Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Estimated Fair Value and Allowance for Credit Losses of HTM Securities and AFS 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 March 31, 2023 and December 31, 2022, by contractual maturity within each type:


	At March 31, 2023
(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	$	2,554	$	—	$	(87)			$	2,467
After 5 years to 10 years	7,531		—		(398)		—		7,133
Over 10 years	141,262		—		(17,715)		—		123,547
	151,347		—		(18,200)		—		133,147




Total	$	151,347	$	—	$	(18,200)	$	—	$	133,147
Securities Available-for-Sale









State and political subdivisions:
Within 1 year	$	1,030	$	1	$	—	$	—	$	1,031
After 1 year to 5 years	1,297		—		(31)		—		1,266


	2,327		1		(31)		—		2,297
Residential mortgage-backed securities:

After 1 year to 5 years	784		—		(29)		—		755
After 5 years to 10 years	15,617		—		(1,194)		—		14,423
Over 10 years	301,712		32		(36,128)		—		265,616
	318,113		32		(37,351)		—		280,794
Collateralized mortgage obligations:

After 5 years to 10 years	305		—		(18)		—		287
Over 10 years	2,199		—		(215)		—		1,984
	2,504		—		(233)		—		2,271
Corporate bonds:
Within 1 year	1,500		—		(1)		(1)		1,498
After 1 year to 5 years	29,674		4		(1,163)		(200)		28,315
After 5 years to 10 years	60,000		—		(6,288)		(1,231)		52,481

	91,174		4		(7,452)		(1,432)		82,294
Total	$	414,118	$	37	$	(45,067)	$	(1,432)	$	367,656


	At December 31, 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	$	1,654	$	—	$	(70)	$	—	$	1,584
After 5 years to 10 years	6,076		—		(342)		—		5,734
Over 10 years	146,997		—		(20,247)		—		126,750
	154,727		—		(20,659)		—		134,068




Total	$	154,727	$	—	$	(20,659)	$	—	$	134,068
Securities Available-for-Sale









State and political subdivisions:

After 1 year to 5 years	$	2,327	$	—	$	(42)	$	—	$	2,285


	2,327		—		(42)		—		2,285
Residential mortgage-backed securities:

After 1 year to 5 years	864		—		(37)		—		827
After 5 years to 10 years	10,399		—		(815)		—		9,584
Over 10 years	294,261		7		(41,291)		—		252,977
	305,524		7		(42,143)		—		263,388
Collateralized mortgage obligations:

After 5 years to 10 years	324		—		(22)		—		302
Over 10 years	2,257		—		(237)		—		2,020
	2,581		—		(259)		—		2,322
Corporate bonds:
Within 1 year	1,000		—		—		—		1,000
After 1 year to 5 years	30,679		3		(1,516)		(152)		29,014
After 5 years to 10 years	60,000		—		(6,765)		(988)		52,247

	91,679		3		(8,281)		(1,140)		82,261
Total	$	402,111	$	10	$	(50,725)	$	(1,140)	$	350,256

The following table presents information related to sales of securities available-for-sale during the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(Dollars in thousands)	2023		2022
Securities available-for-sale:
Proceeds from sales	$	—	$	1,530
Gross realized gains on sales	—		30

Tax expense related to net realized gains on sales	—		6

Amount of Securities in Unrealized Loss Position With No Allowance For Credit Losses

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 March 31, 2023 and December 31, 2022, 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 March 31, 2023
Securities Held-to-Maturity

Residential mortgage-backed securities	$	22,966	$	(862)	$	110,181	$	(17,338)	$	133,147	$	(18,200)

Total	$	22,966	$	(862)	$	110,181	$	(17,338)	$	133,147	$	(18,200)
Securities Available-for-Sale


State and political subdivisions	$	—	$	—	$	1,267	$	(31)	$	1,267	$	(31)
Residential mortgage-backed securities	84,540		(4,885)		190,747		(32,466)		275,287		(37,351)
Collateralized mortgage obligations	—		—		2,271		(233)		2,271		(233)

Total	$	84,540	$	(4,885)	$	194,285	$	(32,730)	$	278,825	$	(37,615)
At December 31, 2022
Securities Held-to-Maturity

Residential mortgage-backed securities	$	65,044	$	(5,894)	$	69,024	$	(14,765)	$	134,068	$	(20,659)

Total	$	65,044	$	(5,894)	$	69,024	$	(14,765)	$	134,068	$	(20,659)
Securities Available-for-Sale


State and political subdivisions	$	1,255	$	(42)	$	—	$	—	$	1,255	$	(42)
Residential mortgage-backed securities	128,831		(13,843)		133,902		(28,300)		262,733		(42,143)
Collateralized mortgage obligations	302		(22)		2,020		(237)		2,322		(259)
Corporate bonds	500		(1)		—		—		500		(1)
Total	$	130,888	$	(13,908)	$	135,922	$	(28,537)	$	266,810	$	(42,445)

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

The table below presents a rollforward by major security type for the three months ended March 31, 2023 and March 31, 2022 of the allowance for credit losses on securities available-for-sale.


(Dollars in thousands)	Corporate Bonds
Three months ended March 31, 2023
Securities Available-for-Sale
Beginning balance	$	(1,140)

Change in securities for which a previous expected credit loss was recognized	(292)
Ending balance	$	(1,432)
Three months ended March 31, 2022
Securities Available-for-Sale
Beginning balance	$	(929)
Additions for securities for which no previous expected credit losses were recognized	(45)
Change in securities for which a previous expected credit loss was recognized	(301)
Ending balance	$	(1,275)