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Investment Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at December 31, 2022 and 2021 were as follows:
Total
Amortized
Cost		Gross UnrealizedFair
Value
(in thousands)
GainsLosses
December 31, 2022
U.S. Treasury$2,198 $— $(46)$2,152 
U.S. government and federal agency obligations591 — (32)559 
U.S. government-sponsored enterprises26,499 — (2,722)23,777 
Obligations of states and political subdivisions134,994 — (25,554)109,440 
Mortgage-backed securities119,556 7 (16,864)102,699 
Other debt securities (a)11,825 — (882)10,943 
Bank issued trust preferred securities (a)1,486 — (309)1,177 
Total available-for-sale securities$297,149 $7 $(46,409)$250,747 
December 31, 2021
U.S. Treasury$3,909 $11 $(3)$3,917 
U.S. government and federal agency obligations1,314 5 — 1,319 
U.S. government-sponsored enterprises26,498 70 (196)26,372 
Obligations of states and political subdivisions128,093 1,605 (474)129,224 
Mortgage-backed securities137,286 791 (1,611)136,466 
Other debt securities (a)11,825 482 (23)12,284 
Bank issued trust preferred securities (a)1,486 — (198)1,288 
Total available-for-sale securities$310,411 $2,964 $(2,505)$310,870 
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations.
The Company's investment securities are classified as available-for-sale. Agency bonds and notes, SBA-guaranteed loan certificates, residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations include securities issued by the Government National Mortgage Association, a U.S. government agency, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the FHLB, which are U.S. government-sponsored enterprises.
Debt securities with carrying values aggregating approximately $111.6 million and $275.4 million at December 31, 2022 and December 31, 2021, respectively, were pledged to secure public funds, were sold under agreements to repurchase, or were sold for other purposes as required or permitted by law.
The amortized cost and fair value of debt securities classified as available-for-sale at December 31, 2022, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(in thousands)
Amortized
Cost		Fair
Value
Due in one year or less$9,526 $9,289 
Due after one year through five years17,261 16,103 
Due after five years through ten years30,236 26,999 
Due after ten years120,570 95,657 
Total177,593 148,048 
Mortgage-backed securities119,556 102,699 
Total available-for-sale securities$297,149 $250,747 
Other Investment Securities
Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in FHLB stock and MIB stock, that do not have readily determinable fair values, are required for membership in those organizations.
(in thousands)20222021
Other securities:
FHLB stock$6,156 $5,197 
MIB stock151 151 
Equity securities with readily determinable fair values46 60 
Total other investment securities$6,353 $5,408 
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and December 31, 2021 were as follows:
Less than 12 months12 months or moreTotal
Fair
Value		Total
Unrealized
Losses
(in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
At December 31, 2022
U.S. Treasury$1,908 $(41)$244 $(5)$2,152 $(46)
U.S. government and federal agency obligations559 (32)— — 559 (32)
U.S. government-sponsored enterprises7,066 (933)16,711 (1,789)23,777 (2,722)
Obligations of states and political subdivisions79,396 (15,421)29,370 (10,133)108,766 (25,554)
Mortgage-backed securities33,334 (3,124)68,911 (13,740)102,245 (16,864)
Other debt securities7,557 (443)3,386 (439)10,943 (882)
Bank issued trust preferred securities— — 1,177 (309)1,177 (309)
Total$129,820 $(19,994)$119,799 $(26,415)$249,619 $(46,409)
At December 31, 2021
      
U.S. Treasury$1,758 $(3)$— $— $1,758 $(3)
U.S. government-sponsored enterprises18,304 (196)— — 18,304 (196)
Obligations of states and political subdivisions39,221 (474)— — 39,221 (474)
Mortgage-backed securities89,520 (1,579)1,864 (32)91,384 (1,611)
Other debt securities3,802 (23)— — 3,802 (23)
Bank-issued trust preferred securities— — 1,288 (198)1,288 (198)
Total$152,605 $(2,275)$3,152 $(230)$155,757 $(2,505)
The total available-for-sale portfolio consisted of approximately 439 securities at December 31, 2022. The portfolio included 436 securities having an aggregate fair value of $249.6 million that were in a loss position at December 31, 2022. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $119.8 million at fair value at December 31, 2022. The $46.4 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2022 was caused by interest rate fluctuations.
The total available-for-sale portfolio consisted of approximately 435 securities at December 31, 2021. The portfolio included 134 securities having an aggregate fair value of $155.8 million that were in a loss position at December 31, 2021. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer had a fair value of $3.2 million at December 31, 2021. The $2.5 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2021 was caused by interest rate fluctuations.
Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at December 31, 2022 and 2021, respectively. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date, or re-pricing date or if market yields for such investments decline. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities.
The following table presents the gross unrealized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
(in thousands)202220212020
Available-for-sale securities:   
Gains realized on sales$— $122 $49 
Losses realized on sales— — (8)
Other-than-temporary impairment recognized— — — 
Other investment securities:
Fair value adjustments, net(14)27 20 
Investment securities gains (losses), net$(14)$149 $61