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Investment Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022 were as follows:


		Available-for-Sale
		September 30, 2023
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	41,071			$	—			$	(4,071	)		$	37,000
Commercial			10,020				1				(521	)			9,500
Obligations of U.S. government-sponsored agencies			11,851				—				(919	)			10,932
Obligations of states and political subdivisions			1,633				—				(90	)			1,543
Corporate notes			17,772				—				(3,091	)			14,681
U.S. Treasury securities			56,988				—				(4,093	)			52,895
Total		$	139,335			$	1			$	(12,785	)		$	126,551


		Held-to-Maturity
		September 30, 2023
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	704			$	—			$	(30	)		$	674
Obligations of U.S. government-sponsored agencies			502				—				(49	)			453
Obligations of states and political subdivisions			66				—				(10	)			56
Total		$	1,272			$	—			$	(89	)		$	1,183


		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 September 30, 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		$	12,988			$	12,783			$	—			$	—
Maturing after one to five years			53,676				49,249				324				308
Maturing after five to ten years			60,121				52,780				738				686
Maturing after ten years			12,550				11,739				210				189
Total		$	139,335			$	126,551			$	1,272			$	1,183

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 September 30, 2023.


		Available-for-Sale
		September 30, 2023
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	105			$	(5	)		$	36,860			$	(4,066	)
Commercial			1,532				(13	)			7,934				(508	)
Obligations of U.S. government-sponsored agencies			—				—				4,176				(919	)
Obligations of states and political subdivisions			—				—				1,543				(90	)
Corporate notes			802				(198	)			13,879				(2,893	)
U.S. Treasury securities			—				—				52,895				(4,093	)
Total		$	2,439			$	(216	)		$	117,287			$	(12,569	)


		Held-to-Maturity
		September 30, 2023
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	—			$	—			$	674			$	(30	)
Obligations of U.S. government-sponsored agencies			—				—				453				(49	)
Obligations of states and political subdivisions			—				—				56				(10	)
Total		$	—			$	—			$	1,183			$	(89	)

The following tables reflect 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, as of December 31, 2022. No determination was made concerning the need for an allowance for credit losses as this table reflects information prior to the adoption of ASC 326.


		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	)