Securities (Tables)
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3 Months Ended |
Mar. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
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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 Losses | | Fair 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 MBS | 12,192 | | | 12 | | | (467) | | | — | | | 11,737 | | | 10 | | U.S. government agency CMO | 27,059 | | | 66 | | | (2,003) | | | — | | | 25,122 | | | 30 | | State and municipal securities | 44,514 | | | 11 | | | (4,732) | | | — | | | 39,793 | | | 32 | | U.S. Treasuries | 32,981 | | | — | | | (2,917) | | | — | | | 30,064 | | | 25 | | Non-U.S. government agency CMO | 11,808 | | | 7 | | | (706) | | | — | | | 11,109 | | | 12 | | Corporate bonds | 8,201 | | | — | | | (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 cost | | Gross unrealized gains | | Gross unrealized losses | | Fair 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 MBS | 12,272 | | | 5 | | | (538) | | | 11,739 | | | 12 | | U.S. government agency CMO | 25,520 | | | 40 | | | (2,242) | | | 23,318 | | | 29 | | State and municipal securities | 44,700 | | | — | | | (5,862) | | | 38,838 | | | 34 | | U.S. Treasuries | 32,980 | | | — | | | (3,457) | | | 29,523 | | | 25 | | Non-U.S. government agency CMO | 9,722 | | | — | | | (633) | | | 9,089 | | | 11 | | Corporate bonds | 8,201 | | | — | | | (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 | | | | | | | | | | | |
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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 Months | | 12 Months or more | | Total | (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 MBS | 20 | | | (1) | | | 8,417 | | | (466) | | | 8,437 | | | (467) | | U.S. government agency CMO | 4,004 | | | (173) | | | 16,274 | | | (1,830) | | | 20,278 | | | (2,003) | | State and municipal securities | 1,056 | | | (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 CMO | 6,207 | | | (126) | | | 4,132 | | | (580) | | | 10,339 | | | (706) | | Corporate bonds | 2,086 | | | (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 Months | | 12 Months or more | | Total | (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 MBS | 6,022 | | | (230) | | | 4,637 | | | (308) | | | 10,659 | | | (538) | | U.S. government agency CMO | 9,859 | | | (821) | | | 9,549 | | | (1,421) | | | 19,408 | | | (2,242) | | State and municipal securities | 7,487 | | | (726) | | | 31,351 | | | (5,136) | | | 38,838 | | | (5,862) | | U.S. Treasuries | 1,902 | | | (97) | | | 27,622 | | | (3,360) | | | 29,524 | | | (3,457) | | Non-U.S. government agency CMO | 8,423 | | | (464) | | | 666 | | | (169) | | | 9,089 | | | (633) | | Corporate bonds | 5,019 | | | (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) | |
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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, 2023 | | December 31, 2022 | | Available-for-sale | | Held-to-maturity | | Available-for-sale | | Held-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 years | 23,767 | | | 21,921 | | | 3,389 | | | 3,365 | | | 18,865 | | | 17,289 | | | 4,275 | | | 4,238 | | Due after five years through ten years | 27,799 | | | 25,624 | | | 3,941 | | | 3,507 | | | 28,647 | | | 25,459 | | | 2,998 | | | 2,683 | | Due after ten years | 51,806 | | | 47,419 | | | 29,195 | | | 26,204 | | | 53,950 | | | 48,453 | | | 30,206 | | | 26,164 | | Subtotal | 103,372 | | | 94,964 | | | 36,525 | | | 33,076 | | | 101,462 | | | 91,201 | | | 37,479 | | | 33,085 | | Mortgage-related securities | 51,059 | | | 47,969 | | | — | | | — | | | 47,514 | | | 44,145 | | | — | | | — | | Total | $ | 154,431 | | | $ | 142,933 | | | $ | 36,525 | | | $ | 33,076 | | | $ | 148,976 | | | $ | 135,346 | | | $ | 37,479 | | | $ | 33,085 | |
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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) | 2023 | | 2022 | | | | | Gross gain on sale of available for sale investments | $ | — | | | $ | 314 | | | | | | Gross loss on sale of available for sale investments | — | | | — | | | | | |
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