830	)			12,601				17				(2,171	)			20,128				27				(3,001	)			32,729
Corporate			7				(269	)			5,720				2				(381	)			1,319				9				(650	)			7,039
Asset backed securities			5				(148	)			5,473				5				(511	)			9,926				10				(659	)			15,399
Residential mortgage-backed - US agency			10				(131	)			2,747				5				(1,451	)			13,653				15				(1,582	)			16,400
Collateralized mortgage obligations - US agency			6				(238	)			4,009				6				(1,124	)			7,700				12				(1,362	)			11,709
Collateralized mortgage obligations - Private label			15				(1,684	)			20,429				19				(2,671	)			33,707				34				(4,355	)			54,136
Totals			53			$	(3,300	)		$	50,979				57			$	(11,515	)		$	112,600				110			$	(14,815	)		$	163,579
Held-to-Maturity Portfolio
US Treasury, agencies and GSE's			2			$	(280	)		$	3,573				-				-			$	-				2			$	(280	)		$	3,573
State and political subdivisions			7			$	(871	)		$	7,277				7			$	(1,469	)		$	5,077				14			$	(2,340	)		$	12,354
Corporate			31				(1,786	)			29,213				9				(800	)			6,803				40				(2,586	)			36,016
Asset backed securities			6				(625	)			9,742				3				(666	)			3,674				9				(1,291	)			13,416
Residential mortgage-backed - US agency			10				(736	)			6,577				1				(3	)			107				11				(739	)			6,684
Collateralized mortgage obligations - US agency			10				(1,236	)			12,965				1				(15	)			892				11				(1,251	)			13,857
Collateralized mortgage obligations - Private label			38				(2,719	)			58,061				8				(1,711	)			12,532				46				(4,430	)			70,593
Totals			104			$	(8,253	)		$	127,408				29			$	(4,664	)		$	29,085				133			$	(12,917	)		$	156,493

Allowance for credit losses on investment securities classified as held-to-maturity

The following table depicts a rollforward of the allowance for credit losses on investment securities classified as held-to-maturity for the three months ended March 31, 2023:

(dollars in thousands)	Government Issued and Government Sponsored Enterprise Securities			Mortgage and Asset-backed Securities			Securities Issued By State and Political Subdivisions			Corporate Securities
Balance, December 31, 2022	$	-		$	-		$	-		$	-
Adjustment for the adoption of ASU 2016-13		-			40			1			409
Provision for credit losses		-			-			-			-
Allowance on purchased financial assets with credit deterioration		-			-			-			-
Charge-offs of securities		-			-			-			-
Recoveries		-			-			-			-
Balance, March 31, 2023	$	-		$	40		$	1		$	409

Amortized cost of debt securities categorized as held-to-maturity aggregated by credit quality

The following table summarizes the amortized cost of debt securities categorized as HTM at March 31, 2023, aggregated by credit quality indicators:

(dollars in thousands)
AAA or equivalent	$	38,247
AA or equivalent, including securities issued by the United States Government or Government Sponsored Enterprises		44,013
A or equivalent		23,823
BBB or equivalent		19,268
Unrated		76,315
Total	$	201,666

Gross Realized Gains (Losses) on Sale and Redemptions of Securities

Gross realized gains (losses) on sales and redemptions of securities for the indicated periods are detailed below:

		For the three months
		ended March 31,
(In thousands)		2023				2022
Realized gains on investments		$	2,021			$	-
Realized losses on investments			(1,948	)			(6	)
		$	73			$	(6	)

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