Securities (Tables)

9 Months Ended

Sep. 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:

	September 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	4,075	$	-	$	(298	)	$	3,777
Obligations of U.S. Government agencies		45,160		182		(787	)		44,555
Obligations of state and political subdivisions		58,394		-		(11,739	)		46,655
Mortgage-backed securities		93,016		-		(13,238	)		79,778
Money market investments		1,906		-		-			1,906
Corporate bonds and other securities		27,990		-		(4,044	)		23,946
	$	230,541	$	182	$	(30,106	)	$	200,617

	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.

	September 30, 2023
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	1,860	$	1,825
Due after one year through five years		9,448		8,766
Due after five through ten years		65,186		54,922
Due after ten years		152,141		133,198
Other securities, restricted		1,906		1,906
	$	230,541	$	200,617

Net Realized Gains and Losses on Sale of Investments

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(dollars in thousands)	2023			2022		2023			2022
Realized gains on sales of securities	$	1,061		$	-	$	1,061		$	-
Realized losses on sales of securities		(1,031	)		-		(1,195	)		-
Net realized gain (loss)	$	30		$	-	$	(134	)	$	-

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 ACL has not been recorded as of September 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:

	September 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	$	-	$	-	$	298	$	3,777	$	298	$	3,777		1
Obligations of U.S. Government agencies		67		9,217		720		25,820		787		35,037		45
Obligations of state and political subdivisions		415		2,379		11,324		44,276		11,739		46,655		44
Mortgage-backed securities		987		13,087		12,251		66,691		13,238		79,778		41
Corporate bonds and other securities		154		846		3,890		22,100		4,044		22,946		25
Total securities available-for-sale	$	1,623	$	25,529	$	28,483	$	162,664	$	30,106	$	188,193		156

	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