Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Securities Available-for-Sale and Restricted Stock

Securities consist of the following on September 30, 2023 and December 31, 2022:

(Dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
September 30, 2023
Available-for-sale
U.S. Treasury securities	$	23,133	$	—	$	(675	)	$	22,458
U.S. Government agencies		13,999		—		(1,151	)		12,848
Mortgage-backed securities of government agencies		74,457		2		(10,008	)		64,451
Asset-backed securities of government agencies		569		—		(17	)		552
State and political subdivisions		20,372		—		(1,573	)		18,799
Corporate bonds		29,158		—		(2,936	)		26,222
Total available-for-sale		161,688		2		(16,360	)		145,330
Held-to-maturity
U.S. Treasury securities	$	10,292	$	—	$	(1,083	)	$	9,209
Mortgage-backed securities of government agencies		217,656		—		(41,334	)		176,322
State and political subdivisions		2,557		—		(393	)		2,164
Total held-to-maturity		230,505		—		(42,810	)		187,695
Equity securities		185		61		—			246
Restricted stock		1,561		—		—			1,561
Total securities	$	393,939	$	63	$	(59,170	)	$	334,832
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 September 30, 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	$	15,006	$	14,780
Due after one through five years		55,512		51,631
Due after five through ten years		24,135		21,304
Due after ten years		67,035		57,615
Total debt securities available-for-sale	$	161,688	$	145,330
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one through five years		7,434		6,876
Due after five through ten years		5,138		4,295
Due after ten years		217,933		176,524
Total debt securities held-to-maturity	$	230,505	$	187,695

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 September 30, 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
September 30, 2023
Available-for-sale
U.S. Treasury securities	$	—		$	—	$	(675	)	$	22,458	$	(675	)	$	22,458
U.S. Government agencies		—			—		(1,151	)		12,848		(1,151	)		12,848
Mortgage-backed securities of government    agencies		(235	)		12,748		(9,773	)		51,513		(10,008	)		64,261
Asset-backed securities of government    agencies		—			—		(17	)		552		(17	)		552
State and political subdivisions		(79	)		1,952		(1,494	)		16,622		(1,573	)		18,574
Corporate bonds		(1	)		492		(2,935	)		25,730		(2,936	)		26,222
Held-to-maturity
U.S. Treasury securities		—			—		(1,083	)		9,209		(1,083	)		9,209
Mortgage-backed securities of government    agencies		(356	)		8,080		(40,978	)		168,233		(41,334	)		176,313
State and political subdivisions		(21	)		393		(372	)		1,771		(393	)		2,164
Total securities with unrealized losses	$	(692	)	$	23,665	$	(58,478	)	$	308,936	$	(59,170	)	$	332,601
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 securities with unrealized losses	$	(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 September 30, 2023, aggregated by credit quality indicator:

(Dollars in thousands)	U.S. Treasury securities		Mortgage- backed securities of government agencies		State and political subdivisions
September 30, 2023
Credit rating:
AAA / AA / A	$	10,292	$	217,656	$	2,557
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	10,292	$	217,656	$	2,557