Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Unrealized Gain (Loss) on Investments

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
March 31, 2023
Available for Sale:
U.S. government agencies	$	11,036	$	—	$	1,383	$	—	$	9,653
Residential mortgage-backed agencies		44,224		—		6,943		—		37,281
Commercial mortgage-backed agencies		37,151		—		6,657		—		30,494
Collateralized mortgage obligations		25,322		—		4,345		—		20,977
Obligations of states and political subdivisions		10,842		31		244		—		10,629
Corporate bonds		1,000		—		170		—		830
Collateralized debt obligations		18,661		—		4,547		—		14,114
Total available for sale	$	148,236	$	31	$	24,289	$	—	$	123,978
(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
March 31, 2023
Held to Maturity:
U.S. treasuries	$	37,268	$	—	$	1,245	$	36,023	$	—
U.S. government agencies		67,803		—		10,975		56,828		—
Residential mortgage-backed agencies		27,624		1		3,039		24,586		—
Commercial mortgage-backed agencies		21,635		—		4,566		17,069		—
Collateralized mortgage obligations		56,128		—		9,029		47,099		—
Obligations of states and political subdivisions		22,625		845		534		22,936		—
Total held to maturity	$	233,083	$	846	$	29,388	$	204,541	$	—

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCL
December 31, 2022
Available for Sale:
U.S. government agencies	$	11,044	$	—	$	1,582	$	9,462	$	—
Residential mortgage-backed agencies		45,052		—		7,651		37,401		—
Commercial mortgage-backed agencies		37,393		—		6,661		30,732		—
Collateralized mortgage obligations		25,828		—		4,784		21,044		—
Obligations of states and political subdivisions		10,848		4		360		10,492		—
Corporate Bonds		1,000		—		113		887		—
Collateralized debt obligations		18,664		—		2,793		15,871		(1,695)
Total available for sale	$	149,829	$	4	$	23,944	$	125,889	$	(1,695)
(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value		OTTI in AOCL
December 31, 2022
Held to Maturity:
U.S. treasuries	$	37,204	$	—	$	1,593	$	35,611	$	—
U.S. government agencies		67,734		—		13,261		54,473		—
Residential mortgage-backed agencies		28,624		1		3,503		25,122		—
Commercial mortgage-backed agencies		22,389		—		4,568		17,821		—
Collateralized mortgage obligations		57,085		—		10,001		47,084		—
Obligations of states and political subdivisions		22,623		946		600		22,969		—
Total held to maturity	$	235,659	$	947	$	33,526	$	203,080	$	—

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
March 31, 2023
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	9,653	$	1,383	3
Residential mortgage-backed agencies		—		—	—		37,281		6,943	5
Commercial mortgage-backed agencies		1,796		102	1		28,698		6,555	8
Collateralized mortgage obligations		—		—	—		20,977		4,345	10
Obligations of states and political subdivisions		3,240		158	2		3,882		86	2
Corporate Bonds		—		—	—		830		170	1
Collateralized debt obligations		—		—	—		14,114		4,547	9
Total available for sale	$	5,036	$	260	3	$	115,435	$	24,029	38
	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
March 31, 2023
Held to Maturity:
U.S. treasuries	$	—		—	—	$	36,023	$	1,245	4
U.S. government agencies		—		—	—		56,828		10,975	9
Residential mortgage-backed agencies		3,122		81	2		21,374		2,958	33
Commercial mortgage-backed agencies		—		—	—		17,069		4,566	2
Collateralized mortgage obligations		2,550		137	1		44,549		8,892	7
Obligations of states and political subdivisions		—		—	—		2,337		534	1
Total held to maturity	$	5,672		218	3	$	178,180	$	29,170	56

	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, 2022
Available for Sale:
U.S. government agencies	$	4,598	$	402	1	$	4,865	$	1,180	2
Residential mortgage-backed agencies		—		—	—		37,401		7,651	5
Commercial mortgage-backed agencies		4,044		455	3		26,688		6,206	6
Collateralized mortgage obligations		1,600		210	5		19,444		4,574	5
Obligations of states and political subdivisions		8,906		360	7		—		—	—
Corporate Bonds		887		113	1		—		—	—
Collateralized debt obligations		—		—	—		15,871		2,793	9
Total available for sale	$	20,035	$	1,540	17	$	104,269	$	22,404	27
	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, 2022
Held to Maturity:
U.S. treasuries	$	—	$	—	—	$	35,611	$	1,593	4
U.S. government agencies		38,883		9,617	7		15,591		3,644	2
Residential mortgage-backed agencies		16,893		1,425	29		8,138		2,078	7
Commercial mortgage-backed agencies		17,821		4,568	3		—		—	—
Collateralized mortgage obligations		47,083		10,001	8		—		—	—
Obligations of states and political subdivisions		2,269		600	1		—		—	—
Total held to maturity	$	122,949	$	26,211	48	$	59,340	$	7,315	13

Non-Cash OTTI Credit Losses Recognized in Earnings

	Three Months Ended
	March 31,
(in thousands)	2023		2022
Balance of credit-related OTTI at January 1	$	1,841	$	2,043
Reduction for increases in cash flows expected to be collected		(50)		(50)
Balance of credit-related OTTI at March 31	$	1,791	$	1,993

Amortized Cost and Fair Values Classified by Contractual Maturity Date

	March 31, 2023
(in thousands)	Amortized Cost		Fair Value
Available for Sale:
Due in one year or less	$	340	$	340
Due after one year through five years		11,956		11,151
Due after five years through ten years		1,895		1,729
Due after ten years		27,348		22,006
		41,539		35,226
Residential mortgage-backed agencies		44,224		37,281
Commercial mortgage-backed agencies		37,151		30,494
Collateralized mortgage obligations		25,322		20,977
Total available for sale	$	148,236	$	123,978
Held to Maturity:
Due in one year or less	$	29,813	$	28,847
Due after one year through five years		19,955		18,674
Due after five years through ten years		33,058		28,028
Due after ten years		44,870		40,238
		127,696		115,787
Residential mortgage-backed agencies		27,624		24,586
Commercial mortgage-backed agencies		21,635		17,069
Collateralized mortgage obligations		56,128		47,099
Total held to maturity	$	233,083	$	204,541