Investment Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Carrying Amount and Fair Values of Investment Securities Available For Sale

The carrying amount of securities and their approximate fair values as of March 31, 2023 and December 31, 2022 are as follows:

	March 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
Securities available-for-sale:
State and municipal securities	$	421	$	—	$	2	$	—	$	419
Mortgage-backed securities and other agency obligations		22,978		—		750		—		22,228
U.S. Treasury bonds		100,400		—		1,391		—		99,009
Corporate bonds		63,970		—		5,250		—		58,720
	$	187,769	$	—	$	7,393	$	—	$	180,376

	December 31, 2022
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities Available-for-sale:
State and municipal securities	$	422	$	—	$	5	$	417
Mortgage-backed securities and other agency obligations		23,522		238		879		22,881
U.S. Treasury bonds		100,567		—		2,049		98,518
Corporate bonds		57,607		59		3,415		54,251
	$	182,118	$	297	$	6,348	$	176,067

Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and estimated fair value of securities available for sale at March 31,2023, by contractual maturity, are shown below.

	March 31, 2023
	Securities Available for Sale
(Dollars in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	100,821	$	99,428
Due from one year to five years		—		—
Due from five to ten years		58,908		54,146
Over ten years		5,062		4,574
		164,791		158,148
Mortgage-backed securities and other agency obligations		22,978		22,228
	$	187,769	$	180,376

Summary of Securities with Unrealized Losses

The following table summarizes securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position:

	March 31, 2023
(Dollars in thousands)	Less Than 12 Months in a Loss Position		Greater Than 12 Months in a Loss Position		Total Unrealized Loss		Estimated Fair Value
Securities available-for-sale:
State and municipal securities	$	—	$	2	$	2	$	419
Mortgage-backed securities and other agency obligations		741		9		750		22,228
U.S. Treasury bonds		—		1,391		1,391		99,009
Corporate bonds		3,561		1,689		5,250		58,720
	$	4,302	$	3,091	$	7,393	$	180,376
	December 31, 2022
(Dollars in thousands)	Less Than 12 Months in a Loss Position		Greater Than 12 Months in a Loss Position		Total Unrealized Loss		Estimated Fair Value
Securities available-for-sale:
State and municipal securities	$	5	$	—	$	5	$	417
Mortgage-backed securities and other agency obligations		879		—		879		18,376
U.S. Treasury bonds		2,049		—		2,049		98,518
Corporate bonds		3,415		—		3,415		50,413
	$	6,348	$	—	$	6,348	$	167,724