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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows:
(dollars in thousands)
March 31, 2023Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities Available for Sale:
U.S. treasury securities$1,346 $— $(22)$1,324 
U.S. agency4,913 — (386)4,527 
Asset backed securities29,573 (723)28,859 
State, county & municipal securities125,765 (17,739)108,033 
Corporate debt securities54,712 22 (6,116)48,618 
Mortgage-backed securities268,967 29 (25,652)243,344 
Total$485,276 $67 $(50,638)$434,705 
March 31, 2023Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities Held to Maturity:
U.S. treasury securities$92,032 $— $(2,856)$89,176 
U.S. agency16,377 — (1,573)14,804 
State, county & municipal securities136,270 157 (14,957)121,470 
Mortgage-backed securities219,267 — (25,646)193,621 
Total$463,946 $157 $(45,032)$419,071 
December 31, 2022Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities Available for Sale:
U.S. treasury securities$1,644 $— $(22)$1,622 
U.S. agency5,035 — (450)4,585 
Asset backed securities31,468 — (1,480)29,988 
State, county & municipal securities126,119 — (21,363)104,756 
Corporate debt securities54,741 164 (5,320)49,585 
Mortgage-backed securities271,199 (29,191)242,017 
Total$490,206 $173 $(57,826)$432,553 
December 31, 2022Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities Held to Maturity:
U.S. treasury securities$91,615 $— $(4,149)$87,466 
U.S. agency16,409 — (1,838)14,571 
State, county & municipal securities136,138 32 (19,518)116,652 
Mortgage-backed securities221,696 — (29,121)192,575 
Total$465,858 $32 $(54,626)$411,264 
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity This is often the case with mortgage-backed securities, which are disclosed separately in the table below.
Available for SaleHeld to Maturity
(dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$1,517 $1,494 $— $— 
Due after one year through five years13,778 12,766 84,463 81,520 
Due after five years through ten years95,218 82,084 74,282 67,157 
Due after ten years105,796 95,017 85,934 76,773 
$216,309 $191,361 $244,679 $225,450 
Mortgage-backed securities268,967 243,344 219,267 193,621 
$485,276 $434,705 $463,946 $419,071 
Schedule of Continuous Unrealized Loss Position Information pertaining to available-for-sale securities with gross unrealized losses at March 31, 2023 and December 31, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as
follows:
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
March 31, 2023
U.S. treasury securities$1,078 $(18)$246 $(4)$1,324 $(22)
U.S. agency securities149 (1)4,378 (385)4,527 (386)
Asset backed securities1,280 (30)21,658 (693)22,938 (723)
State, county & municipal securities8,433 (327)99,032 (17,412)107,465 (17,739)
Corporate debt securities10,021 (1,533)37,053 (4,583)47,074 (6,116)
Mortgage-backed securities31,643 (825)204,292 (24,827)235,935 (25,652)
$52,604 $(2,734)$366,659 $(47,904)$419,263 $(50,638)
December 31, 2022
U.S. treasury securities$1,377 $(17)$245 $(5)$1,622 $(22)
U.S. agency securities3,221 (257)1,364 (193)4,585 (450)
Asset backed securities10,780 (319)19,208 (1,161)29,988 (1,480)
State, county & municipal securities29,284 (3,629)75,472 (17,734)104,756 (21,363)
Corporate debt securities17,258 (1,463)30,651 (3,857)47,909 (5,320)
Mortgage-backed securities122,031 (7,890)119,409 (21,301)241,440 (29,191)
$183,951 $(13,575)$246,349 $(44,251)$430,300 $(57,826)
Information pertaining to held-to-maturity securities with gross unrealized losses at March 31, 2023 and December 31, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
March 31, 2023
U.S. treasury securities$— $— $89,176 $(2,856)$89,176 $(2,856)
U.S. agency securities— — 14,804 (1,573)14,804 (1,573)
State, county & municipal securities3,286 (47)101,998 (14,910)105,284 (14,957)
Mortgage-backed securities— — 193,621 (25,646)193,621 (25,646)
$3,286 $(47)$399,599 $(44,985)$402,885 $(45,032)
December 31, 2022
U.S. treasury securities$— $— $87,466 $(4,149)$87,466 $(4,149)
U.S. agency securities— — 14,571 (1,838)14,571 (1,838)
State, county & municipal securities9,858 (1,392)105,734 (18,126)115,592 (19,518)
Mortgage-backed securities13,580 (729)178,995 (28,392)192,575 (29,121)
$23,438 $(2,121)$386,766 $(52,505)$410,204 $(54,626)