XML 32 R22.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investment Securities (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Available-For-Sale

The amortized cost and estimated fair values of investment securities are summarized below. As of March 31, 2024 and December 31, 2023, there was no allowance for credit losses on available-for-sale securities. 

AVAILABLE-FOR-SALE:

       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
March 31, 2024                    
US Treasury securities  $15,800   $   $(2,670)  $13,130 
Government Sponsored Enterprises   2,500        (376)   2,124 
Mortgage-backed securities   253,480    14    (16,797)   236,697 
Small Business Administration pools   15,173    23    (493)   14,703 
Corporate and other securities   8,758        (1,063)   7,695 
Total  $295,711   $37   $(21,399)  $274,349 
                     
       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
December 31, 2023                    
US Treasury securities  $20,791   $   $(2,445)  $18,346 
Government Sponsored Enterprises   2,500        (371)   2,129 
Mortgage-backed securities   255,757    15    (17,613)   238,159 
Small Business Administration pools   16,108    24    (411)   15,721 
Corporate and other securities   8,759         (888)   7,871 
Total  $303,915   $39   $(21,728)  $282,226 
Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Held-To-Maturity

HELD-TO-MATURITY:

       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
March 31, 2024                    
Mortgage-backed securities  $110,781   $   $(9,341)  $101,440 
State and local government   104,449    41    (4,177)   100,313 
Total  $215,230   $41   $(13,518)  $201,753 
                     
(Dollars in thousands)  Amortized
Cost
   Gross
Unrealized
Gains
   Gross
Unrealized
Losses
   Fair Value 
December 31, 2023                    
Mortgage-backed securities  $112,740        (8,490)  $104,250 
State and local government   104,430    283    (3,445)   101,268 
Total  $217,170    283    (11,935)  $205,518 
Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of March 31, 2024.

                         
March 31, 2024  Less than 12 months   12 months or more   Total 
Available-for-sale securities:  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
(Dollars in thousands)  Value   Loss   Value   Loss   Value   Loss 
US Treasury Securities  $   $   $13,130   $2,670   $13,130   $2,670 
Government Sponsored Enterprise           2,124    376    2,124    376 
Mortgage-backed securities   9,779    556    222,380    16,241    232,159    16,797 
Small Business Administration pools   4,540    100    7,044    393    11,584    493 
Corporate and other securities   3,374    372    4,316    691    7,690    1,063 
Total  $17,693   $1,028   $248,994   $20,371   $266,687   $21,399 

The following table shows gross unrealized losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2023.

                         
December 31, 2023  Less than 12 months   12 months or more   Total 
Available-for-sale securities:  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
(Dollars in thousands)  Value   Loss   Value   Loss   Value   Loss 
US Treasury Securities  $   $   $18,346   $2,445   $18,346   $2,445 
Government Sponsored Enterprise           2,129    371    2,129    371 
Mortgage-backed securities   8,164    423    223,844    17,190    232,008    17,613 
Small Business Administration pools   4,253    45    7,638    366    11,891    411 
Corporate and other securities   1,880    115    4,236    773    6,116    888 
Total  $14,297   $583   $256,193   $21,145   $270,490   $21,728 
Schedule of allowance for credit losses on held to maturity securities

The following table shows a roll forward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2024 and 2023.

   Three Months 
   Ended 
(Dollars in thousands)  March 31, 2024 
Allowance for Credit Losses on Held-to-Maturity Securities:     
State and local government     
Beginning balance, December 31, 2023  $(30)
Recovery of (provision) for credit losses   1 
Ending balance, March 31, 2024  $(29)
      
   Three Months 
   Ended 
(Dollars in thousands)  March 31, 2023 
Allowance for Credit Losses on Held-to-Maturity Securities:     
State and local government     
Beginning balance, December 31, 2022  $ 
Adjustment for adoption of ASC 326   (43)
Recovery of (provision) for credit losses   1 
Ending balance, March 31, 2023  $(42)
      
Schedule of Credit Quality Rating  
Schedule of Amortized Cost and Fair Value of Investment Securities

The following table shows the amortized cost and fair value of investment securities at March 31, 2024, by expected maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life.

   Available-for-sale 
March 31, 2024  Amortized   Fair 
(Dollars in thousands)  Cost   Value 
Due in one year or less  $6   $6 
Due after one year through five years   10,106    9,760 
Due after five years through ten years   38,168    33,656 
Due after ten years   247,431    230,927 
Total  $295,711   $274,349 
     
   Held-To-Maturity 
March 31, 2024  Amortized   Fair 
(Dollars in thousands)  Cost   Value 
Due in one year or less  $2,718   $2,672 
Due after one year through five years   48,943    46,815 
Due after five years through ten years   65,572    62,564 
Due after ten years   98,026    89,731 
Allowance for Credit Losses on Held-to-Maturity Securities   (29)   (29)
Total  $215,230   $201,753