Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investment Securities [Abstract]

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:

	September 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
U.S. government sponsored enterprises	$	126,702	$	1	$	5,229	$	121,474
State and political subdivisions		34		-		-		34
Mortgage backed securities and collateralized mortgage obligations - residential		272,012		1		38,294		233,719
Corporate bonds		80,270		-		3,335		76,935
Small Business Administration - guaranteed participation securities		19,477		-		2,161		17,316
Other		687		-		30		657
Total Securities Available for Sale	$	499,182	$	2	$	49,049	$	450,135

	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 and nine months ended September 30, 2023 and 2022 are as follows:

	Three months ended September 30,
(dollars in thousands)	2023		2022
Proceeds from sales	$	-		-
Proceeds from calls/paydowns		9,877		14,376
Proceeds from maturities		-		5,000
Gross realized gains		-		-
Gross realized losses		-		-

	Nine months ended September 30,
(dollars in thousands)	2023		2022
Proceeds from sales	$	-		-
Proceeds from calls/paydowns		39,346		57,714
Proceeds from maturities		5,000		15,050
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:

	September 30, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	6,724		21		301		6,444
Total held to maturity	$	6,724		21		301		6,444

	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 September 30, 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	$	60,187	$	58,959
Due after one year through five years		142,506		135,144
Due after five years through ten years		5,000		4,997
Mortgage backed securities and collateralized mortgage obligations - residential		272,012		233,719
Small Business Administration - guaranteed participation securities		19,477		17,316
	$	499,182	$	450,135

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:

	September 30, 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	$	14,890		110		104,083		5,119		118,973		5,229
Mortgage backed securities and collateralized mortgage obligations - residential		6,283		214		222,483		38,080		228,766		38,294
Corporate bonds		-		-		76,935		3,335		76,935		3,335
Small Business Administration - guaranteed participation securities		-		-		17,316		2,161		17,316		2,161
Other		34		3		623		27		657		30
Total	$	21,207		327		421,440		48,722		442,647		49,049

	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	$	49,279		697		9,900		100		59,179		797
Mortgage backed securities and collateralized mortgage obligations - residential		93,447		1,888		22,098		588		115,545		2,476
Corporate bonds		15,670		171		14,546		454		30,216		625
Other		648		1		-		-		648		1
Total	$	159,044		2,757		46,544		1,142		205,588		3,899

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  September 30, 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:

(dollars in thousands)	Amortized		Fair
	Cost		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	6,724		6,444
	$	6,724		6,444

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 unrealized loss position, were as follows:

September 30, 2023

Less than

12 months

(dollars in thousands)

12 months

or more

Total

Gross

Gross

Gross

Fair

Unrec.

Fair

Unrec.

Fair

Unrec.

Value

Loss

Value

Loss

Value

Loss

Mortgage backed securities and collateralized mortgage obligations - residential

$

1,449

34

2,733

267

4,182

301

Total

$

1,449

34

2,733

267

4,182

301

December 31, 2022

Less than

12 months

(dollars in thousands)

12 months

or more

Total

Gross

Gross

Gross

Fair

Unrec.

Fair

Unrec.

Fair

Unrec.

Value

Loss

Value

Loss

Value

Loss

Mortgage backed securities and collateralized mortgage obligations - residential

$

3,327

206

258

11

3,585

217

Total

$

3,327

206

258

11

3,585

217