Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Changes in the fair value of equity securities with a readily determinable fair value for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2023		2022	2023	2022
Net losses recognized during the period	$	(14)	(178)	(45)	(304)
Less net gains recognized during the period on equity securities sold during the period	—		—	(61)	—
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end	$	(14)	(178)	16	(304)

Realized Gain (Loss) on Investments

Marketable Securities

The cost and estimated fair value of equity securities with a readily determinable fair value at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):


	June 30, 2023			December 31, 2022
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Mutual funds	$	1,399	1,207	1,429	1,234
Equity securities	10		72	778	1,039
Total equity securities with a readily determinable fair value	$	1,409	1,279	2,207	2,273

Investments Classified by Contractual Maturity Date

Contractual maturities of debt securities at June 30, 2023 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.


	Available-for-Sale			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	8,913	8,805	280	283
Due from one to five years	152,490		137,092	3,585	3,445
Due from five to ten years	68,234		59,281	2,440	2,252
Due after ten years	731		656	12,818	11,610
	230,368		205,834	19,123	17,590
U.S. Agency mortgage-backed securities	85,906		75,322	—	—
	$	316,274	281,156	19,123	17,590

Schedule of Unrealized Loss on Investments

Information concerning debt securities with gross unrealized losses at June 30, 2023 and December 31, 2022, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands):


	Less than Twelve Months			Twelve Months or Greater
	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses
June 30, 2023
Available-for-Sale:
U.S. Treasury notes	$	198	1	70,765	8,042
U.S. Agency notes	—		—	78,720	10,337
Corporate bonds	—		—	5,746	953
U.S. Agency mortgage-backed securities	4,058		110	71,192	10,474
Municipal securities:
Non-taxable	2,124		21	5,913	306
Taxable	2,030		51	39,116	4,829
	$	8,410	183	271,452	34,941

Held-to-Maturity:
Municipal securities:
Non-taxable	$	6,953	618	6,845	544
Taxable	—		—	3,054	377
	$	6,953	618	9,899	921

December 31, 2022
Available-for-Sale:
U.S. Treasury notes	$	16,521	931	59,927	7,549
U.S. Agency notes	7,729		543	70,247	10,641
Corporate Bonds	2,667		283	3,255	495
U.S. Agency mortgage-backed securities	41,543		3,597	37,282	7,714
Municipal securities:
Non-taxable	6,831		248	893	120
Taxable	22,162		1,951	18,435	3,828
	$	97,453	7,553	190,039	30,347

Held-to-Maturity:
Municipal securities:
Non-taxable	$	9,567	593	31	1
Taxable	2,811		370	212	39
	$	12,378	963	243	40

Unrealized Gain (Loss) on Investments

The amortized cost and estimated fair value of debt securities and the allowance for credit losses of securities held-to-maturity at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses	Fair Value
June 30, 2023
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	79,006	—		8,043	70,963
U.S. Agency notes	89,057		—		10,337	78,720
Corporate bonds	7,450		6		953	6,503
U.S. Agency mortgage-backed securities	85,906		—		10,584	75,322
Municipal securities:
Non-taxable	8,829		—		327	8,502
Taxable	46,026		—		4,880	41,146
	$	316,274	6		35,124	281,156

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	15,692	6		1,162	14,536
Taxable	3,431		—		377	3,054
	$	19,123	6		1,539	17,590

December 31, 2022
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	84,927	—		8,480	76,447
U.S. Agency notes	89,160		—		11,184	77,976
Corporate Bonds	7,450		13		778	6,685
U.S. Agency mortgage-backed securities	90,746		5		11,311	79,440
Municipal securities:
Non-taxable	8,892		—		368	8,524
Taxable	46,556		1		5,779	40,778
	$	327,731	$	19	37,900	289,850

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	16,447	10		594	15,863
Taxable	3,431		—		409	3,022
	$	19,878	10		1,003	18,885