Investment and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity

Carrying amounts and fair values of securities available for sale and held to maturity are summarized below:

March 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
Securities available for sale
U.S. Treasury	$	31,410	$	—	$	2,021	$	29,389
U.S. Government agencies		42,290		70		685		41,675
GSE - Mortgage-backed securities and CMOs		124,749		5		7,678		117,076
Asset-backed securities		42,161		318		218		42,261
State and political subdivisions		93,383		51		9,360		84,074
Corporate bonds		8,000		2		209		7,793
Total securities available for sale	$	341,993	$	446	$	20,171	$	322,268

March 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
Securities held to maturity
U.S. Government agencies	$	152	$	—	$	3	$	149
State and political subdivisions		15,570		14		363		15,221
Corporate bonds		15,000		30		491		14,539
Total securities held to maturity	$	30,722	$	44	$	857	$	29,909

December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
Securities available for sale
U.S. Treasury	$	26,675	$	16	$	310	$	26,381
U.S. Government agencies		40,066		172		426		39,812
GSE - Mortgage-backed securities and CMOs		121,994		190		1,736		120,448
Asset-backed securities		43,383		875		60		44,198
State and political subdivisions		89,786		892		1,201		89,477
Corporate bonds		9,928		148		55		10,021
Total securities available for sale	$	331,832	$	2,293	$	3,788	$	330,337

December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
Securities held to maturity
U.S. Government agencies	$	175	$	1	$	—	$	176
State and political subdivisions		15,626		1,096		—		16,722
Corporate bonds		15,000		196		49		15,147
Total securities held to maturity	$	30,801	$	1,293	$	49	$	32,045

Sales of Securities Available for Sale

Results from sales of securities available for sale for the three-month periods ended March 31, 2022 and March 31, 2021 are as follows:

	Three Months Ended March 31,
	2022			2021
	(dollars in thousands)
Gross proceeds from sales	$	8,398		$	34,237
Realized gains from sales	$	52		$	1,454
Realized losses from sales		143			514
Net realized gains (losses)	$	(91	)	$	940

Gross Unrealized Losses and Fair Value of Investments

	Less than 12 Months				12 Months or More				Total
March 31, 2022	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(dollars in thousands)
Securities available for sale temporary impairment
U.S. Treasury	$	31,410	$	2,021	$	—	$	—	$	31,410	$	2,021
U.S. Government agencies		14,335		383		10,944		302		25,279		685
GSE-Mortgage-backed securities and CMOs		105,231		7,084		12,421		594		117,652		7,678
Asset-backed securities		19,525		218		—		—		19,525		218
State and political subdivisions		72,790		7,371		13,566		1,989		86,356		9,360
Corporate bonds		6,000		209		—		—		6,000		209
Total securities available for sale	$	249,291	$	17,286	$	36,931	$	2,885	$	286,222	$	20,171

	Less than 12 Months				12 Months or More				Total
March 31, 2022	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(dollars in thousands)
Securities held to maturity temporary impairment
U.S. Government agencies		152		3		—		—		152		3
State and political subdivisions		11,750		363		—		—		11,750		363
Corporate bonds		12,000		491		—		—		12,000		491
Total securities held to maturity	$	23,902	$	857	$	—	$	—	$	23,902	$	857

	Less than 12 Months				12 Months or More				Total
December 31, 2021	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(dollars in thousands)
Securities available for sale temporary impairment
U.S. Treasury	$	16,306	$	310	$	—	$	—	$	16,306	$	310
U.S. Government agencies		19,702		396		2,313		30		22,015		426
GSE-Mortgage-backed securities and CMOs		93,928		1,607		4,210		129		98,138		1,736
Asset-backed securities		8,531		60		—		—		8,531		60
State and political subdivisions		52,959		892		9,272		309		62,231		1,201
Corporate bonds		5,945		55		—		—		5,945		55
Total securities available for sale	$	197,371	$	3,320	$	15,795	$	468	$	213,166	$	3,788

	Less than 12 Months				12 Months or More				Total
December 31, 2021	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(dollars in thousands)
Securities held to maturity temporary impairment
U.S. Government agencies	$	—	$	—	$	—	$	—	$	—	$	—
State and political subdivisions		—		—		—		—		—		—
Corporate bonds		5,201		49		—		—		5,201		49
Total securities held to maturity	$	5,201	$	49	$	—	$	—	$	5,201	$	49

Amortized Cost and Fair Value of Available for Sale Securities Portfolio

The following tables show contractual maturities of the investment portfolio as of March 31, 2022:

	March 31, 2022
	Amortized Cost		Estimated Fair Value		Book Yield
	(dollars in thousands)
Securities available for sale
U.S. Treasury
Due after one but within five years		4,791		4,686		1.77	%
Due after five but within ten years		26,619		24,703		1.24	%
		31,410		29,389		1.32	%
U.S. Government agencies
Due within twelve months		4,001		4,019		1.80	%
Due after one but within five years		2,143		2,050		1.91	%
Due after five but within ten years		17,419		16,980		0.80	%
Due after ten years		18,727		18,626		1.09	%
		42,290		41,675		1.08	%
Mortgage-backed securities
Due after one but within five years		5,441		5,391		3.46	%
Due after five but within ten years		42,723		39,741		1.18	%
Due after ten years		76,585		71,944		1.35	%
		124,749		117,076		1.38	%
Asset-backed securities
Due after ten years		42,161		42,261		1.32	%
		42,161		42,261		1.32	%
State and political subdivisions
Due within twelve months		105		105		4.50	%
Due after one but within five years		1,542		1,528		2.50	%
Due after five but within ten years		6,291		5,903		1.96	%
Due after ten years		85,445		76,538		1.86	%
		93,383		84,074		1.88	%
Corporate bonds
Due within twelve months		2,000		2,002		2.98	%
Due after one but within five years		4,000		3,808		0.83	%
Due after five but within ten years		2,000		1,983		2.00	%
		8,000		7,793		1.66	%
Total securities available for sale
Due within twelve months		6,106		6,126		2.23	%
Due after one but within five years		17,917		17,463		2.15	%
Due after five but within ten years		95,052		89,310		1.19	%
Due after ten years		222,918		209,369		1.52	%
	$	341,993	$	322,268		1.47	%

Amortized Cost and Fair Value of Held to Maturity Securities Portfolio

	March 31, 2022
	Amortized Cost		Estimated Fair Value		Book Yield
	(dollars in thousands)
Securities held to maturity
U. S. Government agencies
Due after one but within five years	$	152	$	149		2.80	%
		152		149		2.80	%
State and political subdivisions
Due within twelve months		1,346		1,351		2.08	%
Due after one but within five years		896		902		2.26	%
Due after ten years		13,328		12,968		2.85	%
		15,570		15,221		2.75	%
Corporate Bonds
Due after five but within ten years		15,000		14,539		4.57	%
		15,000		14,539		4.57	%
Total securities held for maturity
Due within twelve months		1,346		1,351		2.08	%
Due after one but within five years		1,048		1,051		2.34	%
Due after five but within ten years		15,000		14,539		4.57	%
Due after ten years		13,328		12,968		2.85	%
	$	30,722	$	29,909		3.64	%

Unrealized Gains and Losses Related to Equity Securities

The portion of unrealized gains and losses for the three months ended March 31, 2022 and 2021 related to equity securities still held at the reporting date is calculated as follows:

	Three Months Ended March 31,
	2022			2021
	(dollars in thousands)
Gross proceeds from sales	$	—		$	929
Net losses recognized during the period on equity securities	$	(9	)	$	(19	)
Less: Net losses recognized from equity securities sold during the period		—			(18	)
Unrealized losses recognized during the period on equity securities still held at the reporting date	$	(9	)	$	(1	)