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Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and fair value of securities
The following tables presents the amortized cost, allowance for credit losses, and fair value of securities at the dates indicated:
March 31, 2023
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for Credit LossesFair
value
# of Securities
in unrealized
loss position
Securities available-for-sale:
U.S. asset backed securities$17,676 $166 $(250)$— $17,592 14 
U.S. government agency MBS12,192 12 (467)— 11,737 10 
U.S. government agency CMO27,059 66 (2,003)— 25,122 30 
State and municipal securities44,514 11 (4,732)— 39,793 32 
U.S. Treasuries32,981 — (2,917)— 30,064 25 
Non-U.S. government agency CMO11,808 (706)— 11,109 12 
Corporate bonds8,201 — (685)— 7,516 12 
Total securities available-for-sale$154,431 $262 $(11,760)$— $142,933 135 
Securities held-to-maturity:
State and municipal securities$36,525 $11 $(3,460)$— $33,076 22 
Total securities held-to-maturity$36,525 $11 $(3,460)$— $33,076 22 
December 31, 2022
(dollars in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value# of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities$15,581 $14 $(314)$15,281 12 
U.S. government agency MBS12,272 (538)11,739 12 
U.S. government agency CMO25,520 40 (2,242)23,318 29 
State and municipal securities44,700 — (5,862)38,838 34 
U.S. Treasuries32,980 — (3,457)29,523 25 
Non-U.S. government agency CMO9,722 — (633)9,089 11 
Corporate bonds8,201 — (643)7,558 12 
Total securities available-for-sale$148,976 $59 $(13,689)$135,346 135 
Securities held-to-maturity:
State and municipal securities$37,479 $— $(4,394)$33,085 25 
Total securities held-to-maturity$37,479 $— $(4,394)$33,085 25 
Schedule of investment gross unrealized loss in continuous unrealized loss position
The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at the dates indicated:
March 31, 2023
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Securities available-for-sale:
U.S. asset backed securities$3,658 $(29)$7,244 $(221)$10,902 $(250)
U.S. government agency MBS20 (1)8,417 (466)8,437 (467)
U.S. government agency CMO4,004 (173)16,274 (1,830)20,278 (2,003)
State and municipal securities1,056 (6)35,911 (4,726)36,967 (4,732)
U.S. Treasuries— — 30,064 (2,917)30,064 (2,917)
Non-U.S. government agency CMO6,207 (126)4,132 (580)10,339 (706)
Corporate bonds2,086 (163)4,428 (522)6,514 (685)
Total securities available-for-sale$17,031 $(498)$106,470 $(11,262)$123,501 $(11,760)
Securities held-to-maturity:
State and municipal securities$4,723 $(43)$25,836 $(3,417)$30,559 $(3,460)
Total securities held-to-maturity$4,723 $(43)$25,836 $(3,417)$30,559 $(3,460)
December 31, 2022
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Securities available-for-sale:
U.S. asset backed securities$6,531 $(80)$4,863 $(234)$11,394 $(314)
U.S. government agency MBS6,022 (230)4,637 (308)10,659 (538)
U.S. government agency CMO9,859 (821)9,549 (1,421)19,408 (2,242)
State and municipal securities7,487 (726)31,351 (5,136)38,838 (5,862)
U.S. Treasuries1,902 (97)27,622 (3,360)29,524 (3,457)
Non-U.S. government agency CMO8,423 (464)666 (169)9,089 (633)
Corporate bonds5,019 (431)1,538 (212)6,557 (643)
Total securities available-for-sale$45,243 $(2,849)$80,226 $(10,840)$125,469 $(13,689)
Securities held-to-maturity:
State and municipal securities$10,130 $(364)$22,543 $(4,030)$32,673 $(4,394)
Total securities held-to-maturity$10,130 $(364)$22,543 $(4,030)$32,673 $(4,394)
Schedule of amortized cost and carrying value of held-to-maturity securities and available-for-sale securities by contractual maturity
The amortized cost and carrying value of securities are shown below by contractual maturities at the dates indicated. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties.
March 31, 2023December 31, 2022
Available-for-saleHeld-to-maturityAvailable-for-saleHeld-to-maturity
(dollars in thousands)Amortized
cost
Fair
value
Amortized
cost
Fair
value
Amortized
cost
Fair
value
Amortized
cost
Fair
value
Due in one year or less$— $— $— $— $— $— $— $— 
Due after one year through five years23,767 21,921 3,389 3,365 18,865 17,289 4,275 4,238 
Due after five years through ten years27,799 25,624 3,941 3,507 28,647 25,459 2,998 2,683 
Due after ten years51,806 47,419 29,195 26,204 53,950 48,453 30,206 26,164 
Subtotal103,372 94,964 36,525 33,076 101,462 91,201 37,479 33,085 
Mortgage-related securities51,059 47,969 — — 47,514 44,145 — — 
Total$154,431 $142,933 $36,525 $33,076 $148,976 $135,346 $37,479 $33,085 
Gross gain and (loss) on sale of investment securities available for sale
The following table presents the gross gain on sale of investment securities available for sale on the dates indicated:
Three months ended
March 31,
(dollars in thousands)20232022
Gross gain on sale of available for sale investments$— $314 
Gross loss on sale of available for sale investments— —