Investment Securities (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
	2023		2022	2023	2022
Net losses recognized during the period on equity securities	$	(33)	(80)	(78)	(384)
Less net losses recognized during the period on equity securities sold during the period	—		—	(61)	—
Net unrealized losses recognized during the reporting period on equity securities still held at period end	$	(33)	(80)	(17)	(384)

Realized Gain (Loss) on Investments

Marketable Securities

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


	September 30, 2023			December 31, 2022
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Mutual Funds	$	1,406	1,177	1,429	1,234
Equity Securities	10		77	778	1,039
Total equity securities with a readily determinable fair value	$	1,416	1,254	2,207	2,273

Investments Classified by Contractual Maturity Date

Contractual maturities of debt securities at September 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	$	8,904	8,846	280	281
Due from one to five years	172,144		153,515	3,586	3,444
Due from five to ten years	48,681		41,587	2,440	2,184
Due after ten years	—		—	12,707	11,014
	229,729		203,948	19,013	16,923
U.S. Agency mortgage-backed securities	83,613		70,552	—	—
	$	313,342	274,500	19,013	16,923

Schedule of Unrealized Loss on Investments

Information concerning debt securities with gross unrealized losses at September 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
September 30, 2023
Available-for-Sale:
U.S. Treasury notes	$	—	—	70,128	8,323
U.S. Agency notes	—		—	78,352	10,662
Corporate bonds	720		30	5,786	914
U.S. Agency mortgage-backed securities	528		3	70,024	13,058
Municipal securities:
Non-taxable	1,965		53	6,322	469
Taxable	180		—	40,495	5,330
	$	3,393	86	271,107	38,756

Held-to-Maturity:
Municipal securities:
Non-taxable	$	5,888	798	7,389	780
Taxable	—		—	2,917	514
	$	5,888	798	10,306	1,294

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 September 30, 2023 and December 31, 2022 are summarized as follows (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses	Fair Value
September 30, 2023
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	78,451	—		8,323	70,128
U.S. Agency notes	89,014		—		10,662	78,352
Corporate bonds	7,450		—		944	6,506
U.S. Agency mortgage-backed securities	83,613		—		13,061	70,552
Municipal securities:
Non-taxable	8,809		—		522	8,287
Taxable	46,005		—		5,330	40,675
	$	313,342	—		38,842	274,500

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	15,582	2		1,578	14,006
Taxable	3,431		—		514	2,917
	$	19,013	2		2,092	16,923

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