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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Securities available-for-sale
 December 31, 2024
 Amortized
Cost
Gross  Unrealized
Gains
Gross  Unrealized
Losses
Estimated
Fair Value
Allowance for Credit Losses
Available-for-Sale Securities   
Debt Securities:   
U.S. Treasury securities$9,994 $— $(936)$9,058 $— 
U.S. Government agencies70 — (5)65 — 
Obligations of states and political subdivisions183,766 — (19,126)164,640 — 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
76,732 (4,438)72,302 — 
Private label mortgage and asset backed securities265,302 (34,753)230,555 — 
Corporate debt securities470 23 — 493 — 
 $536,334 $37 $(59,258)$477,113 $— 
 December 31, 2023
 Amortized
Cost
Gross  Unrealized
 Gains
Gross  Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Available-for-Sale Securities    
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 obligations
88,874 (5,525)83,352 — 
Private label mortgage and asset backed securities372,610 10 (48,047)324,573 — 
`$669,646 $13 $(72,463)$597,196 $— 
Securities held-to-maturity
 December 31, 2024
 Amortized
Cost
Gross  Unrealized
Gains
Gross  Unrealized
Losses
Estimated
Fair Value
Allowance for Credit Losses
Held to Maturity Securities    
Debt Securities:    
Obligations of states and political subdivisions$192,156 $54 $(17,392)$174,818 $12 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
11,095 — (2,100)8,995 — 
Private label mortgage and asset backed securities53,066 — (5,633)47,433 
Corporate debt securities46,198 — (2,876)43,322 1,136 
 $302,515 $54 $(28,001)$274,568 $1,156 
December 31, 2023
Amortized
Cost
Gross  Unrealized
Gains
Gross  Unrealized
Losses
Estimated
Fair Value
Allowance for Credit Losses
Held to Maturity Securities
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 
$303,493 $70 $(26,560)$277,003 $1,051 
Proceeds and realized gains and losses
Proceeds and gross realized (losses)/gains on investment securities for the years ended December 31, 2024, 2023, and 2022 are shown below (in thousands):
 Years Ended December 31,
202420232022
Available-for-Sale Securities   
Proceeds from sales or calls$64,230 $26,361 $252,331 
Gross realized gains from sales or calls$— $— $5,235 
Gross realized losses from sales or calls$(4,199)$(907)$(6,965)
Investments by contractual maturity
The amortized cost and estimated fair value of available-for-sale and held-to-maturity investment securities at December 31, 2024 and 2023 by contractual maturity are shown in the two tables 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.
December 31, 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 14,056 9,992 8,954 
After five years through ten years33,585 29,670 40,264 35,379 
After ten years144,514 129,972 157,804 144,843 
 193,760 173,698 208,060 189,176 
Investment securities not due at a single maturity date:  
U.S. Government agencies70 65 102 95 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
76,732 72,302 88,874 83,352 
Private label mortgage and asset backed securities
265,302 230,555 372,610 324,573 
Corporate debt securities
470 493 — — 
 $536,334 $477,113 $669,646 $597,196 
December 31, 2024December 31, 2023
Held-to-Maturity SecuritiesAmortized 
Cost
Estimated 
Fair Value
Amortized 
Cost
Estimated 
Fair Value
Within one year$— $— $— $— 
After one year through five years24,535 23,368 8,463 8,136 
After five years through ten years60,369 54,685 74,746 68,552 
After ten years107,252 96,765 108,861 101,264 
192,156 174,818 192,070 177,952 
Investment securities not due at a single maturity date:
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
11,095 8,995 10,758 9,066 
Private label mortgage and asset backed securities
53,066 47,433 54,579 48,635 
Corporate debt securities
46,198 43,322 46,086 41,350 
$302,515 $274,568  $303,493  $277,003 
Securities available-for-sale, unrealized loss position
 December 31, 2024
 Less than 12 Months12 Months or MoreTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Available-for-Sale Securities      
Debt Securities:      
U.S. Treasury securities$— $— $9,058 $(936)$9,058 $(936)
U.S. Government agencies— — 65 (5)65 (5)
Obligations of states and political subdivisions1,853 (152)162,787 (18,974)164,640 (19,126)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
359 (4)63,401 (4,434)63,760 (4,438)
Private label residential mortgage and asset backed securities
— — 226,070 (34,753)226,070 (34,753)
 $2,212 $(156)$461,381 $(59,102)$463,593 $(59,258)
 December 31, 2023
 Less than 12 Months12 Months or MoreTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Available-for-Sale Securities      
Debt Securities:      
U.S. Treasury securities$— $— $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 obligations
392 (3)82,760 (5,522)83,152 (5,525)
Private label residential mortgage backed securities
— — 323,655 (48,047)323,655 (48,047)
 $392 $(3)$595,686 $(72,460)$596,078 $(72,463)
Securities held-to-maturity, unrealized loss position
 December 31, 2024
 Less than 12 Months12 Months or MoreTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Held-to-Maturity Securities      
Debt Securities:      
Obligations of states and political subdivisions$110 $(2)$172,229 $(17,390)$172,339 $(17,392)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
— — 8,995 (2,100)8,995 (2,100)
Private label residential mortgage and asset backed securities
— — 47,433 (5,633)47,433 (5,633)
Corporate debt securities— — 43,322 (2,876)43,322 (2,876)
 $110 $(2)$271,979 $(27,999)$272,089 $(28,001)
 December 31, 2023
 Less than 12 Months12 Months or MoreTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Held-to-Maturity Securities      
Debt Securities:      
Obligations of states and political subdivisions$108 $(1)$175,309 $(14,187)$175,417 $(14,188)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
— — 9,066 (1,692)9,066 (1,692)
Private label residential mortgage and asset backed securities
— — 48,635 (5,944)48,635 (5,944)
Corporate debt securities— — 41,350 (4,736)41,350 (4,736)
 $108 $(1)$274,360 $(26,559)$274,468 $(26,560)
Activities for the 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 twelve months ended December 31, 2024 and 2023 (in thousands):
For the Twelve Months
Ended December 31,
Debt Securities Held-to-Maturity20242023
Beginning ACL balance$1,051 $— 
Impact of adoption of ASU 2016-13— 775 
Provision to credit losses105 276 
Total Ending ACL balance$1,156 $1,051 
Amortized cost of debt securities held-to-maturity 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.
 
December 31, 2024December 31, 2023
Debt Securities Held-to-MaturityAAA/AA/ABBBUnratedAAA/AA/ABBB/BB/BUnrated
Obligations of states and political subdivisions$192,156 $— $— $192,070 $— $— 
Private label mortgage and asset backed securities
51,427 — 1,639 46,334 — 8,245 
Corporate debt securities— 30,218 15,990 — 30,173 15,913 
Total debt securities held-to-maturity$243,583 $30,218 $17,629 $238,404 $30,173 $24,158