Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Summary of Securities Available-for-Sale and Restricted Stock

Securities consist of the following on March 31, 2023 and December 31, 2022:

(Dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
March 31, 2023
Available-for-sale
U.S. Treasury securities	$	23,174	$	—	$	(746	)	$	22,428
U.S. Government agencies		13,999		—		(1,149	)		12,850
Mortgage-backed securities of government agencies		75,653		31		(7,789	)		67,895
Asset-backed securities of government agencies		606		—		(35	)		571
State and political subdivisions		20,431		1		(660	)		19,772
Corporate bonds		28,715		—		(2,962	)		25,753
Total available-for-sale		162,578		32		(13,341	)		149,269
Held-to-maturity
U.S Treasury Securities	$	12,766	$	—	$	(930	)	$	11,836
Mortgage-backed securities of government agencies		227,996		50		(29,228	)		198,818
State and political subdivisions		2,572		6		(181	)		2,397
Total held-to-maturity		243,334		56		(30,339	)		213,051
Equity securities		185		68		—			253
Restricted stock		1,760		—		—			1,760
Total securities	$	407,857	$	156	$	(43,680	)	$	364,333
December 31, 2022
Available-for-sale
U.S. Treasury securities	$	23,194	$	—	$	(969	)	$	22,225
U.S. Government agencies		13,999		—		(1,369	)		12,630
Mortgage-backed securities of government agencies		77,677		72		(8,859	)		68,890
Asset-backed securities of government agencies		633		—		(15	)		618
State and political subdivisions		20,462		—		(985	)		19,477
Corporate bonds		28,740		—		(2,511	)		26,229
Total available-for-sale		164,705		72		(14,708	)		150,069
Held-to-maturity
U.S Treasury Securities	$	12,753	$	—	$	(1,136	)	$	11,617
Mortgage-backed securities of government agencies		232,068		—		(34,051	)		198,017
State and political subdivisions		2,580		1		(261	)		2,320
Total held-to-maturity		247,401		1		(35,448	)		211,954
Equity securities		185		59		—			244
Restricted stock		3,430		—		—			3,430
Total securities	$	415,721	$	132	$	(50,156	)	$	365,697

Summary of Amortized Cost and Fair Value of Debt Securities

The amortized cost and fair value of debt securities on March 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)	Amortized cost		Fair value
Available-for-sale
Due in one year or less	$	7,956	$	7,798
Due after one through five years		62,410		58,490
Due after five through ten years		24,650		22,777
Due after ten years		67,562		60,204
Total debt securities available-for-sale	$	162,578	$	149,269
Held-to-maturity
Due in one year or less	$	2,498	$	2,446
Due after one through five years		7,419		6,907
Due after five through ten years		4,748		4,260
Due after ten years		228,669		199,438
Total debt securities held-to-maturity	$	243,334	$	213,051

Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities

The following table presents gross unrealized losses and fair value of securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, on March 31, 2023 and December 31, 2022:

	Securities in a continuous unrealized loss position
	Less than 12 months					12 months or more					Total
(Dollars in thousands)	Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value
March 31, 2023
Available-for-sale
U.S. Treasury securities	$	(152	)	$	7,815	$	(594	)	$	14,613	$	(746	)	$	22,428
U.S. Government agencies		—			—		(1,149	)		12,850		(1,149	)		12,850
Mortgage-backed securities of government    agencies		(35	)		4,870		(7,754	)		54,883		(7,789	)		59,753
Asset-backed securities of government    agencies		—			—		(35	)		571		(35	)		571
State and political subdivisions		(37	)		5,411		(623	)		12,415		(660	)		17,826
Corporate bonds		(459	)		6,086		(2,503	)		19,667		(2,962	)		25,753
Held-to-maturity
U.S. Treasury Securities		—			—		(930	)		11,836		(930	)		11,836
Mortgage-backed securities of government    agencies		(172	)		7,370		(29,056	)		182,498		(29,228	)		189,868
State and political subdivisions		—			—		(181	)		1,977		(181	)		1,977
Total impaired securities	$	(855	)	$	31,552	$	(42,825	)	$	311,310	$	(43,680	)	$	342,862
December 31, 2022
Available-for-sale
U.S. Treasury securities	$	(798	)	$	17,405	$	(171	)	$	4,820	$	(969	)	$	22,225
U.S. Government agencies		—			—		(1,369	)		12,630		(1,369	)		12,630
Mortgage-backed securities of government    agencies		(1,046	)		16,188		(7,813	)		44,519		(8,859	)		60,707
Asset-backed securities of government    agencies		—			—		(15	)		618		(15	)		618
State and political subdivisions		(189	)		9,079		(796	)		9,848		(985	)		18,927
Corporate bonds		(1,165	)		13,502		(1,346	)		12,727		(2,511	)		26,229
Held-to-maturity															—
U.S. Treasury Securities		—			—		(1,136	)		11,617		(1,136	)		11,617
Mortgage-backed securities of government    agencies		(9,733	)		79,325		(24,318	)		118,692		(34,051	)		198,017
State and political subdivisions		—			—		(261	)		1,903		(261	)		1,903
Total temporarily impaired securities	$	(12,931	)	$	135,499	$	(37,225	)	$	217,374	$	(50,156	)	$	352,873

Summary of Amortized Cost of Held-to Maturity Debt Securities Aggregated by Credit Quality Indicator

The following table summarizes the amortized cost of held-to maturity debt securities at March 31, 2023, aggregated by credit quality indicator:

(Dollars in thousands)	U.S. Treasury securities		Mortgage- backed securities of government agencies		State and political subdivisions
March 31, 2023
Credit rating:
AAA / AA / A	$	12,766	$	227,996	$	2,572
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	12,766	$	227,996	$	2,572