Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
U.S. Government-sponsored securities	$	3,230	$	12	$	18	$	3,224
Mortgage-backed securities(1)		180,543		3,022		19,727		163,838
Collateralized mortgage obligations(1)		548		-		13		535
Corporate securities		14,743		41		179		14,605
Other		310		-		-		310
Total available-for-sale securities	$	199,374	$	3,075	$	19,937	$	182,512

⁽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, 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.

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, 2023
Mortgage-backed securities(1)	$	664,728	$	30	$	132,043	$	532,715	$	-
Collateralized mortgage obligations(1)		74,170		-		14,017		60,153		-
Municipal securities		78,790		107		180		78,717		450
Total held-to-maturity securities	$	817,688	$	137	$	146,240	$	671,585	$	450

⁽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		Allowance for Credit Losses
As of December 31, 2022
Mortgage-backed securities(1)	$	702,858	$	29	$	141,121	$	561,766	$	-
Collateralized mortgage obligations(1)		80,186		-		15,701		64,485		-
Municipal securities		62,302		49		209		62,142		393
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 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, 2023
	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale Securities
U.S. Government-sponsored securities	$	33	$	-	$	1,235	$	18	$	1,268	$	18
Mortgage-backed securities(1)		1,629		11		80,746		19,716		82,375		19,727
Collateralized mortgage obligations(1)		-		-		535		13		535		13
Corporate securities		-		-		9,853		179		9,853		179
Total available-for-sale securities	$	1,662	$	11	$	92,369	$	19,926	$	94,031	$	19,937

⁽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, 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
Available-for-Sale Securities
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		1,054		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.

Activity in Allowance for Credit Losses for Held-to-Maturity Securities by Major Type

The following table presents the activity in the allowance for credit losses for held-to-maturity securities by major type:

	December 31, 2023
(Dollars in thousands)	Municipal securities		Mortgage-backed securities		Collateralized mortgage obligations		Total
Allowance for credit losses - securities
Beginning Balance	$	393	$	-	$	-	$	393
Provision for credit losses		57		-		-		57
Ending Balance	$	450	$	-	$	-	$	450

	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, 2023 by contractual final maturity are shown in the following table:

	Available-for-Sale				Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities maturing in:
One year or less	$	482	$	480	$	875	$	875
After one year through five years		21,182		20,842		18,020		17,792
After five years through ten years		5,300		5,185		23,121		22,023
After ten years		172,410		156,005		775,672		630,895
Total	$	199,374	$	182,512	$	817,688	$	671,585

Amortized Cost of Held-to-Maturity Municipal Securities by Credit Rating

The Company monitors the credit quality of those held-to-maturity 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 tables summarize the amortized cost of held-to-maturity municipal securities by credit rating as of the dates indicated:

	Held-to-Maturity
	Amortized Cost
(Dollars in thousands)	AAA/AA/A		BBB/BB/B		Not Rated		Total
December 31, 2023
Municipal securities	$	20,203	$	395	$	58,192	$	78,790
Total	$	20,203	$	395	$	58,192	$	78,790

	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 and Gross Realized Gains and Losses from Sales and Calls of Investment Securities

Proceeds and gross realized gains and losses from sales and calls of investment securities were as follows:

(Dollars in thousands)	Gross Proceeds		Gross Gains		Gross Losses
2023	$	39,901	$	-	$	8,199
2022	$	51,359	$	2	$	10,691
2021	$	301,320	$	5,570	$	3,016