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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investment Securities [Abstract]  
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-For-Sale
The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows:


  
   
Gross Unrealized
    

 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair Value
  
As of December 31, 2022                                
U.S. Treasury notes
  
$
4,989
    
$
-
    
$
25
    
$
4,964
  
U.S. Government-sponsored securities
   
4,430
      
21
      
24
      
4,427
  
Mortgage-backed securities(1)
    
162,314
      
9
      
29,795
      
132,528
  
Collateralized mortgage obligations(1)
    
1,085
      
-
      
31
      
1,054
  
Corporate securities
     10,043       -       462       9,581  
Other
    
310
      
-
      
-
      
310
  
Total available-for-sale securities
 
$
183,171
    
$
30
    
$
30,337
    
$
152,864
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.


 

   
Gross Unrealized
    

 
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair Value
  
As of December 31, 2021                        
U.S. Treasury notes
  
$
9,938
    
$
151
    
$
-
    
$
10,089
  
U.S. Government-sponsored securities
   
6,351
      
62
      
39
      
6,374
  
Mortgage-backed securities(1)
    
253,300
      
3,200
      
5,380
      
251,120
  
Collateralized mortgage obligations(1)     2,412       24       -       2,436  
Other
    
435
      
-
      
-
      
435
  
Total available-for-sale securities
 
$
272,436
    
$
3,437
    
$
5,419
    
$
270,454
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity
The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows:



        
Gross Unrealized
              
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair Value
    
Allowance
for Credit
Losses
  
As of December 31, 2022
                              
Municipal securities
  
$
62,302
    
$
49
    
$
209
    
$
62,142
     $ 393  
Mortgage-backed securities(1)
    
702,858
      
29
      
141,121
      
561,766
       -  
Collateralized mortgage obligations(1)
    
80,186
      
-
      
15,701
      
64,485
       -  
Total held-to-maturity securities
  
$
845,346
    
$
78
    
$
157,031
    
$
688,393
     $ 393  


(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

 
      
Gross Unrealized
        
(Dollars in thousands)
  
Amortized
Cost
    
Gains
    
Losses
    
Fair Value
  
As of December 31, 2021
                        
Municipal securities
  
$
66,496
    
$
701
    
$
-
    
$
67,197
  
Mortgage-backed securities(1)
     596,775       45       11,764       585,056  
Collateralized mortgage obligations(1)
     73,781       36       229       73,588  
Total held-to-maturity securities
  
$
737,052
    
$
782
    
$
11,993
    
$
725,841
  

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.
Gross Unrealized Losses for Available-for-Sale Securities
The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that are less than 12 months and 12 months or more:

 
December 31, 2022
  
   
Less Than 12 Months
    
12 Months or More
    
Total
  
(Dollars in thousands)
  
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
  
As of December 31, 2022
                                    
U.S.Treasury notes
   $ 4,964     $ 25     $ -     $ -     $ 4,964     $ 25  
U.S. Government-sponsored securities
  

378
    

1
    

1,326
    

23
    

1,704
    

24
  
Mortgage-backed securities(1)
    
35,117
      
1,639
      
96,589
      
28,156
      
131,706
      
29,795
  
Collateralized mortgage obligations(1)
     1,054       31       -       -       1,054       31  
Corporate securities
     -       -       9,581       462       9,581       462  
Total available-for-sale securities
  
$
41,513
    
$
1,696
    
$
107,496
    
$
28,641
    
$
149,009
    
$
 30,337

(1) All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

 
December 31, 2021
  
   
Less Than 12 Months
    
12 Months or More
    
Total
  
(Dollars in thousands)
  
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
  
As of December 31, 2021
                                    
U.S. Government-sponsored securities
  
$
183
    
$
-
    
$
2,007
    
$
39
    
$
2,190
    
$
39
  
Mortgage-backed securities(1)
    
61,469
      
1,192
      
104,489
      
4,188
      
165,958
      
5,380
  
Total available-for-sale securities
  
$
61,652
    
$
1,192
    
$
106,496
    
$
4,227
    
$
168,148
    
$
5,419
  

(1) All mortgage-backed securities were issued by an agency or government sponsored entity of the U.S. Government.
Activity in Allowance for Credit Losses for Held-to-Maturity Debt Securities by Major Type
The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities by major type:

   
December 31, 2022        
 
(Dollars in thousands)
  
Municipal
securities
    
Mortgage-backed
securities
    
Collateralized
mortgage
obligations
    
Total
  
Allowance for credit losses - securities
                        
Beginning Balance
  
$
-
    
$
-
    
$
-
    
$
-
  
Provision for credit losses
    
393
      
-
      
-
      
393
  
Ending Balance
  
$
393
    
$
-
    
$
-
    
$
393
  
Amortized Cost and Estimated Fair Values of Investment Securities
The amortized cost and estimated fair values of investment securities at December 31, 2022 by contractual maturity are shown in the following tables:

 
Available-for-Sale
    
Held-to-Maturity
  
(Dollars in thousands)
  
Amortized
Cost
    
Fair Value
    
Amortized
Cost
    
Fair Value
  
Securities maturing in:
                        
One year or less
  
$
5,316
    
$
5,290
    
$
883
    
$
883
  
After one year through five years
    
27,290
      
26,094
      
8,058
      
8,004
  
After five years through ten years
    
17,241
      
15,536
      
33,867
      
32,030
  
After ten years
    
133,324
      
105,944
      
802,538
      
647,476
  
Total
  
$
183,171
    
$
152,864
    
$
845,346
    
$
688,393
  
Amortized Cost of Held-to-Maturity Municipal Debt Securities by Credit Rating

The Company monitors the credit quality of those held-to-maturity debt securities not issued by the U.S. government or one of its agencies or government sponsored entities, through the use of credit ratings. Credit ratings are reviewed and updated quarterly. The following table summarizes the amortized cost of held-to-maturity municipal debt securities by credit rating at December 31, 2022:

   
Held-to-Maturity
        
   
Amortized Cost
        
(Dollars in thousands)
  
AAA/AA/A
    
BBB/BB/B
    
Not Rated
    
Total
  
December 31, 2022
                        
Municipal securities
  
$
19,380
    
$
388
    
$
42,534
    
$
62,302
  
Total
  
$
19,380
    
$
388
    
$
42,534
    
$
62,302
  
Proceeds from Sales and Calls of Securities
Proceeds from sales and calls of these securities were as follows:

(Dollars in thousands)
  
Gross Proceeds
    
Gross Gains
    
Gross Losses
  
2022
  
$
51,359
    
$
2
    
$
10,691
  
2021
  
301,320
    
5,570
    
3,016
  
2020
  
5,080
    
40
    
-