Investment Securities

3 Months Ended

Mar. 31, 2022

Investment Securities [Abstract]

Investment Securities

Note 4 – Investment Securities

The following tables provide information on the amortized cost and estimated fair values of debt securities.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale securities:
March 31, 2022
U.S. Government agencies	$	22,495	$	5	$	1,245	$	21,255
Mortgage-backed		85,165		381		2,104		83,442
Other Debt securities		2,024		—		26		1,998
Total	$	109,684	$	386	$	3,375	$	106,695
December 31, 2021
U.S. Government agencies	$	22,932	$	7	$	634	$	22,305
Mortgage-backed		91,948		1,318		629		92,637
Other Debt securities		2,026		14		—		2,040
Total	$	116,906	$	1,339	$	1,263	$	116,982

No available for sale securities were sold during the three months ended March 31, 2022 and 2021.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Held-to-maturity securities:
March 31, 2022
U.S. Government agencies	$	86,490	$	—	$	3,472	$	83,018
Mortgage-backed		305,741		1		13,116		292,626
States and political subdivisions		400		1		—		401
Other debt securities		14,507		45		56		14,496
Total	$	407,138	$	47	$	16,644	$	390,541
December 31, 2021
U.S. Government agencies	$	87,072	$	20	$	1,231	$	85,861
Mortgage-backed		302,604		301		2,248		300,657
States and political subdivisions		400		2		—		402
Other debt securities		14,518		95		9		14,604
Total	$	404,594	$	418	$	3,488	$	401,524

Equity securities with an aggregate fair value of $1.3 million at March 31, 2022 and $1.4 million at December 31, 2021 are presented separately on the balance sheet. The fair value adjustment recorded through earnings totaled $(70) thousand for the three months ended March 31, 2022 and $(18) thousand for the three months ended March 31, 2021, respectively.

The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021.

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
March 31, 2022
Available-for-sale securities:
U.S. Government agencies	$	1,561	$	65	$	17,368	$	1,180	$	18,929	$	1,245
Mortgage-backed		39,851		490		3,562		1,614		43,413		2,104
Other debt securities		1,998		26		—		—		1,998		26
Total	$	43,410	$	581	$	20,930	$	2,794	$	64,340	$	3,375
Held-to-maturity securities:
U.S. Government agencies	$	62,586	$	2,157	$	20,432	$	1,315	$	83,018	$	3,472
Mortgage-backed		253,725		10,536		36,962		2,580		290,687		13,116
Other debt securities		4,943		56		—		—		4,943		56
Total	$	321,254	$	12,749	$	57,394	$	3,895	$	378,648	$	16,644

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
December 31, 2021
Available-for-sale securities:
U.S. Government agencies	$	1,561	$	1	$	17,368	$	633	$	18,929	$	634
Mortgage-backed		39,851		593		3,562		36		43,413		629
Total	$	41,412	$	594	$	20,930	$	669	$	62,342	$	1,263
Held-to-maturity securities:
U.S. Government agencies	$	64,268	$	1,005	$	11,719	$	226	$	75,987	$	1,231
Mortgage-backed		226,918		1,836		14,564		412		241,482		2,248
Other debt securities		491		9		—		—		491		9
Total	$	291,677	$	2,850	$	26,283	$	638	$	317,960	$	3,488

All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase and are not related to credit concerns. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary.

There were fifty-four available-for-sale securities and one hundred and fifty-three held-to-maturity securities in an unrealized loss position at March 31, 2022.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at March 31, 2022.

	Available for sale				Held to maturity
	Amortized				Amortized
(Dollars in thousands)	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	71	$	72	$	3,924	$	3,930
Due after one year through five years		2,137		2,149		22,537		22,016
Due after five years through ten years		55,374		54,351		91,202		88,810
Due after ten years		52,102		50,123		289,475		275,785
Total	$	109,684	$	106,695	$	407,138	$	390,541

The maturity dates for debt securities are determined using contractual maturity dates.