Investments (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2023
Available for Sale:
U.S. government agencies	$	11,028	$	—	$	1,487	$	—	$	9,541
Residential mortgage-backed agencies		43,224		—		7,357		—		35,867
Commercial mortgage-backed agencies		36,897		—		7,763		—		29,134
Collateralized mortgage obligations		24,836		—		4,711		—		20,125
Obligations of states and political subdivisions		10,837		14		285		—		10,566
Corporate bonds		1,000		—		253		—		747
Collateralized debt obligations		18,674		—		4,569		—		14,105
Total available for sale	$	146,496	$	14	$	26,425	$	—	$	120,085

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
June 30, 2023
Held to Maturity:
U.S. treasuries	$	37,332	$	—	$	1,075	$	36,257	$	—
U.S. government agencies		67,873		—		12,111		55,762		—
Residential mortgage-backed agencies		26,970		—		3,264		23,706		—
Commercial mortgage-backed agencies		21,494		—		5,188		16,306		—
Collateralized mortgage obligations		55,104		—		10,124		44,980		—
Obligations of states and political subdivisions		21,986		688		614		22,060		—
Total held to maturity	$	230,759	$	688	$	32,376	$	199,071	$	—

(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
June 30, 2023
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	9,541	$	1,487	3
Residential mortgage-backed agencies		—		—	—		35,867		7,357	5
Commercial mortgage-backed agencies		1,715		189	1		27,419		7,574	8
Collateralized mortgage obligations		—		—	—		20,125		4,711	10
Obligations of states and political subdivisions		3,853		196	3		3,878		89	2
Corporate Bonds		—		—	—		747		253	1
Collateralized debt obligations		—		—	—		14,105		4,569	9
Total available for sale	$	5,568	$	385	4	$	111,682	$	26,040	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
June 30, 2023
Held to Maturity:
U.S. treasuries	$	—	$	—	—	$	36,257	$	1,075	4
U.S. government agencies		—		—	—		55,762		12,111	9
Residential mortgage-backed agencies		3,143		134	3		20,563		3,130	33
Commercial mortgage-backed agencies		—		—	—		16,306		5,188	2
Collateralized mortgage obligations		—		—	—		44,980		10,124	8
Obligations of states and political subdivisions		—		—	—		2,258		614	1
Total held to maturity	$	3,143	$	134	3	$	176,126	$	32,242	57

	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

	Six Months Ended
	June 30,
(in thousands)	2023		2022
Balance of credit-related impairment at January 1	$	1,841	$	2,043
Reduction for increases in cash flows expected to be collected		(101)		(101)
Balance of credit-related impairment at June 30	$	1,740	$	1,942

	Three Months Ended
	June 30,
(in thousands)	2023		2022
Balance of credit-related impairment at April 1	$	1,791	$	1,993
Reduction for increases in cash flows expected to be collected		(51)		(51)
Balance of credit-related impairment at June 30	$	1,740	$	1,942

Amortized Cost and Fair Values Classified by Contractual Maturity Date

	June 30, 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		11,948		11,052
Due after five years through ten years		1,895		1,631
Due after ten years		27,356		21,936
		41,539		34,959
Residential mortgage-backed agencies		43,224		35,867
Commercial mortgage-backed agencies		36,897		29,134
Collateralized mortgage obligations		24,836		20,125
Total available for sale	$	146,496	$	120,085
Held to Maturity:
Due in one year or less	$	37,332	$	36,257
Due after one year through five years		12,500		11,338
Due after five years through ten years		33,094		27,382
Due after ten years		44,265		39,102
		127,191		114,079
Residential mortgage-backed agencies		26,970		23,706
Commercial mortgage-backed agencies		21,494		16,306
Collateralized mortgage obligations		55,104		44,980
Total held to maturity	$	230,759	$	199,071