Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Unrealized Gain (Loss) on Investments

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
September 30, 2022
Available for Sale:
U.S. government agencies	$	11,052	$	—	$	1,605	$	9,447	$	—
Residential mortgage-backed agencies		45,899		—		8,165		37,734		—
Commercial mortgage-backed agencies		37,766		—		6,155		31,611		—
Collateralized mortgage obligations		26,336		—		4,635		21,701		—
Obligations of states and political subdivisions		11,208		1		465		10,744		—
Corporate bonds		1,000		—		80		920		—
Collateralized debt obligations		18,648		—		2,766		15,882		(1,664)
Total available for sale	$	151,909	$	1	$	23,871	$	128,039	$	(1,664)
(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		OTTI in AOCL
September 30, 2022
Held to Maturity:
U.S. treasuries	$	37,140	$	—	$	1,727	$	35,413	$	—
U.S. government agencies		67,665		—		12,853		54,812		—
Residential mortgage-backed agencies		29,536		1		3,920		25,617		—
Commercial mortgage-backed agencies		23,018		—		4,378		18,640		—
Collateralized mortgage obligations		58,462		—		9,622		48,840		—
Obligations of states and political subdivisions		22,624		504		705		22,423		—
Total held to maturity	$	238,445	$	505	$	33,205	$	205,745	$	—

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
December 31, 2021
Available for Sale:
U.S. government agencies	$	69,602	$	66	$	2,499	$	67,169	$	—
Residential mortgage-backed agencies		49,630		—		969		48,661		—
Commercial mortgage-backed agencies		51,694		175		1,001		50,868		—
Collateralized mortgage obligations		93,018		84		3,025		90,077		—
Obligations of states and political subdivisions		12,439		371		6		12,804		—
Collateralized debt obligations		18,609		112		1,529		17,192		(660)
Total available for sale	$	294,992	$	808	$	9,029	$	286,771	$	(660)
(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		OTTI in AOCL
December 31, 2021
Held to Maturity:
Residential mortgage-backed agencies	$	30,634	$	649	$	436	$	30,847	$	—
Commercial mortgage-backed agencies		5,456		145		—		5,601		—
Obligations of states and political subdivisions		20,169		8,752		—		28,921		—
Total held to maturity	$	56,259	$	9,546	$	436	$	65,369	$	—

Gross Unrealized Losses and Fair Values of Securities

	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrealized Losses		Number of Investments	Fair Value		Unrealized Losses		Number of Investments
September 30, 2022
Available for Sale:
U.S. government agencies	$	8,145		907	2		1,302		698	1
Residential mortgage-backed agencies		15,945		3,065	2		21,788		5,100	3
Commercial mortgage-backed agencies		13,915		2,182	6		17,697		3,973	4
Collateralized mortgage obligations		13,352		2,860	8		8,349		1,775	2
Obligations of states and political subdivisions		10,048		465	9		—		—	—
Corporate Bonds		920		80	1		—		—	—
Collateralized debt obligations		6,464		152	4		9,418		2,614	5
Total available for sale	$	68,789	$	9,711	32	$	58,554	$	14,160	15
	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
September 30, 2022
Held to Maturity:
U.S. treasuries	$	35,413		1,727	4	$	—	$	—	—
U.S. government agencies		54,811	$	12,853	9		—		—	—
Residential mortgage-backed agencies		18,794		1,992	33		6,730		1,928	3
Commercial mortgage-backed agencies		18,640		4,378	3		—		—	—
Collateralized mortgage obligations		48,840		9,622	8		—		—	—
Obligations of states and political subdivisions		2,162		705	1		—		—	—
Total held to maturity	$	178,660	$	31,277	58	$	6,730	$	1,928	3

	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrealized Losses		Number of Investments	Fair Value		Unrealized Losses		Number of Investments
December 31, 2021
Available for Sale:
U.S. government agencies	$	23,577	$	122	3	$	33,972	$	2,377	6
Residential mortgage-backed agencies		29,507		257	3		19,154		712	2
Commercial mortgage-backed agencies		32,177		787	4		5,211		214	1
Collateralized mortgage obligations		24,322		649	5		43,076		2,376	5
Obligations of states and political subdivisions		3,046		6	1		—		—	—
Collateralized debt obligations		—		—	—		10,468		1,529	5
Total available for sale	$	112,629	$	1,821	16	$	111,881	$	7,208	19
	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
December 31, 2021
Held to Maturity:
Residential mortgage-backed agencies	$	7,395	$	291	6	$	2,782	$	145	1
Total held to maturity	$	7,395	$	291	6	$	2,782	$	145	1

Non-Cash OTTI Credit Losses Recognized in Earnings

	Nine Months Ended
	September 30,
(in thousands)	2022		2021
Balance of credit-related OTTI at January 1	$	2,043	$	2,244
Reduction for increases in cash flows expected to be collected		(152)		(151)
Balance of credit-related OTTI at September 30	$	1,891	$	2,093

	Three Months Ended
	September 30,
(in thousands)	2022		2021
Balance of credit-related OTTI at July 1	$	1,942	$	2,143
Reduction for increases in cash flows expected to be collected		(51)		(50)
Balance of credit-related OTTI at September 30	$	1,891	$	2,093

Amortized Cost and Fair Values Classified by Contractual Maturity Date

	September 30, 2022
(in thousands)	Amortized Cost		Fair Value
Available for Sale:
Due after one year through five years	$	8,364	$	7,865
Due after five years through ten years		6,197		5,572
Due after ten years		27,347		23,556
		41,908		36,993
Residential mortgage-backed agencies		45,899		37,734
Commercial mortgage-backed agencies		37,766		31,611
Collateralized mortgage obligations		26,336		21,701
Total available for sale	$	151,909	$	128,039
Held to Maturity:
Due after one year through five years	$	49,640	$	46,582
Due after five years through ten years		32,986		26,924
Due after ten years		44,803		39,142
		127,429		112,648
Residential mortgage-backed agencies		29,536		25,617
Commercial mortgage-backed agencies		23,018		18,640
Collateralized mortgage obligations		58,462		48,840
Total held to maturity	$	238,445	$	205,745