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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

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The entire disclosure for investments in certain debt and equity securities.

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-Topic 940
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