Investment Securities

12 Months Ended

Dec. 31, 2022

Investment Securities [Abstract]

INVESTMENT SECURITIES

NOTE 3. INVESTMENT SECURITIES

The following table provides information on the amortized cost and estimated fair values of investment securities at December 31.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale securities:
December 31, 2022
U.S. Government agencies	$	21,798	$	5	$	3,625	$	18,178
Mortgage-backed		72,183		2		8,666		63,519
Otherd debt securities		2,018		—		128		1,890
Total	$	95,999	$	7	$	12,419	$	83,587
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 2022 and 2021.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Held-to-maturity securities:
December 31, 2022
U.S. Government agencies	$	148,097	$	—	$	13,601	$	134,496
Mortgage-backed		398,884		—		50,464		348,420
States and political subdivisions		1,474		35		28		1,481
Other debt securities		11,000		—		770		10,230
Total	$	559,455	$	35	$	64,863	$	494,627
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 $1.2 million at December 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 $(157) thousand for 2022 and $(40) thousand for 2021, respectively.

The following table provides 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 December 31.

	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, 2022
Available-for-sale securities:
U.S. Government agencies	$	1,165	$	4	$	16,585	$	3,588	$	17,750	$	3,592
Mortgage-backed		29,125		2,409		34,167		6,290		63,292		8,699
Other debt securities		1,890		128		—		—		1,890		128
Total	$	32,180	$	2,541	$	50,752	$	9,878	$	82,932	$	12,419
Held-to-maturity securities:
U.S. Government agencies	$	67,332	$	2,786	$	67,163	$	10,815	$	134,495	$	13,601
Mortgage-backed		148,771		9,402		199,649		41,062		348,420		50,464
States and political subdivisions		780		28		—		—		780		28
Other debt securities		8,091		409		2,139		361		10,230		770
Total	$	224,974	$	12,625	$	268,951	$	52,238	$	493,925	$	64,863

	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 bases, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary. There were a hundred and sixteen available-for-sale securities and a hundred and ninety two held to maturity securities in an unrealized loss position at December 31, 2022. There were thirty-five available-for-sale securities and a hundred and fourteen held to maturity securities in an unrealized loss position at December 31, 2021.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at December 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	$	75	$	74	$	2,117	$	2,076
Due after one year through five years		6,658		6,351		108,632		101,165
Due after five years through ten years		42,689		37,856		73,054		66,502
Due after ten years		46,577		39,306		375,652		324,884
Total	$	95,999	$	83,587	$	559,455	$	494,627

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

The following table sets forth the amortized cost and estimated fair values of securities which have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase at December 31, 2022 and 2021.

	2022				2021
	Amortized				Amortized
(Dollars in thousands)	Cost		Fair Value		Cost		Fair Value
Pledged available-for-sale securities	$	83,288		72,108	$	78,522	$	78,352
Pledged held to maturity securities		19,158		16,305		913		915

There were no obligations of states or political subdivisions with carrying values, as to any issuer, exceeding 10% of stockholders’ equity at December 31, 2022 or 2021.