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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity

The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities Available-for-Sale:
U.S. treasury securities			$	1,889					$	—					$	(6)					$	1,883
U.S. agency securities			4,171						—						(256)						3,915
Asset backed securities			19,851						15						(193)						19,673
State, county & municipal securities			111,265						10						(12,629)						98,646
Corporate debt securities			53,330						—						(5,629)						47,701
Mortgage-backed securities			216,291						405						(18,506)						198,190
Total			$	406,797					$	430					$	(37,219)					$	370,008
September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities Held-to-Maturity:
U.S. treasury securities			$	94,577					$	—					$	(1,846)					$	92,731
U.S. agency securities			16,184						—						(1,006)						15,178
State, county & municipal securities			137,066						130						(11,286)						125,910
Mortgage-backed securities			192,879						—						(20,516)						172,363
Total			$	440,706					$	130					$	(34,654)					$	406,182
December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities Available-for-Sale:
U.S. treasury securities			$	500					$	—					$	(2)					$	498
U.S. agency securities			4,500						—						(361)						4,139
Asset backed securities			25,035						—						(405)						24,630
State, county & municipal securities			124,524						6						(15,494)						109,036
Corporate debt securities			53,834						16						(6,460)						47,390
Mortgage-backed securities			246,901						36						(25,248)						221,689
Total			$	455,294					$	58					$	(47,970)					$	407,382
December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities Held-to-Maturity:
U.S. treasury securities			$	93,306					$	—					$	(3,212)					$	90,094
U.S. agency securities			16,282						—						(1,424)						14,858
State, county & municipal securities			136,685						356						(13,859)						123,182
Mortgage-backed securities			202,758						—						(25,316)						177,442
Total			$	449,031					$	356					$	(43,811)					$	405,576

Schedule of Mortgage-Backed Securities

This is often the case with mortgage-backed securities, which are disclosed separately in the table below.

			Available-for-Sale												Held-to-Maturity
(dollars in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	3,890					$	3,863					$	31,673					$	31,393
Due after one year through five years			20,256						19,053						77,416						75,467
Due after five years through ten years			96,828						85,350						69,829						63,894
Due after ten years			69,532						63,552						68,909						63,065
			$	190,506					$	171,818					$	247,827					$	233,819
Mortgage-backed securities			216,291						198,190						192,879						172,363
			$	406,797					$	370,008					$	440,706					$	406,182

Schedule of Continuous Unrealized Loss Position

Information pertaining to available-for-sale securities with gross unrealized losses at September 30, 2024 and December 31, 2023 aggregated by investment category and length of time that individual securities have been in a continuous loss position

is as follows:

			Less Than 12 Months												12 Months or Greater												Total
(dollars in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
September 30, 2024
U.S. treasury securities			$	1,883					$	(6)					$	—					$	—					$	1,883					$	(6)
U.S. agency securities			—						—						3,915						(256)						3,915						(256)
Asset backed securities			3,805						(19)						11,427						(174)						15,232						(193)
State, county & municipal securities			2,054						(278)						95,784						(12,351)						97,838						(12,629)
Corporate debt securities			4,515						(641)						43,186						(4,988)						47,701						(5,629)
Mortgage-backed securities			4,958						(15)						177,319						(18,491)						182,277						(18,506)
			$	17,215					$	(959)					$	331,631					$	(36,260)					$	348,846					$	(37,219)
December 31, 2023
U.S. treasury securities			$	—					$	—					$	498					$	(2)					$	498					$	(2)
U.S. agency securities			—						—						4,139						(361)						4,139						(361)
Asset backed securities			6,196						(75)						17,424						(330)						23,620						(405)
State, county & municipal securities			1,033						(138)						107,443						(15,356)						108,476						(15,494)
Corporate debt securities			1,446						(105)						45,044						(6,355)						46,490						(6,460)
Mortgage-backed securities			5,921						(49)						212,876						(25,199)						218,797						(25,248)
			$	14,596					$	(367)					$	387,424					$	(47,603)					$	402,020					$	(47,970)

Information pertaining to held-to-maturity securities with gross unrealized losses at September 30, 2024 and December 31, 2023 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:

			Less Than 12 Months												12 Months or Greater												Total
(dollars in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
September 30, 2024
U.S. treasury securities			$	—					$	—					$	92,731					$	(1,846)					$	92,731					$	(1,846)
U.S. agency securities			—						—						15,178						(1,006)						15,178						(1,006)
State, county & municipal securities			2,753						(29)						106,680						(11,257)						109,433						(11,286)
Mortgage-backed securities			—						—						172,363						(20,516)						172,363						(20,516)
			$	2,753					$	(29)					$	386,952					$	(34,625)					$	389,705					$	(34,654)
December 31, 2023
U.S. treasury securities			$	—					$	—					$	90,094					$	(3,212)					$	90,094					$	(3,212)
U.S. agency securities			—						—						14,858						(1,424)						14,858						(1,424)
State, county & municipal securities			1,461						(78)						103,500						(13,781)						104,961						(13,859)
Mortgage-backed securities			—						—						177,442						(25,316)						177,442						(25,316)
			$	1,461					$	(78)					$	385,894					$	(43,733)					$	387,355					$	(43,811)

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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