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Investments (Tables)
9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale securities reconciliation
The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrealized gains and losses (in thousands): 
 September 30, 2024
Available-for-Sale SecuritiesAmortized 
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Debt securities:    
U.S. Treasury securities$9,993 $— $(737)$9,256 $— 
U.S. Government agencies71 — (3)68 — 
Obligations of states and political subdivisions184,495 — (15,374)169,121 — 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations79,261 39 (3,614)75,686 — 
Private label mortgage and asset backed securities279,688 (30,344)249,352 — 
Corporate debt securities455 26 — 481 — 
Total available-for-sale$553,963 $73 $(50,072)$503,964 $— 
September 30, 2024
Held-to-Maturity SecuritiesAmortized Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Debt securities:
Obligations of states and political subdivisions$192,143 $65 $(10,712)$181,496 $13 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations11,010 — (1,552)9,458 — 
Private label mortgage and asset backed securities53,457 — (4,112)49,345 18 
Corporate debt securities46,167 — (3,113)43,054 826 
Total held-to-maturity$302,777 $65 $(19,489)$283,353 $857 
 December 31, 2023
Available-for-Sale SecuritiesAmortized
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Allowance for Credit Losses
Debt securities:    
U.S. Treasury securities$9,990 $— $(1,036)$8,954 $— 
U.S. Government agencies102 — (7)95 — 
Obligations of states and political subdivisions198,070 — (17,848)180,222 — 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations88,874 (5,525)83,352 — 
Private label mortgage and asset backed securities372,610 10 (48,047)324,573 — 
Total available-for-sale$669,646 $13 $(72,463)$597,196 $— 
December 31, 2023
Held-to-Maturity SecuritiesAmortized 
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Debt securities:
Obligations of states and political subdivisions$192,070 $70 $(14,188)$177,952 $20 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations10,758 — (1,692)9,066 — 
Private label mortgage and asset backed securities54,579 — (5,944)48,635 11 
Corporate debt securities46,086 — (4,736)41,350 1,020 
Total held-to-maturity$303,493 $70 $(26,560)$277,003 $1,051 
Realized gains and losses
Proceeds and gross realized gains (losses) from the sales or calls of available-for-sale investment securities for the periods ended September 30, 2024 and 2023 are shown below (in thousands):

For the Three Months
Ended September 30,
For the Nine Months
 Ended September 30,
Available-for-Sale Securities2024202320242023
Proceeds from sales or calls$32,647 $205 $64,229 $12,580 
Gross realized gains from sales or calls— — — — 
Gross realized losses from sales or calls$(1,853)$(39)$(4,199)$(296)
Available-for-sale securities by contractual maturity
The amortized cost and estimated fair value of available-for-sale and held-to maturity investment securities at September 30, 2024 by contractual maturity is shown below (in thousands).  Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

September 30, 2024December 31, 2023
Available-for-Sale SecuritiesAmortized 
Cost
Estimated Fair
Value
Amortized 
Cost
Estimated Fair
Value
Within one year$— $— $— $— 
After one year through five years15,661 14,400 9,992 8,954 
After five years through ten years33,693 30,833 40,264 35,379 
After ten years145,134 133,144 157,804 144,843 
 194,488 178,377 208,060 189,176 
Investment securities not due at a single maturity date:  
U.S. Government agencies71 68 102 95 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations79,261 75,686 88,874 83,352 
Private label mortgage and asset backed securities279,688 249,352 372,610 324,573 
Corporate debt securities455 481 — — 
Total available-for-sale$553,963 $503,964 $669,646 $597,196 
September 30, 2024December 31, 2023
Held-to-Maturity SecuritiesAmortized 
Cost
Estimated Fair
Value
Amortized 
Cost
Estimated Fair
Value
Within one year$— $— $— $— 
After one year through five years24,538 24,081 8,463 8,136 
After five years through ten years59,110 56,146 74,746 68,552 
After ten years108,495 101,269 108,861 101,264 
192,143 181,496 192,070 177,952 
Investment securities not due at a single maturity date:
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations11,010 9,458 10,758 9,066 
Private label mortgage and asset backed securities53,457 49,345 54,579 48,635 
Corporate debt securities46,167 43,054 46,086 41,350 
Total held-to-maturity$302,777 $283,353 $303,493 $277,003 
Held-to-maturity securities by contractual maturity
The amortized cost and estimated fair value of available-for-sale and held-to maturity investment securities at September 30, 2024 by contractual maturity is shown below (in thousands).  Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

September 30, 2024December 31, 2023
Available-for-Sale SecuritiesAmortized 
Cost
Estimated Fair
Value
Amortized 
Cost
Estimated Fair
Value
Within one year$— $— $— $— 
After one year through five years15,661 14,400 9,992 8,954 
After five years through ten years33,693 30,833 40,264 35,379 
After ten years145,134 133,144 157,804 144,843 
 194,488 178,377 208,060 189,176 
Investment securities not due at a single maturity date:  
U.S. Government agencies71 68 102 95 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations79,261 75,686 88,874 83,352 
Private label mortgage and asset backed securities279,688 249,352 372,610 324,573 
Corporate debt securities455 481 — — 
Total available-for-sale$553,963 $503,964 $669,646 $597,196 
September 30, 2024December 31, 2023
Held-to-Maturity SecuritiesAmortized 
Cost
Estimated Fair
Value
Amortized 
Cost
Estimated Fair
Value
Within one year$— $— $— $— 
After one year through five years24,538 24,081 8,463 8,136 
After five years through ten years59,110 56,146 74,746 68,552 
After ten years108,495 101,269 108,861 101,264 
192,143 181,496 192,070 177,952 
Investment securities not due at a single maturity date:
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations11,010 9,458 10,758 9,066 
Private label mortgage and asset backed securities53,457 49,345 54,579 48,635 
Corporate debt securities46,167 43,054 46,086 41,350 
Total held-to-maturity$302,777 $283,353 $303,493 $277,003 
AFS debt securities in an unrealized loss position
The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): 
 September 30, 2024
 Less than 12 Months12 Months or MoreTotal
 FairUnrealizedFairUnrealizedFairUnrealized
Available-for-Sale SecuritiesValueLossesValueLossesValueLosses
Debt securities:      
U.S. Treasury securities$— $— $9,256 $(737)$9,256 $(737)
U.S. Government agencies— — 68 (3)68 (3)
Obligations of states and political subdivisions1,901 (109)167,221 (15,265)169,122 (15,374)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations2,459 (2)68,551 (3,612)71,010 (3,614)
Private label mortgage and asset backed securities— — 245,037 (30,344)245,037 (30,344)
Total available-for-sale$4,360 $(111)$490,133 $(49,961)$494,493 $(50,072)
 December 31, 2023
 Less than 12 Months12 Months or MoreTotal
 FairUnrealizedFairUnrealizedFairUnrealized
Available-for-Sale SecuritiesValueLossesValueLossesValueLosses
Debt securities:     
U.S. Treasury securities$— $— $8,954 $(1,036)$8,954 $(1,036)
U.S. Government agencies— — 95 (7)95 (7)
Obligations of states and political subdivisions— — 180,222 (17,848)180,222 (17,848)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations392 (3)82,760 (5,522)83,152 (5,525)
Private label mortgage and asset backed securities— — 323,655 (48,047)323,655 (48,047)
Total available-for-sale$392 $(3)$595,686 $(72,460)$596,078 $(72,463)
Allowance for credit losses related to held-to-maturity debt securities
The following table shows the summary of activities for the allowance for credit losses related to held-to-maturity debt securities for the thee months and nine months ended September 30, 2024 and 2023 (in thousands):
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
Debt Securities Held-to-Maturity2024202320242023
Beginning ACL balance$1,076 $456 $1,051 $— 
Impact of adoption of ASU 2016-13— — — 776 
Credit to credit losses(219)(175)(194)(495)
Total Ending ACL balance$857 $281 $857 $281 
Debt securities held-to-maturity aggregated by credit quality indicator The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator. U.S. Government sponsored agencies are not included in the below tables as credit ratings are not applicable.
September 30, 2024
Debt Securities Held-to-Maturity (in thousands)AAA/AA/ABBBUnrated
Obligations of states and political subdivisions$192,143 $— $— 
Private label mortgage and asset backed securities51,697 — 1,760 
Corporate debt securities— 30,201 15,966 
Total debt securities held-to-maturity$243,840 $30,201 $17,726