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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investment Securities  
Summary of amortized cost and fair value of securities held-to-maturity

    

December 31, 2022

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

    

Gains

    

(Losses)

    

Value

Held-to-maturity

 

  

 

  

 

  

 

  

U.S. Treasuries

$

6,000

$

$

(840)

$

5,160

U.S. government and federal agencies

 

35,551

 

 

(6,135)

 

29,416

Collateralized mortgage obligations

 

21,275

 

 

(4,227)

 

17,048

Taxable municipal

 

6,073

 

 

(1,364)

 

4,709

Mortgage-backed

 

30,516

 

 

(5,688)

 

24,828

Total Held-to-maturity Securities

$

99,415

$

$

(18,254)

$

81,161

Available-for-sale

 

  

 

  

 

  

 

  

U.S. Treasuries

$

63,480

$

$

(4,270)

$

59,210

U.S. government and federal agencies

 

38,748

 

 

(3,988)

 

34,760

Corporate bonds

 

3,000

 

 

(386)

 

2,614

Collateralized mortgage obligations

 

44,732

 

 

(6,258)

 

38,474

Tax-exempt municipal

 

4,993

 

 

(348)

 

4,645

Taxable municipal

 

608

 

 

(29)

 

579

Mortgage-backed

 

238,652

 

 

(21,358)

 

217,294

Total Available-for-sale Securities

$

394,213

$

$

(36,637)

$

357,576

    

December 31, 2021

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

    

Gains

    

(Losses)

    

Value

Held-to-maturity

 

  

 

  

 

  

 

  

U.S. Treasuries

$

6,000

$

$

(150)

$

5,850

U.S. government and federal agencies

 

35,720

 

 

(726)

 

34,994

Collateralized mortgage obligations

 

25,606

 

 

(534)

 

25,072

Taxable municipal

 

6,089

 

 

(194)

 

5,895

Mortgage-backed

 

32,094

 

 

(647)

 

31,447

Total Held-to-maturity Securities

$

105,509

$

$

(2,251)

$

103,258

Available-for-sale

 

  

 

  

 

  

 

  

U.S. Treasuries

$

30,954

$

$

(411)

$

30,543

U.S. government and federal agencies

 

34,803

 

258

 

(524)

 

34,537

Corporate bonds

 

1,000

 

31

 

 

1,031

Collateralized mortgage obligations

 

39,596

 

179

 

(726)

 

39,049

Tax-exempt municipal

 

5,007

 

255

 

 

5,262

Taxable municipal

 

1,653

 

37

 

(5)

 

1,685

Mortgage-backed

 

127,287

 

1,232

 

(1,326)

 

127,193

Total Available-for-sale Securities

$

240,300

$

1,992

$

(2,992)

$

239,300

 

Summary of amortized cost and fair value of securities available-for-sale

    

December 31, 2022

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

    

Gains

    

(Losses)

    

Value

Held-to-maturity

 

  

 

  

 

  

 

  

U.S. Treasuries

$

6,000

$

$

(840)

$

5,160

U.S. government and federal agencies

 

35,551

 

 

(6,135)

 

29,416

Collateralized mortgage obligations

 

21,275

 

 

(4,227)

 

17,048

Taxable municipal

 

6,073

 

 

(1,364)

 

4,709

Mortgage-backed

 

30,516

 

 

(5,688)

 

24,828

Total Held-to-maturity Securities

$

99,415

$

$

(18,254)

$

81,161

Available-for-sale

 

  

 

  

 

  

 

  

U.S. Treasuries

$

63,480

$

$

(4,270)

$

59,210

U.S. government and federal agencies

 

38,748

 

 

(3,988)

 

34,760

Corporate bonds

 

3,000

 

 

(386)

 

2,614

Collateralized mortgage obligations

 

44,732

 

 

(6,258)

 

38,474

Tax-exempt municipal

 

4,993

 

 

(348)

 

4,645

Taxable municipal

 

608

 

 

(29)

 

579

Mortgage-backed

 

238,652

 

 

(21,358)

 

217,294

Total Available-for-sale Securities

$

394,213

$

$

(36,637)

$

357,576

    

December 31, 2021

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

    

Gains

    

(Losses)

    

Value

Held-to-maturity

 

  

 

  

 

  

 

  

U.S. Treasuries

$

6,000

$

$

(150)

$

5,850

U.S. government and federal agencies

 

35,720

 

 

(726)

 

34,994

Collateralized mortgage obligations

 

25,606

 

 

(534)

 

25,072

Taxable municipal

 

6,089

 

 

(194)

 

5,895

Mortgage-backed

 

32,094

 

 

(647)

 

31,447

Total Held-to-maturity Securities

$

105,509

$

$

(2,251)

$

103,258

Available-for-sale

 

  

 

  

 

  

 

  

U.S. Treasuries

$

30,954

$

$

(411)

$

30,543

U.S. government and federal agencies

 

34,803

 

258

 

(524)

 

34,537

Corporate bonds

 

1,000

 

31

 

 

1,031

Collateralized mortgage obligations

 

39,596

 

179

 

(726)

 

39,049

Tax-exempt municipal

 

5,007

 

255

 

 

5,262

Taxable municipal

 

1,653

 

37

 

(5)

 

1,685

Mortgage-backed

 

127,287

 

1,232

 

(1,326)

 

127,193

Total Available-for-sale Securities

$

240,300

$

1,992

$

(2,992)

$

239,300

 

 

Schedule of gross unrealized loss position of investments

    

December 31, 2022

Less than 12 Months

12 Months or Longer

Total

Gross

Gross

Gross

Fair

    

Unrealized

    

Fair

     

Unrealized

    

Fair

    

Unrealized

(Dollars in thousands)

Value

Losses

Value

Losses

Value

Losses

Held-to-maturity

U.S. Treasuries

$

$

$

5,160

$

(840)

$

5,160

$

(840)

U.S. government and federal agencies

 

 

 

29,416

 

(6,135)

 

29,416

 

(6,135)

Collateralized mortgage obligations

 

 

 

17,048

 

(4,227)

 

17,048

 

(4,227)

Taxable municipal

 

 

 

4,709

 

(1,364)

 

4,709

 

(1,364)

Mortgage-backed

 

825

 

(159)

 

24,003

 

(5,529)

 

24,828

 

(5,688)

Total Held-to-maturity Securities

$

825

$

(159)

$

80,336

$

(18,095)

$

81,161

$

(18,254)

Available-for-sale

U.S. Treasuries

$

31,261

$

(1,194)

$

27,949

$

(3,076)

$

59,210

$

(4,270)

U.S. government and federal agencies

 

16,107

 

(1,078)

 

18,653

 

(2,910)

 

34,760

 

(3,988)

Corporate bonds

 

2,614

 

(386)

 

 

 

2,614

 

(386)

Collateralized mortgage obligations

 

16,746

 

(1,143)

 

21,728

 

(5,115)

 

38,474

 

(6,258)

Tax-exempt municipal

 

4,645

 

(348)

 

 

 

4,645

 

(348)

Taxable municipal

 

337

 

(2)

 

242

 

(27)

 

579

 

(29)

Mortgage-backed

 

145,795

 

(9,612)

 

71,499

 

(11,746)

 

217,294

 

(21,358)

Total Available-for-sale Securities

$

217,505

$

(13,763)

$

140,071

$

(22,874)

$

357,576

$

(36,637)

    

December 31, 2021

Less than 12 Months

12 Months or Longer

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Held-to-maturity

U.S. Treasuries

$

5,851

$

(150)

$

$

$

5,851

$

(150)

U.S. government and federal agencies

 

31,617

 

(645)

 

3,376

 

(81)

 

34,993

 

(726)

Collateralized mortgage obligations

 

25,072

 

(534)

 

 

 

25,072

 

(534)

Taxable municipal

 

3,971

 

(133)

 

1,923

 

(61)

 

5,894

 

(194)

Mortgage-backed

 

27,995

 

(573)

 

3,452

 

(74)

 

31,447

 

(647)

Total Held-to-maturity Securities

$

94,506

$

(2,035)

$

8,751

$

(216)

$

103,257

$

(2,251)

Available-for-sale

U.S. Treasuries

$

30,543

$

(411)

$

$

$

30,543

$

(411)

U.S. government and federal agencies

 

14,154

 

(301)

 

6,877

 

(223)

 

21,031

 

(524)

Collateralized mortgage obligations

 

30,352

 

(726)

 

 

 

30,352

 

(726)

Taxable municipal

 

265

 

(5)

 

 

 

265

 

(5)

Mortgage-backed

 

93,129

 

(1,280)

 

918

 

(46)

 

94,047

 

(1,326)

Total Available-for-sale Securities

$

168,443

$

(2,723)

$

7,795

$

(269)

$

176,238

$

(2,992)

 

Contractual maturities of investment securities

    

December 31, 2022

Amortized

Fair

(Dollars in thousands)

    

Cost

    

Value

Held-to-maturity

 

  

 

  

Due in one year or less

$

$

Due after one year through five years

 

5,208

 

4,474

Due after five years through ten years

 

39,496

 

32,806

Due after ten years

 

54,711

 

43,881

Total Held-to-maturity Securities

$

99,415

$

81,161

Available-for-sale

 

  

 

  

Due in one year or less

$

1,929

$

1,899

Due after one year through five years

 

104,037

 

96,292

Due after five years through ten years

 

153,724

 

142,314

Due after ten years

 

134,523

 

117,071

Total Available-for-sale Securities

$

394,213

$

357,576

 

Summary of restricted securities

(Dollars in thousands)

    

December 31, 2022

    

December 31, 2021

Federal Reserve Bank Stock

$

3,292

$

3,275

Federal Home Loan Bank Stock

 

1,073

 

1,616

Community Bankers’ Bank Stock

 

60

 

60

Total Restricted Securities

$

4,425

$

4,951