XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Debt securities available-for-sale ("AFS") at March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 9,652 |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | 9,651 |
State & political subdivisions | 103,898 |  |  | 26 |  |  | (11,639) |  |  | — |  |  | 92,285 |
Residential & multi-family mortgage | 398,702 |  |  | 1,538 |  |  | (29,364) |  |  | — |  |  | 370,876 |
Corporate notes & bonds | 38,029 |  |  | 44 |  |  | (2,949) |  |  | — |  |  | 35,124 |
Pooled SBA | 9,073 |  |  | 1 |  |  | (568) |  |  | — |  |  | 8,506 |
Total | $ | 559,354 |  |  | $ | 1,609 |  |  | $ | (44,521) |  |  | $ | — |  |  | $ | 516,442 |
| December 31, 2024
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 14,795 |  |  | $ | 17 |  |  | $ | (2) |  |  | $ | — |  |  | $ | 14,810 |
State & political subdivisions | 104,025 |  |  | 11 |  |  | (13,080) |  |  | — |  |  | 90,956 |
Residential & multi-family mortgage | 352,983 |  |  | 60 |  |  | (34,133) |  |  | — |  |  | 318,910 |
Corporate notes & bonds | 39,022 |  |  | — |  |  | (3,812) |  |  | — |  |  | 35,210 |
Pooled SBA | 9,398 |  |  | — |  |  | (738) |  |  | — |  |  | 8,660 |
Total | $ | 520,223 |  |  | $ | 88 |  |  | $ | (51,765) |  |  | $ | — |  |  | $ | 468,546 |
Debt securities held-to-maturity ("HTM") at March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 210,864 |  |  | $ | — |  |  | $ | (10,474) |  |  | $ | — |  |  | $ | 200,390 |
Residential & multi-family mortgage | 71,295 |  |  | — |  |  | (8,291) |  |  | — |  |  | 63,004 |
Total | $ | 282,159 |  |  | $ | — |  |  | $ | (18,765) |  |  | $ | — |  |  | $ | 263,394 |
| December 31, 2024
| Amortized |  | Unrealized |  | Allowance For |  | Fair
| Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
U.S. Government sponsored entities | $ | 229,504 |  |  | $ | — |  |  | $ | (13,354) |  |  | $ | — |  |  | $ | 216,150 |
Residential & multi-family mortgage | 76,577 |  |  | — |  |  | (9,757) |  |  | — |  |  | 66,820 |
Total | $ | 306,081 |  |  | $ | — |  |  | $ | (23,111) |  |  | $ | — |  |  | $ | 282,970 |
Information pertaining to security sales on AFS securities is as follows:
| Proceeds |  | Gross Gains |  | Gross Losses
Three months ended March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | — |
Three months ended March 31, 2024 | — |  |  | — |  |  | — |
The tax provision related to these net realized gains (losses) was zero for both the three months ended March 31, 2025 and March 31, 2024, respectively. The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of March 31, 2025:
| Available-for-sale |  | Held-to-maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
1 year or less | $ | 18,826 |  |  | $ | 18,773 |  |  | $ | 48,437 |  |  | $ | 47,755 |
1 year – 5 years | 52,326 |  |  | 49,175 |  |  | 143,686 |  |  | 136,330 |
5 years – 10 years | 60,067 |  |  | 53,840 |  |  | 18,741 |  |  | 16,305 |
After 10 years | 20,360 |  |  | 15,272 |  |  | — |  |  | — |
| 151,579 |  |  | 137,060 |  |  | 210,864 |  |  | 200,390 |
Residential & multi-family mortgage | 398,702 |  |  | 370,876 |  |  | 71,295 |  |  | 63,004 |
Pooled SBA | 9,073 |  |  | 8,506 |  |  | — |  |  | — |
Total debt securities | $ | 559,354 |  |  | $ | 516,442 |  |  | $ | 282,159 |  |  | $ | 263,394 |
Mortgage securities and pooled Small Business Administration ("SBA") securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral. On March 31, 2025 and December 31, 2024, securities carried at $471.9 million and $443.9 million, respectively, were pledged to secure public deposits and for other purposes as provided by law. At March 31, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities. AFS debt securities with unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2025
| Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | 3,768 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,768 |  |  | $ | (1) |
State & political subdivisions | 5,528 |  |  | (41) |  |  | 80,792 |  |  | (11,598) |  |  | 86,320 |  |  | (11,639) |
Residential & multi-family mortgage | 15,395 |  |  | (137) |  |  | 161,119 |  |  | (29,227) |  |  | 176,514 |  |  | (29,364) |
Corporate notes and bonds | — |  |  | — |  |  | 30,642 |  |  | (2,949) |  |  | 30,642 |  |  | (2,949) |
Pooled SBA | 75 |  |  | — |  |  | 8,062 |  |  | (568) |  |  | 8,137 |  |  | (568) |
| $ | 24,766 |  |  | $ | (179) |  |  | $ | 280,615 |  |  | $ | (44,342) |  |  | $ | 305,381 |  |  | $ | (44,521) |
December 31, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | 249 |  |  | $ | (1) |  |  | $ | 3,340 |  |  | $ | (1) |  |  | $ | 3,589 |  |  | $ | (2) |
State & political subdivisions | 6,519 |  |  | (90) |  |  | 80,172 |  |  | (12,990) |  |  | 86,691 |  |  | (13,080) |
Residential & multi-family mortgage | 118,057 |  |  | (810) |  |  | 159,576 |  |  | (33,323) |  |  | 277,633 |  |  | (34,133) |
Corporate notes and bonds | 987 |  |  | (13) |  |  | 34,224 |  |  | (3,799) |  |  | 35,211 |  |  | (3,812) |
Pooled SBA | 410 |  |  | (2) |  |  | 8,250 |  |  | (736) |  |  | 8,660 |  |  | (738) |
| $ | 126,222 |  |  | $ | (916) |  |  | $ | 285,562 |  |  | $ | (50,849) |  |  | $ | 411,784 |  |  | $ | (51,765) |
HTM debt securities with unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2025
| Less than 12 Months |  | 12 Months or More |  | Total
Description of Securities | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | — |  |  | $ | — |  |  | $ | 200,390 |  |  | $ | (10,474) |  |  | $ | 200,390 |  |  | $ | (10,474) |
Residential & multi-family mortgage | — |  |  | — |  |  | 63,004 |  |  | (8,291) |  |  | 63,004 |  |  | (8,291) |
| $ | — |  |  | $ | — |  |  | $ | 263,394 |  |  | $ | (18,765) |  |  | $ | 263,394 |  |  | $ | (18,765) |
December 31, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. Government sponsored entities | $ | — |  |  | $ | — |  |  | $ | 216,150 |  |  | $ | (13,354) |  |  | $ | 216,150 |  |  | $ | (13,354) |
Residential & multi-family mortgage | — |  |  | — |  |  | 66,820 |  |  | (9,757) |  |  | 66,820 |  |  | (9,757) |
| $ | — |  |  | $ | — |  |  | $ | 282,970 |  |  | $ | (23,111) |  |  | $ | 282,970 |  |  | $ | (23,111) |
At March 31, 2025 and December 31, 2024, management performed an assessment for possible impairment related to credit losses of the Corporation’s debt securities, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. Based on the results of the assessment, management believes there is no credit related impairment of these debt securities at March 31, 2025 and December 31, 2024. First, an assessment was performed to determine if the Corporation intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost. Management determined it does not intend to sell and will not be required to sell any of the securities before recovery of its amortized cost. Next, management performed an evaluation relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities' credit quality and the issuer's ability to repay its debt obligations. For financial institution issuers, management monitors information from quarterly "call" report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate given the following considerations; the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Based on the results of the assessment, management believes the decline in fair value is not the result of credit losses. As a result no credit allowance is required as of March 31, 2025. As of March 31, 2025 and December 31, 2024, management concluded the debt securities described in the previous paragraphs did not decline in fair value due to credit factors for the following reasons: •There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities. •All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received. The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis. Equity securities at March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025 |  | December 31, 2024
Corporate equity securities | $ | 6,175 |  |  | $ | 6,542 |
Mutual funds | 1,935 |  |  | 1,936 |
Money market funds | 477 |  | 287 |
Corporate notes | 1,706 |  |  | 1,691 |
Total | $ | 10,293 |  |  | $ | 10,456 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration