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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Amortized Cost and Fair Value of Securities Available For Sale

The amortized cost and fair value of the securities available for sale are as follows:

	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

U.S. government sponsored enterprises	$	124,149		2		5,019		119,132
State and political subdivisions		34		-		-		34
Mortgage backed securities and collateralized mortgage obligations - residential		282,927		58		27,429		255,556
Corporate bonds		85,517		-		4,053		81,464
Small Business Administration - guaranteed participation securities		21,612		-		1,791		19,821
Other		686		-		34		652
Total Securities Available for Sale	$	514,925		60		38,326		476,659

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

U.S. government sponsored enterprises	$	124,123	$	1	$	5,937	$	118,187
State and political subdivisions		34		-		-		34
Mortgage backed securities and collateralized mortgage obligations - residential		291,431		34		31,149		260,316
Corporate bonds		85,641		-		4,295		81,346
Small Business Administration - guaranteed participation securities		23,115		-		2,138		20,977
Other		686		-		33		653
Total Securities Available for Sale	$	525,030	$	35	$	43,552	$	481,513

Securities, Available-for-sale and Held-to-maturity [Abstract]

Proceeds from Sales and Calls of Securities Available For Sale, Gross Realized Gains and Gross Realized Losses

The proceeds from sales and calls and maturities of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three months ended March 31, 2023 and 2022 are as follows:

	Three months ended March 31,
(dollars in thousands)	2023		2022

Proceeds from sales	$	-		-
Proceeds from calls/paydowns		14,659		17,923
Proceeds from maturities		-		5,000
Gross realized gains		-		-
Gross realized losses		-		-

Amortized Cost and Fair Value of Held to Maturity Securities

The amortized cost and fair value of the held to maturity securities are as follows:

	March 31, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Mortgage backed securities and collateralized mortgage obligations - residential	$	7,382	$	95	$	179	$	7,298
Total held to maturity	$	7,382	$	95	$	179	$	7,298

	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Mortgage backed securities and collateralized mortgage obligations - residential	$	7,707	$	90	$	217	$	7,580
Total held to maturity	$	7,707	$	90	$	217	$	7,580

Securities Available for Sale [Member]

Securities, Available-for-sale and Held-to-maturity [Abstract]

Debt Securities Based on Securities Contractual Maturity

The following table categorizes the debt securities included in the available for sale portfolio as of March 31, 2023, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.

Securities not due at a single maturity date are presented separately:

	Amortized		Fair
(dollars in thousands)	Cost		Value

Due in one year or less	$	40,384		38,887
Due after one year through five years		165,002		157,393
Due after five years through ten years		5,000		5,002
Mortgage backed securities and collateralized mortgage obligations - residential		282,927		255,556
Small Business Administration - guaranteed participation securities		21,612		19,821
	$	514,925		476,659

Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position

Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

	March 31, 2023
	Less than				12 months
	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unreal.
(dollars in thousands)	Value		Loss		Value		Loss		Value		Loss

U.S. government sponsored enterprises	$	53,231	$	932	$	60,899	$	4,087	$	114,130	$	5,019
Mortgage backed securities and collateralized mortgage obligations - residential		59,807		2,760		193,110		24,669		252,917		27,429
Corporate bonds		19,360		573		62,104		3,480		81,464		4,053
Small Business Administration - guaranteed participation securities		-		-		19,821		1,791		19,821		1,791
Other		48		2		567		32		615		34

Total	$	132,446	$	4,267	$	336,501	$	34,059	$	468,947	$	38,326

	December 31, 2022
	Less than				12 months
	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unreal.
(dollars in thousands)	Value		Loss		Value		Loss		Value		Loss

U.S. government sponsored enterprises	$	57,849	$	1,290	$	55,337	$	4,647	$	113,186	$	5,937
Mortgage backed securities and collateralized mortgage obligations - residential		164,772		13,010		93,009		18,139		257,781		31,149
Corporate bonds		52,805		2,395		28,542		1,900		81,347		4,295
Small Business Administration - guaranteed participation securities		802		71		20,175		2,067		20,977		2,138
Other		49		1		568		32		617		33

Total	$	276,277	$	16,767	$	197,631	$	26,785	$	473,908	$	43,552

Held to Maturity Securities [Member]

Securities, Available-for-sale and Held-to-maturity [Abstract]

Debt Securities Based on Securities Contractual Maturity

The following table categorizes the debt securities included in the held to maturity portfolio as of March 31, 2023, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.

(dollars in thousands)	Amortized		Fair
	Cost		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	7,382		7,298
	$	7,382		7,298

Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position

Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrecognized loss position, were as follows:

March 31, 2023

Less than

12 months

(dollars in thousands)

12 months

or more

Total

Gross

Fair

Unrecognized

Fair

Unrecognized

Fair

Unrecognized

Value

Loss

Value

Loss

Value

Loss

Mortgage backed securities and collateralized mortgage obligations - residential

431

2,826

170

3,257

179

Total

431

2,826

170

3,257

179

December 31, 2022

Less than

12 months

(dollars in thousands)

12 months

or more

Total

Gross

Fair

Unrecognized

Fair

Unrecognized

Fair

Unrecognized

Value

Loss

Value

Loss

Value

Loss

Mortgage backed securities and collateralized mortgage obligations - residential

3,327

206

258

3,585

217

Total

3,327

206

258

3,585

217