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Securities | 3 Months Ended
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Mar. 31, 2023
Securities [Abstract] |
Securities | Note 6 – Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of March 31, 2023 and December 31, 2022 (amounts in thousands):
| March 31, 2023
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,634 |  | $ | — |  | $ | (423) |  | $ | 3,211
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 4,930 |  | $ | — |  | $ | (136) |  | $ | 4,794
U.S. agency obligations |  | 69,728 |  |  | — |  |  | (8,579) |  |  | 61,149
Mortgage-backed securities |  | 77,290 |  |  | — |  |  | (10,424) |  |  | 66,866
Municipals |  | 51,736 |  |  | — |  |  | (10,514) |  |  | 41,222
Corporates |  | 16,533 |  |  | — |  |  | (977) |  |  | 15,556
| $ | 220,217 |  | $ | — |  | $ | (30,630) |  | $ | 189,587
| December 31, 2022
| Amortized |  | Gross Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,639 |  | $ | — |  | $ | (504) |  | $ | 3,135
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 4,912 |  | $ | — |  | $ | (171) |  | $ | 4,741
U.S. agency obligations |  | 68,833 |  |  | — |  |  | (9,560) |  |  | 59,273
Mortgage-backed securities |  | 78,955 |  |  | — |  |  | (11,113) |  |  | 67,842
Municipals |  | 49,951 |  |  | — |  |  | (12,096) |  |  | 37,855
Corporates |  | 17,037 |  |  | — |  |  | (961) |  |  | 16,076
| $ | 219,688 |  | $ | — |  | $ | (33,901) |  | $ | 185,787
‎ Note 6 – Securities (continued) The following tables summarize the fair value of securities available for sale as of March 31, 2023 and securities available for sale and held-to- maturity as of December 31, 2022 and the corresponding amounts of unrealized losses. Management uses the valuation as of month-end in determining when securities are in an unrealized loss position (amounts in thousands):
March 31. 2023 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | — |  | $ | — |  | $ | 4,794 |  | $ | 136 |  | $ | 4,794 |  | $ | 136
U.S. agency obligations |  | 3,698 |  |  | 404 |  |  | 57,451 |  |  | 8,175 |  |  | 61,149 |  |  | 8,579
Mortgage-backed securities |  | 136 |  |  | 8 |  |  | 66,730 |  |  | 10,416 |  |  | 66,866 |  |  | 10,424
Municipals |  | 4,055 |  |  | 224 |  |  | 37,167 |  |  | 10,290 |  |  | 41,222 |  |  | 10,514
Corporates |  | 926 |  |  | 74 |  |  | 6,631 |  |  | 903 |  |  | 7,557 |  |  | 977
Total temporarily impaired securities | $ | 8,815 |  | $ | 710 |  | $ | 172,773 |  | $ | 29,920 |  | $ | 181,588 |  | $ | 30,630
December 31, 2022 | Less than 12 months |  | More than 12 months |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency obligations | $ | 3,135 |  | $ | 504 |  | $ | — |  | $ | — |  | $ | 3,135 |  | $ | 504
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | 4,741 |  |  | 171 |  |  | — |  |  | — |  |  | 4,741 |  |  | 171
U.S. agency obligations |  | 27,708 |  |  | 2,838 |  |  | 31,565 |  |  | 6,722 |  |  | 59,273 |  |  | 9,560
Mortgage-backed securities |  | 42,024 |  |  | 5,656 |  |  | 25,818 |  |  | 5,457 |  |  | 67,842 |  |  | 11,113
Municipals |  | 10,847 |  |  | 2,245 |  |  | 27,008 |  |  | 9,851 |  |  | 37,855 |  |  | 12,096
Corporates |  | 6,568 |  |  | 469 |  |  | 1,508 |  |  | 492 |  |  | 8,076 |  |  | 961
Total temporarily impaired securities | $ | 95,023 |  | $ | 11,883 |  | $ | 85,899 |  | $ | 22,522 |  | $ | 180,922 |  | $ | 34,405
The Company has evaluated available for sale securities in an unrealized loss position for credit related impairment at March 31, 2023 and concluded no impairment existed based on a combination of factors, which included: (1) the securities are of high credit quality (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuers to settle the securities at a price less than the par value of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments before recovery of its amortized cost basis, nor is it likely that management will be required to sell the securities. As such, there was not an allowance for credit losses on available-for-sale securities at March 31, 2023. As of March 31, 2023, the Bank owned 117 securities in an unrealized loss position that were being evaluated for other than temporary impairment. Of the securities, 45 were S&P rated AAA, 64 were rated AA, six were rated A, one was rated BBB, and one was non-rated. As of March 31, 2023, 54 of these securities were municipal issues, 54 were backed by the US government, and 9 were issues of publicly traded domestic corporations. The Company’s held-to-maturity portfolio is covered by the explicit or implied guarantee of the United States government or one of its agencies and rated investment grade or higher. As a result, the Company did not have an allowance for credit losses on held-to-maturity securities as of March 31, 2023 or upon adoption of ASC 326. All held-to-maturity and available for sale securities were current with no securities past due or on nonaccrual as of March 31, 2023. ‎ Note 6 – Securities (continued) There were no sales of available-for-sale securities during the three months ended March 31, 2023 and 2022. The amortized costs and fair values of securities 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 call or prepayment penalties.
| March 31, 2023
| Amortized |  |
| Costs |  | Fair Value
Held-to-maturity: |  |  |
Due in one year or less | $ - |  | $ -
Due after one year through five years | - |  | -
Due after five years through ten years | 2,423 |  | 2,176
Due after ten years | 1,211 |  | 1,035
Total securities Held-to-maturity | $ 3,634 |  | $ 3,211
| Amortized |  |
| Costs |  | Fair Value
Available-for-sale: |  |  |
Due in one year or less | $ 7,717 |  | $ 7,566
Due after one year through five years | 41,630 |  | 38,166
Due after five years through ten years | 67,213 |  | 58,653
Due after ten years | 103,657 |  | 85,202
Total securities Available-for-sale | $ 220,217 |  | $ 189,587

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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