Investments (Tables)

9 Months Ended

Sep. 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
September 30, 2023
Available for Sale:
U.S. government agencies	$	11,020	$	—	$	1,660	$	—	$	9,360
Residential mortgage-backed agencies		42,073		—		8,704		—		33,369
Commercial mortgage-backed agencies		36,722		—		9,667		—		27,055
Collateralized mortgage obligations		24,223		—		5,236		—		18,987
Obligations of states and political subdivisions		10,832		—		766		—		10,066
Corporate bonds		1,000		—		251		—		749
Collateralized debt obligations		18,670		—		3,886		—		14,784
Total available for sale	$	144,540	$	—	$	30,170	$	—	$	114,370

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
September 30, 2023
Held to Maturity:
U.S. treasuries	$	37,397	$	—	$	670	$	36,727	$	—
U.S. government agencies		67,944		—		14,411		53,533		—
Residential mortgage-backed agencies		30,336		—		4,495		25,841		—
Commercial mortgage-backed agencies		21,454		—		6,494		14,960		—
Collateralized mortgage obligations		53,994		—		12,114		41,880		—
Obligations of states and political subdivisions		4,603		126		844		3,885		45
Total held to maturity	$	215,728	$	126	$	39,028	$	176,826	$	45

(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
September 30, 2023
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	9,360	$	1,660	3
Residential mortgage-backed agencies		—		—	—		33,369		8,704	5
Commercial mortgage-backed agencies		—		—	—		27,055		9,667	8
Collateralized mortgage obligations		—		—	—		18,987		5,236	10
Obligations of states and political subdivisions		3,357		294	6		6,369		472	3
Corporate Bonds		—		—	—		749		251	1
Collateralized debt obligations		—		—	—		14,784		3,886	9
Total available for sale	$	3,357	$	294	6	$	110,673	$	29,876	39
	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, 2023
Held to Maturity:
U.S. treasuries	$	—	$	—	—	$	36,727	$	670	4
U.S. government agencies		—		—	—		53,533		14,411	9
Residential mortgage-backed agencies		3,977		98	3		21,864		4,397	35
Commercial mortgage-backed agencies		—		—	—		14,960		6,494	2
Collateralized mortgage obligations		—		—	—		41,880		12,114	8
Obligations of states and political subdivisions		—		—	—		2,030		844	1
Total held to maturity	$	3,977	$	98	3	$	170,994	$	38,930	59

	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

	Nine Months Ended
	September 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		(152)		(152)
Balance of credit-related impairment at September 30	$	1,689	$	1,891

	Three Months Ended
	September 30,
(in thousands)	2023		2022
Balance of credit-related impairment at July 1	$	1,740	$	1,942
Reduction for increases in cash flows expected to be collected		(51)		(51)
Balance of credit-related impairment at September 30	$	1,689	$	1,891

Amortized Cost and Fair Values Classified by Contractual Maturity Date

	September 30, 2023
(in thousands)	Amortized Cost		Fair Value
Available for Sale:
Due in one year or less	$	3,010	$	2,953
Due after one year through five years		9,270		8,391
Due after five years through ten years		1,895		1,560
Due after ten years		27,347		22,055
		41,522		34,959
Residential mortgage-backed agencies		42,073		33,369
Commercial mortgage-backed agencies		36,722		27,055
Collateralized mortgage obligations		24,223		18,987
Total available for sale	$	144,540	$	114,370
Held to Maturity:
Due in one year or less	$	37,397	$	36,727
Due after one year through five years		12,500		11,306
Due after five years through ten years		38,681		30,544
Due after ten years		21,366		15,568
		109,944		94,145
Residential mortgage-backed agencies		30,336		25,841
Commercial mortgage-backed agencies		21,454		14,960
Collateralized mortgage obligations		53,994		41,880
Total held to maturity	$	215,728	$	176,826