Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Estimated Fair Value and Allowance for Credit Losses of HTM Securities and Available For Sale securities by Contractual Maturities

The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at September 30, 2022 and December 31, 2021, by contractual maturity within each type:


	At September 30, 2022
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securities Held-to-Maturity




Residential mortgage-backed securities:
After 1 year to 5 years	1,834		—		(69)		—		1,765
After 5 years to 10 years	5,264		—		(367)		—		4,897
Over 10 years	152,072		—		(22,278)		—		129,794
	159,170		—		(22,714)		—		136,456




Total	$	159,170	$	—	$	(22,714)	$	—	$	136,456
Securities Available-for-Sale









State and political subdivisions:

After 1 year to 5 years	$	2,327	$	—	$	(69)	$	—	$	2,258


	2,327		—		(69)		—		2,258
Residential mortgage-backed securities:
Within 1 year	2		—		—		—		2
After 1 year to 5 years	944		—		(37)		—		907
After 5 years to 10 years	3,608		—		(285)		—		3,323
Over 10 years	302,520		6		(46,192)		—		256,334
	307,074		6		(46,514)		—		260,566
Collateralized mortgage obligations:

After 5 years to 10 years	342		—		(21)		—		321
Over 10 years	2,348		—		(218)		—		2,130
	2,690		—		(239)		—		2,451
Corporate bonds:
Within 1 year	1,500		1		—		—		1,501
After 1 year to 5 years	30,183		—		(1,616)		(168)		28,399
After 5 years to 10 years	60,000		—		(6,565)		(1,131)		52,304

	91,683		1		(8,181)		(1,299)		82,204
Total	$	403,774	$	7	$	(55,003)	$	(1,299)	$	347,479


	At December 31, 2021
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securities Held-to-Maturity
U.S. government corporations and agencies:
Within 1 year	$	6,999	$	34	$	—	$	—	$	7,033

	6,999		34		—		—		7,033
Residential mortgage-backed securities:
After 5 years to 10 years	5,208		194		—		—		5,402
Over 10 years	164,776		2,175		(984)		—		165,967
	169,984		2,369		(984)		—		171,369




Total	$	176,983	$	2,403	$	(984)	$	—	$	178,402
Securities Available-for-Sale









State and political subdivisions:

After 1 year to 5 years	$	2,326	$	7	$	—	$	—	$	2,333


	2,326		7		—		—		2,333
Residential mortgage-backed securities:
Within 1 year	31		—		—		—		31
After 1 year to 5 years	153		5		—		—		158
After 5 years to 10 years	2,286		82		—		—		2,368
Over 10 years	220,153		671		(2,276)		—		218,548
	222,623		758		(2,276)		—		221,105
Collateralized mortgage obligations:

After 5 years to 10 years	481		7		—		—		488
Over 10 years	2,813		—		(23)		—		2,790
	3,294		7		(23)		—		3,278
Corporate bonds:
Within 1 year	2,500		4		—		—		2,504
After 1 year to 5 years	28,731		755		(67)		(51)		29,368
After 5 years to 10 years	60,000		—		(703)		(878)		58,419

	91,231		759		(770)		(929)		90,291
Total	$	319,474	$	1,531	$	(3,069)	$	(929)	$	317,007

The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
(Dollars in thousands)	2022		2021
Securities available-for-sale:
Proceeds from sales	$	1,530	$	4,135
Gross realized gains on sales	30		140

Tax expense related to net realized gains on sales	6		29

Amount of Securities in Unrealized Loss Position

The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2022 and December 31, 2021, by the length of time those securities were in a continuous loss position.


	Less than Twelve Months				Twelve Months or Longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
At September 30, 2022
Securities Held-to-Maturity

Residential mortgage-backed securities	$	125,601	$	(19,855)	$	10,855	$	(2,859)	$	136,456	$	(22,714)

Total	$	125,601	$	(19,855)	$	10,855	$	(2,859)	$	136,456	$	(22,714)
Securities Available-for-Sale


State and political subdivisions	$	2,258	$	(69)	$	—	$	—	$	2,258	$	(69)
Residential mortgage-backed securities	182,104		(28,113)		77,457		(18,401)		259,561		(46,514)
Collateralized mortgage obligations	2,451		(239)		—		—		2,451		(239)
Corporate bonds	500		(1)		—		—		500		(1)
Total	$	187,313	$	(28,422)	$	77,457	$	(18,401)	$	264,770	$	(46,823)
At December 31, 2021
Securities Held-to-Maturity

Residential mortgage-backed securities	$	89,837	$	(984)	$	—	$	—	$	89,837	$	(984)

Total	$	89,837	$	(984)	$	—	$	—	$	89,837	$	(984)
Securities Available-for-Sale



Residential mortgage-backed securities	$	164,326	$	(1,816)	$	12,097	$	(460)	$	176,423	$	(2,276)
Collateralized mortgage obligations	2,790		(23)		—		—		2,790		(23)
Corporate bonds	779		(1)		—		—		779		(1)
Total	$	167,895	$	(1,840)	$	12,097	$	(460)	$	179,992	$	(2,300)

Available-for-sale Securities, Allowance for Credit Loss Rollforward

The table below presents a rollforward by major security type for the nine months ended September 30, 2022 of the allowance for credit losses on securities available-for-sale.


(Dollars in thousands)	Corporate Bonds
Nine months ended September 30, 2022
Securities Available-for-Sale
Beginning balance	$	(929)
Additions for securities for which no previous expected credit losses were recognized	(153)
Change in securities for which a previous expected credit loss was recognized	(217)
Ending balance	$	(1,299)
Nine months ended September 30, 2021
Securities Available-for-Sale
Beginning balance	$	(869)
Additions for securities for which no previous expected credit losses were recognized	(22)
Change in securities for which a previous expected credit loss was recognized	76
Ending balance	$	(815)