Securities (Tables)

6 Months Ended

Jun. 30, 2023

Securities [Abstract]

Amortized Cost and Fair Value, with Gross Unrealized Gains and Losses of Securities Available-for-Sale

Amortized costs and fair values, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated were as follows:

	June 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	4,083	$	-	$	(283	)	$	3,800
Obligations of U.S. Government agencies		38,984		70		(829	)		38,225
Obligations of state and political subdivisions		65,890		13		(9,369	)		56,534
Mortgage-backed securities		96,790		-		(10,762	)		86,028
Money market investments		1,833		-		-			1,833
Corporate bonds and other securities		27,990		-		(3,849	)		24,141
	$	235,570	$	83	$	(25,092	)	$	210,561

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	8,013	$	-	$	(342	)	$	7,671
Obligations of U.S. Government agencies		43,622		10		(1,233	)		42,399
Obligations of state and political subdivisions		70,491		-		(11,107	)		59,384
Mortgage-backed securities		99,874		-		(10,961	)		88,913
Money market investments		1,816		-		-			1,816
Corporate bonds and other securities		27,990		-		(2,655	)		25,335
	$	251,806	$	10	$	(26,298	)	$	225,518

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities by contractual maturity are shown below.

	June 30, 2023
	Amortized		Fair
(Dollars in thousands)	Cost		Value
Due in one year or less	$	1,860	$	1,816
Due after one year through five years		15,025		14,212
Due after five through ten years		64,652		55,890
Due after ten years		152,200		136,810
Other securities, restricted		1,833		1,833
	$	235,570	$	210,561

Net Realized Gains or Losses on Sale of Investments

The following table shows realized gains or losses on the sale of investment securities during the three and six months ended June 30, 2023 and 2022, respectively.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(Dollars in thousands)	2023			2022		2023			2022
Securities Available-for-sale
Realized losses on sales of securities		(164	)		-	$	(164	)	$	-
Net realized loss	$	(164	)	$	-	$	(164	)	$	-

Available-for-Sale Securities, Continuous Unrealized Loss Position

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an allowance for credit losses has not been recorded as of June 30, 2023 and that are deemed to be temporarily impaired as of December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:

	June 30, 2023
	Less than 12 months				12 months or more				Total
	Gross				Gross				Gross				Number
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		of
(Dollars in thousands)	Losses		Value		Losses		Value		Losses		Value		Securities
U.S. Treasury securities	$	-	$	-	$	283	$	3,800	$	283	$	3,800		2
Obligations of U.S. Government agencies		17		5,215		812		27,186		829		32,401		44
Obligations of state and political subdivisions		286		1,521		9,083		54,013		9,369		55,534		52
Mortgage-backed securities		532		12,139		10,230		73,888		10,762		86,027		43
Corporate bonds and other securities		231		2,259		3,618		20,882		3,849		23,141		25
Total securities available-for-sale	$	1,066	$	21,134	$	24,026	$	179,769	$	25,092	$	200,903		166

	December 31, 2022
	Less than 12 months				12 months or more				Total
	Gross				Gross				Gross				Number
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		of
(Dollars in thousands)	Losses		Value		Losses		Value		Losses		Value		Securities
U.S. Treasury securities	$	342	$	7,671	$	-	$	-	$	342	$	7,671		4
Obligations of U.S. Government agencies		258		13,873		975		22,851		1,233		36,724		43
Obligations of state and political subdivisions		5,386		33,720		5,721		23,856		11,107		57,576		56
Mortgage-backed securities		4,157		52,717		6,804		36,196		10,961		88,913		38
Corporate bonds and other securities		1,084		12,906		1,571		11,429		2,655		24,335		21
Total securities available-for-sale	$	11,227	$	120,887	$	15,071	$	94,332	$	26,298	$	215,219		162