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Investment Securities (Tables)

9 Months Ended

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

1Difference between total and amount reported on the Consolidated Statements of Income is due to rounding.

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