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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities Available-for-Sale and Held-to-Maturity | Details of investment securities available-for-sale and held-to-maturity as of March 31, 2023 and December 31, 2022 were as follows:
|  | Available-for-Sale |
|  | March 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 45,498 |  |  | $ | 2 |  |  | $ | (3,546 | ) |  | $ | 41,954 |
Commercial |  |  | 11,476 |  |  |  | 5 |  |  |  | (499 | ) |  |  | 10,982 |
Obligations of U.S. government-sponsored agencies |  |  | 5,114 |  |  |  | — |  |  |  | (739 | ) |  |  | 4,375 |
Obligations of states and political subdivisions |  |  | 1,655 |  |  |  | — |  |  |  | (81 | ) |  |  | 1,574 |
Corporate notes |  |  | 17,803 |  |  |  | — |  |  |  | (3,149 | ) |  |  | 14,654 |
U.S. Treasury securities |  |  | 56,967 |  |  |  | — |  |  |  | (3,499 | ) |  |  | 53,468 |
Total |  | $ | 138,513 |  |  | $ | 7 |  |  | $ | (11,513 | ) |  | $ | 127,007 |
|  | Held-to-Maturity |
|  | March 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,003 |  |  | $ | — |  |  | $ | (31 | ) |  | $ | 972 |
Obligations of U.S. government-sponsored agencies |  |  | 601 |  |  |  | — |  |  |  | (42 | ) |  |  | 559 |
Obligations of states and political subdivisions |  |  | 78 |  |  |  | — |  |  |  | (10 | ) |  |  | 68 |
Total |  | $ | 1,682 |  |  | $ | — |  |  | $ | (83 | ) |  | $ | 1,599 |
|  | Available-for-Sale |
|  | December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 47,659 |  |  | $ | 2 |  |  | $ | (3,704 | ) |  | $ | 43,957 |
Commercial |  |  | 12,169 |  |  |  | 4 |  |  |  | (480 | ) |  |  | 11,693 |
Obligations of U.S. government-sponsored agencies |  |  | 5,116 |  |  |  | — |  |  |  | (846 | ) |  |  | 4,270 |
Obligations of states and political subdivisions |  |  | 2,166 |  |  |  | — |  |  |  | (94 | ) |  |  | 2,072 |
Corporate notes |  |  | 17,817 |  |  |  | 2 |  |  |  | (1,898 | ) |  |  | 15,921 |
U.S. Treasury securities |  |  | 56,956 |  |  |  | — |  |  |  | (4,074 | ) |  |  | 52,882 |
Total |  | $ | 141,883 |  |  | $ | 8 |  |  | $ | (11,096 | ) |  | $ | 130,795 |
|  | Held-to-Maturity |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,167 |  |  | $ | — |  |  | $ | (41 | ) |  | $ | 1,126 |
Obligations of U.S. government-sponsored agencies |  |  | 610 |  |  |  | — |  |  |  | (40 | ) |  |  | 570 |
Obligations of states and political subdivisions |  |  | 85 |  |  |  | — |  |  |  | (12 | ) |  |  | 73 |
Total |  | $ | 1,862 |  |  | $ | — |  |  | $ | (93 | ) |  | $ | 1,769 |
Maturities of Investment Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of investment securities available-for-sale and held-to-maturity as of March 31, 2023 are presented in the following table:
|  | Available-for-Sale |  |  | Held-to-Maturity |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in Thousands) |
Maturing within one year |  | $ | 12,979 |  |  | $ | 12,696 |  |  | $ | — |  |  | $ | — |
Maturing after one to five years |  |  | 49,855 |  |  |  | 46,675 |  |  |  | — |  |  |  | — |
Maturing after five to ten years |  |  | 65,318 |  |  |  | 58,009 |  |  |  | 1,443 |  |  |  | 1,380 |
Maturing after ten years |  |  | 10,361 |  |  |  | 9,627 |  |  |  | 239 |  |  |  | 219 |
Total |  | $ | 138,513 |  |  | $ | 127,007 |  |  | $ | 1,682 |  |  | $ | 1,599 |
Schedule of Unrealized Loss on Investments and Fair Value for Securities for Which Allowance for Credit Losses has not been Recorded | The following tables reflect gross unrealized losses and fair value for securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of March 31, 2023 and December 31, 2022.
|  | Available-for-Sale |
|  | March 31, 2023 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 9,554 |  |  | $ | (407 | ) |  | $ | 32,233 |  |  | $ | (3,139 | )
Commercial |  |  | 4,026 |  |  |  | (135 | ) |  |  | 6,257 |  |  |  | (364 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 4,375 |  |  |  | (739 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 1,574 |  |  |  | (81 | )
Corporate notes |  |  | 2,565 |  |  |  | (435 | ) |  |  | 12,089 |  |  |  | (2,714 | )
U.S. Treasury securities |  |  | — |  |  |  | — |  |  |  | 53,468 |  |  |  | (3,499 | )
Total |  | $ | 16,145 |  |  | $ | (977 | ) |  | $ | 109,996 |  |  | $ | (10,536 | )
|  | Held-to-Maturity |
|  | March 31, 2023 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | 972 |  |  | $ | (31 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 559 |  |  |  | (42 | )
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 68 |  |  |  | (10 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,599 |  |  | $ | (83 | )
|  | Available-for-Sale |
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 19,876 |  |  | $ | (952 | ) |  | $ | 23,903 |  |  | $ | (2,752 | )
Commercial |  |  | 9,720 |  |  |  | (357 | ) |  |  | 1,247 |  |  |  | (123 | )
Obligations of U.S. government-sponsored agencies |  |  | — |  |  |  | — |  |  |  | 4,270 |  |  |  | (846 | )
Obligations of states and political subdivisions |  |  | 1,559 |  |  |  | (41 | ) |  |  | 513 |  |  |  | (53 | )
Corporate notes |  |  | 6,845 |  |  |  | (898 | ) |  |  | 8,075 |  |  |  | (1,000 | )
U.S. Treasury securities |  |  | 21,240 |  |  |  | (698 | ) |  |  | 31,642 |  |  |  | (3,376 | )
Total |  | $ | 59,240 |  |  | $ | (2,946 | ) |  | $ | 69,650 |  |  | $ | (8,150 | )
|  | Held-to-Maturity |
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,126 |  |  | $ | (41 | ) |  | $ | — |  |  | $ | — |
Obligations of U.S. government-sponsored agencies |  | $ | 214 |  |  | $ | (7 | ) |  | $ | 356 |  |  | $ | (33 | )
Obligations of states and political subdivisions |  | $ | 73 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | — |
Total |  | $ | 1,413 |  |  | $ | (60 | ) |  | $ | 356 |  |  | $ | (33 | )

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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