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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investment Securities [Abstract]  
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale
The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows:

Available-for-Sale Securities
 
     Gross Unrealized    
 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair
Value
  
As of March 31, 2023                                
U.S. Government-sponsored securities
   $
4,117
     $
18
     $
23
     $
4,112
  
Mortgage-backed securities (1)
    
125,610
      
41
      
21,954
      
103,697
  
Collateralized mortgage obligations (1)
    620       -       13       607  
Corporate securities
    
10,041
      
-
      
330
      
9,711
  
Other
    
310
      
-
      
-
      
310
  
Total available-for-sale securities
  
$
140,698
    
$
59
    
$
22,320
    
$
118,437
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Available-for-Sale Securities  

   
Gross Unrealized
    

 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair
Value
  
 
As of December 31, 2022
                                
   U.S. Treasury notes
   $ 4,989     $
 -     $
25     $ 4,964  
U.S. Government-sponsored securities
  
4,430
      
21
      
24
    
4,427
  
Mortgage-backed securities (1)
    
162,314
      
9
      
29,795
      
132,528
  
Collateralized mortgage obligations (1)
     1,085       -       31       1,054  
   Corporate securities     10,043       -       462       9,581  
Other
    
310
      
-
      
-
      
310
  
Total available-for-sale securities
  
$
183,171
    
$
30
    
$
30,337
    
$
152,864
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity
The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows:

Held-to-Maturity Securities

 
Gross Unrealized
  

     
(Dollars in thousands)
Amortized
Cost
  
Gains
  
Losses
  
Fair
Value
  
Allowance
for Credit
Losses
  
As of March 31, 2023                    
Municipal securities
  
$
76,260
    
$
98
    
$
96
    
$
76,262
     $ 393  
Mortgage-backed securities (1)
    
695,083
      
59
      
130,405
      
564,737
       -  
Collateralized mortgage obligations (1)
     79,044       -       14,134       64,910       -  
Total held-to-maturity securities
  
$
850,387
    
$
157
    
$
144,635
    
$
705,909
     $ 393  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Held-to-Maturity Securities

 
Gross Unrealized
  

     
(Dollars in thousands)
Amortized
Cost
  
Gains
  
Losses
  
Fair
Value
  
Allowance
for Credit
Losses
  
As of December 31, 2022                    
Municipal securities
  
$
62,302
    
$
49
    
$
209
    
$
62,142
     $ 393  
Mortgage-backed securities (1)
     702,858       29       141,121       561,766       -  
Collateralized mortgage obligations (1)
     80,186       -       15,701       64,485       -  
Total held-to-maturity securities
  
$
845,346
    
$
78
    
$
157,031
    
$
688,393
     $ 393  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Gross Unrealized Losses for Available-for-Sale Securities

The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that are less than 12 months and 12 months or more:
Available-for-Sale Securities
        
March 31, 2023
          
 
Less Than 12 Months
  
12 Months or More
  
Total
  
(Dollars in thousands)
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
As of March 31, 2023
                        
U.S. Government-sponsored securities
  
$
330
    
$
1
    
$
1,246
    
$
22
    
$
1,576
    
$
23
  
Mortgage-backed securities(1)
    
12,450
      
343
      
86,844
      
21,611
      
99,294
      
21,954
  
Collateralized mortgage obligations(1)
    
-
      
-
      
607
      
13
      
607
      
13
  
Corporate securities
    
-
      
-
      
9,711
      
330
      
9,711
      
330
  
Total available-for-sale securities
  
$
12,780
    
$
344
    
$
98,408
    
$
21,976
    
$
111,188
    
$
22,320
  



(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Available-for-Sale Securities
        
December 31, 2022
          
 
Less Than 12 Months
  
12 Months or More
  
Total
  
(Dollars in thousands)
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
Fair Value
  
Unrealized
Losses
  
As of December 31, 2022
                        
   U.S. Treasury notes
   $ 4,964     $ 25     $ -     $ -     $ 4,964     $ 25  
U.S. Government-sponsored securities
    
378
      
1
      
1,326
      
23
      
1,704
      
24
  
Mortgage-backed securities(1)
    
35,117
      
1,639
      
96,589
      
28,156
      
131,706
      
29,795
  
   Collateralized Mortgage Obligations(1)     1,054       31       -       -       1,054       31  
   Corporate securities     -       -       9,581       462       9,581       462  
Total available-for-sale securities
  
$
41,513
    
$
1,696
    
$
107,496
    
$
28,641
    
$
149,009
    
$
30,337
  



(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Activity in Allowance for Credit Losses for Held-to-Maturity Debt Securities by Major Type
The following table presents the activity in the allowance for credit losses for held-to-maturity securities by major type:

 
March 31, 2023
  
(Dollars in thousands)
Municipal securities
  
Mortgage-
backed
securities
  
Collateralized Mortgage obligations
  
Total
  
Allowance for credit losses - securities
                
Beginning Balance
  
$
393
    
$
-
    
$
-
    
$
393
  
Provision for credit losses
    
-
      
-
      
-
      
-
  
Ending Balance
  
$
393
    
$
-
    
$
-
    
$
393
  
December 31, 2022
  
(Dollars in thousands)
Municipal securities
  
Mortgage-
backed
securities
  
Collateralized Mortgage obligations
  
Total
  
Allowance for credit losses - securities
                
Beginning Balance
  
$
393
    
$
-
    
$
-
    
$
393
  
Provision for credit losses
    
-
      
-
      
-
      
-
  
Ending Balance
  
$
393
    
$
-
    
$
-
    
$
393
  
Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Final Maturity
The amortized cost and estimated fair values of debt securities at March 31, 2023 by contractual final maturity are shown in the following table:

 
Available-for-Sale
    
Held-to-Maturity
  
(Dollars in thousands)
  
Amortized
Cost
    
Fair
Value
    
Amortized
Cost
    
Fair
Value
  
Securities maturing in:
                               
One year or less
 
$
335
    
$
335
    
$
283
    
$
283
  
After one year through five years
    
19,386
      
18,756
      
11,174
      
11,155
  
After five years through ten years
    
6,114
      
5,913
      
30,348
      
28,835
  
After ten years
    
114,863
      
93,433
      
808,582
      
665,636
  
Total
   $
140,698
     $
118,437
     $
850,387
     $
705,909
  
Credit Quality of Available-for-Sale and Held-to-Maturity Debt Securities
The Company monitors the credit quality of those held-to-maturity debt securities not issued by the U.S. government or one of its agencies or government sponsored entities, through the use of credit ratings. Credit ratings are reviewed and updated quarterly. The following table summarizes the amortized cost of held-to-maturity municipal debt securities by credit rating at March 31, 2023:

 
Held-to-Maturity
      
 
Amortized Cost
      
(Dollars in thousands)
AAA/AA/A
  
BBB/BB/B
  
Not Rated
  
Total
  
March 31, 2023
                
Municipal securities
  
$
19,380
    
$
390
    
$
56,490
    
$
76,260
  
Total
  
$
19,380
    
$
390
    
$
56,490
    
$
76,260
  
Proceeds from Sales and Calls of Securities
Proceeds from sales and calls of these securities were as follows:
   
(Dollars in thousands)
  
Gross Proceeds
    
Gross Gains
    
Gross Losses
  
Three months ended March 31, 2023
  
$
30,482
    
$
-
    
$
5,686
  
Three months ended March 31, 2022
  
$
2,190
    
$
-
    
$
-