Investment Securities

6 Months Ended

Jun. 30, 2022

Investment Securities [Abstract]

Investment Securities

Note 4 – Investment Securities

The following tables provide information on the amortized cost and estimated fair values of debt securities.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Available-for-sale securities:
June 30, 2022
U.S. Government agencies	$	22,238	$	9	$	2,760	$	19,487
Mortgage-backed		79,579		11		6,303		73,287
Other Debt securities		2,022		—		107		1,915
Total	$	103,839	$	20	$	9,170	$	94,689
December 31, 2021
U.S. Government agencies	$	22,932	$	7	$	634	$	22,305
Mortgage-backed		91,948		1,318		629		92,637
Other Debt securities		2,026		14		—		2,040
Total	$	116,906	$	1,339	$	1,263	$	116,982

No available for sale securities were sold during the three and six months ended June 30, 2022 and 2021.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Held-to-maturity securities:
June 30, 2022
U.S. Government agencies	$	104,847	$	—	$	8,254	$	96,593
Mortgage-backed		341,709		47		35,006		306,750
States and political subdivisions		400		—		—		400
Other debt securities		12,001		—		309		11,692
Total	$	458,957	$	47	$	43,569	$	415,435
December 31, 2021
U.S. Government agencies	$	87,072	$	20	$	1,231	$	85,861
Mortgage-backed		302,604		301		2,248		300,657
States and political subdivisions		400		2		—		402
Other debt securities		14,518		95		9		14,604
Total	$	404,594	$	418	$	3,488	$	401,524

Equity securities with an aggregate fair value of $1.3 million at June 30, 2022 and $1.4 million at December 31, 2021 are presented separately on the balance sheet. The fair value adjustment recorded through earnings totaled $(108) thousand for the six months ended June 30, 2022 and $(20) thousand for the six months ended June 30, 2021, respectively.

The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2022 and December 31, 2021.

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
June 30, 2022
Available-for-sale securities:
U.S. Government agencies	$	2,097	$	155	$	15,395	$	2,605	$	17,492	$	2,760
Mortgage-backed		44,686		2,320		27,615		3,983		72,301		6,303
Other debt securities		1,915		107		—		—		1,915		107
Total	$	48,698	$	2,582	$	43,010	$	6,588	$	91,708	$	9,170
Held-to-maturity securities:
U.S. Government agencies	$	77,296	$	5,945	$	19,297	$	2,309	$	96,593	$	8,254
Mortgage-backed		258,844		29,538		32,690		5,468		291,534		35,006
Other debt securities		8,691		309		—		—		8,691		309
Total	$	344,831	$	35,792	$	51,987	$	7,777	$	396,818	$	43,569

	Less than				More than
	12 Months				12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
December 31, 2021
Available-for-sale securities:
U.S. Government agencies	$	1,561	$	1	$	17,368	$	633	$	18,929	$	634
Mortgage-backed		39,851		593		3,562		36		43,413		629
Total	$	41,412	$	594	$	20,930	$	669	$	62,342	$	1,263
Held-to-maturity securities:
U.S. Government agencies	$	64,268	$	1,005	$	11,719	$	226	$	75,987	$	1,231
Mortgage-backed		226,918		1,836		14,564		412		241,482		2,248
Other debt securities		491		9		—		—		491		9
Total	$	291,677	$	2,850	$	26,283	$	638	$	317,960	$	3,488

All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase and are not related to credit concerns. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary.

There were one hundred five available-for-sale securities and one hundred sixty-four held-to-maturity securities in an unrealized loss position at June 30, 2022.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at June 30, 2022.

	Available for sale				Held to maturity
	Amortized				Amortized
(Dollars in thousands)	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	34	$	33	$	4,415	$	4,396
Due after one year through five years		2,254		2,211		50,829		48,325
Due after five years through ten years		51,738		48,323		91,469		86,063
Due after ten years		49,813		44,122		312,244		276,651
Total	$	103,839	$	94,689	$	458,957	$	415,435

The maturity dates for debt securities are determined using contractual maturity dates.