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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities | The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2023:
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value (Estimated)
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury & Agency securities | $ | 45,851,000 |  |  | $ | — |  |  | $ | (7,599,000) |  |  | $ | 38,252,000 |
Mortgage-backed securities | 263,775,000 |  |  | 1,000 |  |  | (50,930,000) |  |  | 212,846,000 |
State and political subdivisions | 40,417,000 |  |  | — |  |  | (9,637,000) |  |  | 30,780,000 |
Asset-backed securities | 3,097,000 |  |  | 1,000 |  |  | (4,000) |  |  | 3,094,000 |
| $ | 353,140,000 |  |  | $ | 2,000 |  |  | $ | (68,170,000) |  |  | $ | 284,972,000 |
Securities to be held to maturity |  |  |  |  |  |  |
U.S. Treasury & Agency securities | $ | 40,100,000 |  |  | $ | — |  |  | $ | (11,996,000) |  |  | $ | 28,104,000 |
Mortgage-backed securities | 57,224,000 |  |  | 4,000 |  |  | (13,336,000) |  |  | 43,892,000 |
State and political subdivisions | 255,732,000 |  |  | 16,000 |  |  | (46,807,000) |  |  | 208,941,000 |
Corporate securities | 34,750,000 |  |  | — |  |  | (3,823,000) |  |  | 30,927,000 |
| $ | 387,806,000 |  |  | $ | 20,000 |  |  | $ | (75,962,000) |  |  | $ | 311,864,000 |
Less allowance for credit losses | (432,000) |  |  | — |  |  | — |  |  | — |
Net securities to be held to maturity | $ | 387,374,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Restricted equity securities |  |  |  |  |  |  |
Federal Home Loan Bank Stock | $ | 2,823,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,823,000 |
Federal Reserve Bank Stock | 1,037,000 |  |  | — |  |  | — |  |  | 1,037,000 |
| $ | 3,860,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,860,000 |
The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2022:
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value (Estimated)
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury & Agency securities | $ | 26,025,000 |  |  | $ | — |  |  | $ | (6,878,000) |  |  | $ | 19,147,000 |
Mortgage-backed securities | 271,068,000 |  |  | 55,000 |  |  | (42,447,000) |  |  | 228,676,000 |
State and political subdivisions | 40,472,000 |  |  | 2,000 |  |  | (7,283,000) |  |  | 33,191,000 |
Asset-backed securities | 3,548,000 |  |  | — |  |  | (53,000) |  |  | 3,495,000 |
| $ | 341,113,000 |  |  | $ | 57,000 |  |  | $ | (56,661,000) |  |  | $ | 284,509,000 |
Securities to be held to maturity |  |  |  |  |  |  |
U.S. Treasury & Agency securities | $ | 40,100,000 |  |  | $ | 4,000 |  |  | $ | (10,477,000) |  |  | $ | 29,627,000 |
Mortgage-backed securities | 60,497,000 |  |  | 42,000 |  |  | (11,392,000) |  |  | 49,147,000 |
State and political subdivisions | 258,549,000 |  |  | 154,000 |  |  | (30,733,000) |  |  | 227,970,000 |
Corporate securities | 34,750,000 |  |  | — |  |  | (2,483,000) |  |  | 32,267,000 |
| $ | 393,896,000 |  |  | $ | 200,000 |  |  | $ | (55,085,000) |  |  | $ | 339,011,000 |
Restricted equity securities |  |  |  |  |  |  |
Federal Home Loan Bank Stock | $ | 2,846,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,846,000 |
Federal Reserve Bank Stock | 1,037,000 |  |  | — |  |  | — |  |  | 1,037,000 |
| $ | 3,883,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,883,000 |
The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2022:
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value (Estimated)
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury & Agency securities | $ | 26,023,000 |  |  | $ | — |  |  | $ | (6,879,000) |  |  | $ | 19,144,000 |
Mortgage-backed securities | 273,215,000 |  |  | 4,000 |  |  | (44,041,000) |  |  | 229,178,000 |
State and political subdivisions | 40,489,000 |  |  | — |  |  | (9,383,000) |  |  | 31,106,000 |
Asset-backed securities | 3,872,000 |  |  | — |  |  | (32,000) |  |  | 3,840,000 |
| $ | 343,599,000 |  |  | $ | 4,000 |  |  | $ | (60,335,000) |  |  | $ | 283,268,000 |
Securities to be held to maturity |  |  |  |  |  |  |
U.S. Treasury & Agency securities | $ | 38,100,000 |  |  | $ | — |  |  | $ | (10,428,000) |  |  | $ | 27,672,000 |
Mortgage-backed securities | 56,423,000 |  |  | 48,000 |  |  | (11,784,000) |  |  | 44,687,000 |
State and political subdivisions | 257,633,000 |  |  | 38,000 |  |  | (43,899,000) |  |  | 213,772,000 |
Corporate securities | 29,750,000 |  |  | — |  |  | (2,085,000) |  |  | 27,665,000 |
| $ | 381,906,000 |  |  | $ | 86,000 |  |  | $ | (68,196,000) |  |  | $ | 313,796,000 |
Restricted equity securities |  |  |  |  |  |  |
Federal Home Loan Bank Stock | $ | 3,477,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,477,000 |
Federal Reserve Bank Stock | 1,037,000 |  |  | — |  |  | — |  |  | 1,037,000 |
| $ | 4,514,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,514,000 |
Schedule of Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at September 30, 2023:
| Securities available for sale |  | Securities to be held to maturity
| Amortized Cost |  | Fair Value (Estimated) |  | Amortized Cost |  | Fair Value (Estimated)
Due in 1 year or less | $ | 19,819,000 |  |  | $ | 19,819,000 |  |  | $ | 2,158,000 |  |  | $ | 2,151,000 |
Due in 1 to 5 years | 3,640,000 |  |  | 3,468,000 |  |  | 15,780,000 |  |  | 14,771,000 |
Due in 5 to 10 years | 28,082,000 |  |  | 23,360,000 |  |  | 92,565,000 |  |  | 81,812,000 |
Due after 10 years | 301,599,000 |  |  | 238,325,000 |  |  | 277,303,000 |  |  | 213,130,000 |
| $ | 353,140,000 |  |  | $ | 284,972,000 |  |  | $ | 387,806,000 |  |  | $ | 311,864,000 |
The following table summarizes the contractual maturities of investment securities at December 31, 2022:
| Securities available for sale |  | Securities to be held to maturity
| Amortized Cost |  | Fair Value (Estimated) |  | Amortized Cost |  | Fair Value (Estimated)
Due in 1 year or less | $ | — |  |  | $ | — |  |  | $ | 1,787,000 |  |  | $ | 1,782,000 |
Due in 1 to 5 years | 3,609,000 |  |  | 3,409,000 |  |  | 14,998,000 |  |  | 14,480,000 |
Due in 5 to 10 years | 18,591,000 |  |  | 15,203,000 |  |  | 86,833,000 |  |  | 81,443,000 |
Due after 10 years | 318,913,000 |  |  | 265,897,000 |  |  | 290,278,000 |  |  | 241,306,000 |
| $ | 341,113,000 |  |  | $ | 284,509,000 |  |  | $ | 393,896,000 |  |  | $ | 339,011,000 |
The following table summarizes the contractual maturities of investment securities at September 30, 2022:
| Securities available for sale |  | Securities to be held to maturity
| Amortized Cost |  | Fair Value (Estimated) |  | Amortized Cost |  | Fair Value (Estimated)
Due in 1 year or less | $ | 4,000 |  |  | $ | 4,000 |  |  | $ | 1,346,000 |  |  | $ | 1,343,000 |
Due in 1 to 5 years | 3,640,000 |  |  | 3,427,000 |  |  | 15,235,000 |  |  | 14,644,000 |
Due in 5 to 10 years | 18,064,000 |  |  | 14,436,000 |  |  | 75,492,000 |  |  | 68,704,000 |
Due after 10 years | 321,891,000 |  |  | 265,401,000 |  |  | 289,833,000 |  |  | 229,105,000 |
| $ | 343,599,000 |  |  | $ | 283,268,000 |  |  | $ | 381,906,000 |  |  | $ | 313,796,000 |
Schedule of Securities Gains and Losses | The following table shows securities gains and losses for the nine months and quarters ended September 30, 2023 and 2022:
| For the nine months ended September 30, | For the quarter ended September 30,
| 2023 | 2022 | 2023 | 2022
Proceeds from sales of securities | $ | — |  | $ | 1,301,000 |  | $ | — |  | $ | 1,301,000 |
Gross realized gains | — |  | 8,000 |  | — |  | 6,000 |
Gross realized losses | — |  | (1,000) |  | — |  | (1,000) |
Net gain (loss) | $ | — |  | $ | 7,000 |  | $ | — |  | $ | 5,000 |
Related income taxes | $ | — |  | $ | 1,000 |  | $ | — |  | $ | 1,000 |
Schedule of Temporary Impairment Losses | The following table summarizes debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
| Less than 12 months | 12 months or more | Total
| Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses
U.S. Treasury & Agency securities | $ | 11,842,000 |  | $ | (40,000) |  | $ | 44,577,000 |  | $ | (19,555,000) |  | $ | 56,419,000 |  | $ | (19,595,000) |
Mortgage-backed securities | 18,017,000 |  | (441,000) |  | 238,150,000 |  | (63,825,000) |  | 256,167,000 |  | (64,266,000) |
State and political subdivisions | 66,583,000 |  | (6,675,000) |  | 147,818,000 |  | (49,769,000) |  | 214,401,000 |  | (56,444,000) |
Asset-backed securities | — |  | — |  | 1,510,000 |  | (4,000) |  | 1,510,000 |  | (4,000) |
Corporate securities | — |  | — |  | 21,677,000 |  | (3,823,000) |  | 21,677,000 |  | (3,823,000) |
| $ | 96,442,000 |  | $ | (7,156,000) |  | $ | 453,732,000 |  | $ | (136,976,000) |  | $ | 550,174,000 |  | $ | (144,132,000) |
As of December 31, 2022, there were 869 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 300 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2022 is summarized below:
| Less than 12 months | 12 months or more | Total
| Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses
U.S. Treasury & Agency securities | $ | 4,804,000 |  | $ | (675,000) |  | $ | 41,965,000 |  | $ | (16,680,000) |  | $ | 46,769,000 |  | $ | (17,355,000) |
Mortgage-backed securities | 73,509,000 |  | (6,486,000) |  | 197,102,000 |  | (47,353,000) |  | 270,611,000 |  | (53,839,000) |
State and political subdivisions | 149,517,000 |  | (13,769,000) |  | 67,932,000 |  | (24,247,000) |  | 217,449,000 |  | (38,016,000) |
Asset-backed securities | 3,495,000 |  | (53,000) |  | — |  | — |  | 3,495,000 |  | (53,000) |
Corporate securities | 19,857,000 |  | (2,143,000) |  | 3,160,000 |  | (340,000) |  | 23,017,000 |  | (2,483,000) |
| $ | 251,182,000 |  | $ | (23,126,000) |  | $ | 310,159,000 |  | $ | (88,620,000) |  | $ | 561,341,000 |  | $ | (111,746,000) |
As of September 30, 2022, there were 912 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 138 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of September 30, 2022 is summarized below:
| Less than 12 months | 12 months or more | Total
| Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses | Fair Value (Estimated) | Unrealized Losses
U.S. Treasury & Agency securities | $ | 7,364,000 |  | $ | (1,264,000) |  | $ | 39,452,000 |  | $ | (16,043,000) |  | $ | 46,816,000 |  | $ | (17,307,000) |
Mortgage-backed securities | 109,041,000 |  | (13,868,000) |  | 162,979,000 |  | (41,957,000) |  | 272,020,000 |  | (55,825,000) |
State and political subdivisions | 197,145,000 |  | (44,277,000) |  | 17,902,000 |  | (9,005,000) |  | 215,047,000 |  | (53,282,000) |
Asset-backed securities | 3,840,000 |  | (32,000) |  | — |  | — |  | 3,840,000 |  | (32,000) |
Corporate securities | 20,186,000 |  | (1,814,000) |  | 3,229,000 |  | (271,000) |  | 23,415,000 |  | (2,085,000) |
| $ | 337,576,000 |  | $ | (61,255,000) |  | $ | 223,562,000 |  | $ | (67,276,000) |  | $ | 561,138,000 |  | $ | (128,531,000) |
Schedule of Activity in the ACL for Held-to-maturity Debt Securities | The following table presents the activity in the ACL for held-to-maturity debt securities by major security type for the nine months ended September 30, 2023:
| State and Political Subdivisions | Corporate Securities | Total
Allowance for credit losses: |  |  |
Beginning balance | $ | — |  | $ | — |  | $ | — |
Impact of adopting ASC 326 | 229,000 |  | 209,000 |  | 438,000 |
Credit loss expense (reduction)1 | (17,000) |  | 11,000 |  | (6,000) |
Securities charged-off | — |  | — |  | — |
Recoveries | — |  | — |  | — |
Total ending allowance balance | $ | 212,000 |  | $ | 220,000 |  | $ | 432,000 |
1 Difference between total and amount reported on the Consolidated Statements of Income is due to rounding.

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