SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| SECURITIES |
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| Schedule of Debt Securities Available for Sale and Held to Maturity |
The amortized cost and fair value of debt securities as of June 30, 2023 and December 31, 2022, by contractual maturity, are shown in the tables below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid, with or without prepayment penalties. Securities not due at a single maturity date are shown separately. | | | | | | | | | | | | | (Dollars in thousands) | | June 30, 2023 | | | | | | | Gross | | Gross | | | Amortized | | Fair | | Unrealized | | Unrealized | Debt Securities Available for Sale | | Cost | | Value | | Gains | | Losses | Obligations of U.S. Government sponsored enterprises | | | | | | | | | | | | | After one year but within five years | | $ | 15,500 | | $ | 13,852 | | $ | — | | $ | (1,648) | | | | 15,500 | | | 13,852 | | | — | | | (1,648) | Obligations of state and political subdivisions | | | | | | | | | | | | | Within one year | | | 1,691 | | | 1,672 | | | — | | | (19) | After one year but within five years | | | 2,258 | | | 2,131 | | | — | | | (127) | After five years but within ten years | | | 4,611 | | | 3,835 | | | — | | | (776) | | | | 8,560 | | | 7,638 | | | — | | | (922) | Corporate debt securities | | | | | | | | | | | | | After one year but within five years | | | 4,641 | | | 3,975 | | | — | | | (666) | After five years but within ten years | | | 13,000 | | | 9,069 | | | — | | | (3,931) | | | | 17,641 | | | 13,044 | | | — | | | (4,597) | Mortgage-backed securities | | | 37,437 | | | 34,564 | | | — | | | (2,873) | Total | | $ | 79,138 | | $ | 69,098 | | $ | — | | $ | (10,040) |
| | | | | | | | | | | | | (Dollars in thousands) | | June 30, 2023 | | | | | | | Gross | | Gross | | | Amortized | | Fair | | Unrecognized | | Unrecognized | Debt Securities Held to Maturity | | Cost | | Value | | Gains | | Losses | Obligations of U.S. Government sponsored enterprises | | | | | | | | | | | | | After one year but within five years | | $ | 15,648 | | $ | 15,603 | | $ | 16 | | $ | (61) | After five years but within ten years | | | 13,404 | | | 13,380 | | | — | | | (24) | | | | 29,052 | | | 28,983 | | | 16 | | | (85) | Mortgage-backed securities | | | 176,156 | | | 173,283 | | | 1,114 | | | (3,987) | Total | | $ | 205,208 | | $ | 202,266 | | $ | 1,130 | | $ | (4,072) |
| | | | | | | | | | | | | (Dollars in thousands) | | December 31, 2022 | | | | | | | | | Gross | | Gross | | | Amortized | | Fair | | Unrealized | | Unrealized | Debt Securities Available for Sale | | Cost | | Value | | Gains | | Losses | Obligations of U.S. Government sponsored enterprises | | | | | | | | | | | | | After one year but within five years | | $ | 15,500 | | $ | 13,705 | | $ | — | | $ | (1,795) | | | | 15,500 | | | 13,705 | | | — | | | (1,795) | Obligations of state and political subdivisions | | | | | | | | | | | | | After one year but within five years | | | 4,076 | | | 3,924 | | | — | | | (152) | After five years but within ten years | | | 4,608 | | | 3,755 | | | — | | | (853) | | | | 8,684 | | | 7,679 | | | — | | | (1,005) | Corporate debt securities | | | | | | | | | | | | | After one year but within five years | | | 4,673 | | | 4,190 | | | — | | | (483) | After five years but within ten years | | | 13,000 | | | 11,151 | | | — | | | (1,849) | | | | 17,673 | | | 15,341 | | | — | | | (2,332) | Mortgage-backed securities | | | 39,479 | | | 36,811 | | | — | | | (2,668) | Total | | $ | 81,336 | | $ | 73,536 | | $ | — | | $ | (7,800) |
| | | | | | | | | | | | | (Dollars in thousands) | | December 31, 2022 | | | | | | | Gross | | Gross | | | Amortized | | Fair | | Unrecognized | | Unrecognized | Debt Securities Held to Maturity | | Cost | | Value | | Gains | | Losses | Obligations of U.S. Government sponsored enterprises | | | | | | | | | | | | | After one year but within five years | | $ | 13,039 | | $ | 13,067 | | $ | 28 | | $ | — | After five years but within ten years | | | 15,561 | | | 15,605 | | | 56 | | | (12) | | | | 28,600 | | | 28,672 | | | 84 | | | (12) | Mortgage-backed securities | | | 180,965 | | | 181,215 | | | 1,682 | | | (1,432) | Total | | $ | 209,565 | | $ | 209,887 | | $ | 1,766 | | $ | (1,444) |
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| Summary of Proceeds Received from Sales or Calls of Available for Sale Securities |
| | | | (Dollars in thousands) | | Six Months Ended | | | June 30, | | | 2022 | Gross proceeds from sales and calls of securities | | $ | 17,134 | Gross realized gains from sold and called securities | | | 25 | Gross realized losses from sold and called securities | | | (1,099) | Net gains (losses) from sales and calls of securities | | $ | (1,074) |
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| Schedule of Gross Unrealized Losses and Fair Value |
The following tables summarize debt securities with unrealized and unrecognized losses at June 30, 2023 and December 31, 2022, aggregated by category and length of time in a continuous unrealized loss position. | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Losses at June 30, 2023 | | | Less Than 12 Months | | 12 Months or More | | Total | (Dollars in thousands) | | Number | | | | | | | | Number | | | | | | | | Number | | | | | | | | | of | | Fair | | Unrealized | | of | | Fair | | Unrealized | | of | | Fair | | Unrealized | | | Securities | | Value | | Losses | | Securities | | Value | | Losses | | Securities | | Value | | Losses | Securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored enterprises | | 1 | | $ | 2,430 | | $ | (70) | | 2 | | $ | 11,422 | | $ | (1,578) | | 3 | | $ | 13,852 | | $ | (1,648) | Obligations of state and political subdivisions | | 3 | | | 1,943 | | | (24) | | 8 | | | 5,695 | | | (898) | | 11 | | | 7,638 | | | (922) | Corporate debt securities | | | | | | | | | | 9 | | | 13,044 | | | (4,597) | | 9 | | | 13,044 | | | (4,597) | Mortgage-backed securities | | 7 | | | 15,981 | | | (1,019) | | 27 | | | 18,583 | | | (1,854) | | 34 | | | 34,564 | | | (2,873) | Total temporarily impaired securities available for sale | | 11 | | $ | 20,354 | | $ | (1,113) | | 46 | | $ | 48,744 | | $ | (8,927) | | 57 | | $ | 69,098 | | $ | (10,040) | Securities held to maturity | | | | | | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored enterprises | | 3 | | $ | 13,074 | | $ | (85) | | — | | $ | — | | $ | — | | 3 | | $ | 13,074 | | $ | (85) | Mortgage-backed securities | | 10 | | | 27,938 | | | (677) | | 15 | | | 50,257 | | | (3,310) | | 25 | | | 78,195 | | | (3,987) | Total temporarily impaired securities held to maturity | | 13 | | $ | 41,012 | | $ | (762) | | 15 | | $ | 50,257 | | $ | (3,310) | | 28 | | $ | 91,269 | | $ | (4,072) | Total | | 24 | | $ | 61,366 | | $ | (1,875) | | 61 | | $ | 99,001 | | $ | (12,237) | | 85 | | $ | 160,367 | | $ | (14,112) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Losses at December 31, 2022 | | | Less Than 12 Months | | 12 Months or More | | Total | (Dollars in thousands) | | Number | | | | | | | | Number | | | | | | | | Number | | | | | | | | | of | | Fair | | Unrealized | | of | | Fair | | Unrealized | | of | | Fair | | Unrealized | | | Securities | | Value | | Losses | | Securities | | Value | | Losses | | Securities | | Value | | Losses | Securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored enterprises | | 1 | | $ | 2,456 | | $ | (44) | | 2 | | $ | 11,248 | | $ | (1,751) | | 3 | | $ | 13,704 | | $ | (1,795) | Obligations of state and political subdivisions | | 4 | | | 2,781 | | | (20) | | 7 | | | 4,898 | | | (985) | | 11 | | | 7,679 | | | (1,005) | Corporate debt securities | | 5 | | | 9,831 | | | (1,669) | | 4 | | | 5,510 | | | (663) | | 9 | | | 15,341 | | | (2,332) | Mortgage-backed securities | | 33 | | | 36,493 | | | (2,630) | | 1 | | | 319 | | | (38) | | 34 | | | 36,812 | | | (2,668) | Total temporarily impaired securities available for sale | | 43 | | $ | 51,561 | | $ | (4,363) | | 14 | | $ | 21,975 | | $ | (3,437) | | 57 | | $ | 73,536 | | $ | (7,800) | Securities held to maturity | | | | | | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored enterprises | | 1 | | $ | 3,463 | | $ | (12) | | — | | $ | — | | $ | — | | 1 | | $ | 3,463 | | $ | (12) | Mortgage-backed securities | | 9 | | | 21,643 | | | (392) | | 12 | | | 48,788 | | | (1,040) | | 21 | | | 70,431 | | | (1,432) | Total temporarily impaired securities held to maturity | | 10 | | $ | 25,106 | | $ | (404) | | 12 | | $ | 48,788 | | $ | (1,040) | | 22 | | $ | 73,894 | | $ | (1,444) | Total | | 53 | | $ | 76,667 | | $ | (4,767) | | 26 | | $ | 70,763 | | $ | (4,477) | | 79 | | $ | 147,430 | | $ | (9,244) |
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| Schedule of amortized cost of held to maturity debt securities by credit quality indicator |
| | | | | | | (Dollars in thousands) | | | | | | | | | | | | | | June 30, 2023 | | AAA | | Total | Securities held to maturity | | | | | | | Obligations of U.S. Government sponsored enterprises | | $ | 29,052 | | $ | 29,052 | Mortgage-backed securities | | | 176,156 | | | 176,156 | | | $ | 205,208 | | $ | 205,208 |
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