Investment Securities

9 Months Ended

Sep. 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:
September 30, 2022
U.S. Government agencies	$	22,065	$	8	$	3,759	$	18,314
Mortgage-backed		75,719		3		9,566		66,156
Other Debt securities		2,020		—		143		1,877
Total	$	99,804	$	11	$	13,468	$	86,347
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 nine months ended September 30, 2022 and 2021.

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
Held-to-maturity securities:
September 30, 2022
U.S. Government agencies	$	148,207	$	—	$	13,861	$	134,346
Mortgage-backed		410,705		—		55,042		355,663
States and political subdivisions		807		—		24		783
Other debt securities		11,000		—		647		10,353
Total	$	570,719	$	—	$	69,574	$	501,145
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 $1.2 million at September 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 $(145) thousand for the nine months ended September 30, 2022 and $(24) thousand for the nine months ended September 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 September 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
September 30, 2022
Available-for-sale securities:
U.S. Government agencies	$	—	$	—	$	17,837	$	3,759	$	17,837	$	3,759
Mortgage-backed		28,663		1,809		37,083		7,757		65,746		9,566
Other debt securities		1,877		143		—		—		1,877		143
Total	$	30,540	$	1,952	$	54,920	$	11,516	$	85,460	$	13,468
Held-to-maturity securities:
U.S. Government agencies	$	4,861	$	762	$	129,485	$	13,099	$	134,346	$	13,861
Mortgage-backed		16,923		3,607		338,740		51,435		355,663		55,042
States and political subdivisions		—		—		783		24		783		24
Other debt securities		6,240		260		4,113		387		10,353		647
Total	$	28,024	$	4,629	$	473,121	$	64,945	$	501,145	$	69,574

	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 twelve available-for-sale securities and one hundred ninety held-to-maturity securities in an unrealized loss position at September 30, 2022.

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at September 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	$	37	$	37	$	2,109	$	2,053
Due after one year through five years		5,220		5,009		91,463		86,186
Due after five years through ten years		46,385		41,112		92,329		83,352
Due after ten years		48,162		40,189		384,818		329,554
Total	$	99,804	$	86,347	$	570,719	$	501,145

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