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Investments (Tables)
9 Months Ended
Sep. 30, 2022
Schedule of Investments [Abstract]  
Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated.

 

 

September 30, 2022

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

   State and municipal

 

$

60,630

 

 

$

 

 

$

(9,598

)

 

$

51,032

 

   U.S. Treasury and agencies

 

 

72,041

 

 

 

 

 

 

(11,956

)

 

 

60,085

 

   Mortgage backed securities

 

 

246,973

 

 

 

62

 

 

 

(39,215

)

 

 

207,820

 

   Corporate bonds

 

 

42,914

 

 

 

169

 

 

 

(2,504

)

 

 

40,579

 

Total investment securities

 

$

422,558

 

 

$

231

 

 

$

(63,273

)

 

$

359,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

December 31, 2021

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

   State and municipal

 

$

51,341

 

 

$

302

 

 

$

(530

)

 

$

51,113

 

   U.S. Treasury and agencies

 

 

65,680

 

 

 

 

 

 

(1,614

)

 

 

64,066

 

   Mortgage backed securities

 

 

222,968

 

 

 

403

 

 

 

(4,261

)

 

 

219,110

 

   Corporate bonds

 

 

38,752

 

 

 

808

 

 

 

(317

)

 

 

39,243

 

Total investment securities

 

$

378,741

 

 

$

1,513

 

 

$

(6,722

)

 

$

373,532

 

Summary of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

 

September 30, 2022

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

9,545

 

 

$

9,477

 

Due after one year through five years

 

 

43,330

 

 

 

38,851

 

Due after five years through ten years

 

 

138,816

 

 

 

120,774

 

Due after ten years

 

 

230,867

 

 

 

190,414

 

Total

 

$

422,558

 

 

$

359,516

 

Summary of Unrealized Losses

The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated.

 

 

 

 

 

September 30, 2022

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(Dollars in thousands)

 

Number of Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

State and municipal

 

 

85

 

 

$

31,675

 

 

$

(5,226

)

 

$

18,772

 

 

$

(4,372

)

 

$

50,447

 

 

$

(9,598

)

U.S. Treasury and agencies

 

 

23

 

 

 

17,366

 

 

 

(3,018

)

 

 

42,713

 

 

 

(8,938

)

 

 

60,079

 

 

 

(11,956

)

Mortgage backed securities

 

 

85

 

 

 

56,101

 

 

 

(5,940

)

 

 

142,728

 

 

 

(33,275

)

 

 

198,829

 

 

 

(39,215

)

Corporate bonds

 

 

28

 

 

 

23,059

 

 

 

(1,998

)

 

 

4,069

 

 

 

(506

)

 

 

27,128

 

 

 

(2,504

)

Total

 

 

221

 

 

$

128,201

 

 

$

(16,182

)

 

$

208,282

 

 

$

(47,091

)

 

$

336,483

 

 

$

(63,273

)

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(Dollars in thousands)

 

Number of Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

State and municipal

 

 

38

 

 

$

27,905

 

 

$

(530

)

 

$

 

 

$

 

 

$

27,905

 

 

$

(530

)

U.S. Treasury and agencies

 

 

22

 

 

 

64,067

 

 

 

(1,614

)

 

 

 

 

 

 

 

 

64,067

 

 

 

(1,614

)

Mortgage backed securities

 

 

54

 

 

 

186,924

 

 

 

(4,257

)

 

 

543

 

 

 

(4

)

 

 

187,467

 

 

 

(4,261

)

Corporate bonds

 

 

11

 

 

 

6,770

 

 

 

(313

)

 

 

996

 

 

 

(4

)

 

 

7,766

 

 

 

(317

)

Total

 

 

125

 

 

$

285,666

 

 

$

(6,714

)

 

$

1,539

 

 

$

(8

)

 

$

287,205

 

 

$

(6,722

)