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Investment Securities and Other Investments (Tables)
12 Months Ended
Dec. 31, 2022
Schedule of Investments [Abstract]  
Summary of Amortized Cost and Fair Values of Investment Securities

Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities as of the dates stated.

 

 

 

December 31, 2022

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

   State and municipal

 

$

60,018

 

 

$

 

 

$

(9,025

)

 

$

50,993

 

   U.S. Treasury and agencies

 

 

80,073

 

 

 

 

 

 

(12,911

)

 

 

67,162

 

   Mortgage backed securities

 

 

230,015

 

 

 

51

 

 

 

(33,730

)

 

 

196,336

 

   Corporate bonds

 

 

42,909

 

 

 

124

 

 

 

(3,183

)

 

 

39,850

 

Total investment securities

 

$

413,015

 

 

$

175

 

 

$

(58,849

)

 

$

354,341

 

 


 

 

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 Unrealized Losses

The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period.

 

 

 

 

 

 

December 31, 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

 

 

82

 

 

$

18,252

 

 

$

(2,178

)

 

$

31,530

 

 

$

(6,847

)

 

$

49,782

 

 

$

(9,025

)

U.S. Treasury and agencies

 

 

28

 

 

 

9,904

 

 

 

(1,039

)

 

 

56,686

 

 

 

(11,872

)

 

 

66,590

 

 

 

(12,911

)

Mortgage backed securities

 

 

78

 

 

 

39,006

 

 

 

(3,061

)

 

 

148,449

 

 

 

(30,669

)

 

 

187,455

 

 

 

(33,730

)

Corporate bonds

 

 

33

 

 

 

26,018

 

 

 

(2,283

)

 

 

5,675

 

 

 

(900

)

 

 

31,693

 

 

 

(3,183

)

Total

 

 

221

 

 

$

93,180

 

 

$

(8,561

)

 

$

242,340

 

 

$

(50,288

)

 

$

335,520

 

 

$

(58,849

)

 

 

 

 

 

 

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

)

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 dates stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

 

December 31, 2022

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

4,896

 

 

$

4,880

 

Due after one year through five years

 

 

30,765

 

 

 

28,243

 

Due after five years through ten years

 

 

136,788

 

 

 

118,605

 

Due after ten years

 

 

240,566

 

 

 

202,613

 

Total

 

$

413,015

 

 

$

354,341