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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

			Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities			$	26,036,000		$	—		$	(6,343,000)		$	19,693,000
Mortgage-backed securities			259,538,000			99,000			(41,635,000)			218,002,000
State and political subdivisions			40,288,000			—			(6,338,000)			33,950,000
Asset-backed securities			2,786,000			20,000			—			2,806,000
			$	328,648,000		$	119,000		$	(54,316,000)		$	274,451,000
Securities to be held to maturity
U.S. Treasury & Agency securities			$	38,100,000		$	—		$	(9,851,000)		$	28,249,000
Mortgage-backed securities			55,483,000			15,000			(11,258,000)			44,240,000
State and political subdivisions			254,302,000			175,000			(27,879,000)			226,598,000
Corporate securities			31,750,000			—			(3,021,000)			28,729,000
			$	379,635,000		$	190,000		$	(52,009,000)		$	327,816,000
Less allowance for credit losses			(182,000)			—			—			—
Net securities to be held to maturity			$	379,453,000		$	190,000		$	(52,009,000)		$	327,816,000
Restricted equity securities
Federal Home Loan Bank Stock			$	4,896,000		$	—		$	—		$	4,896,000
Federal Reserve Bank Stock			1,037,000			—			—			1,037,000
			$	5,933,000		$	—		$	—		$	5,933,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2023:

			Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities			$	26,033,000		$	—		$	(6,203,000)		$	19,830,000
Mortgage-backed securities			262,823,000			265,000			(38,491,000)			224,597,000
State and political subdivisions			40,306,000			41,000			(5,702,000)			34,645,000
Asset-backed securities			2,986,000			4,000			(9,000)			2,981,000
			$	332,148,000		$	310,000		$	(50,405,000)		$	282,053,000
Securities to be held to maturity
U.S. Treasury & Agency securities			$	40,100,000		$	—		$	(9,601,000)		$	30,499,000
Mortgage-backed securities			56,401,000			70,000			(10,398,000)			46,073,000
State and political subdivisions			254,418,000			313,000			(24,213,000)			230,518,000
Corporate securities			34,750,000			—			(3,270,000)			31,480,000
			$	385,669,000		$	383,000		$	(47,482,000)		$	338,570,000
Less allowance for credit losses			(434,000)			—			—			—
Net securities to be held to maturity			$	385,235,000		$	383,000		$	(47,482,000)		$	338,570,000
Restricted equity securities
Federal Home Loan Bank Stock			$	2,348,000		$	—		$	—		$	2,348,000
Federal Reserve Bank Stock			1,037,000			—			—			1,037,000
			$	3,385,000		$	—		$	—		$	3,385,000

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2023:

			Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities			$	26,027,000		$	—		$	(6,509,000)		$	19,518,000
Mortgage-backed securities			269,730,000			72,000			(38,711,000)			231,091,000
State and political subdivisions			40,451,000			12,000			(6,114,000)			34,349,000
Asset-backed securities			3,347,000			—			(63,000)			3,284,000
			$	339,555,000		$	84,000		$	(51,397,000)		$	288,242,000
Securities to be held to maturity
U.S. Treasury & Agency securities			$	40,100,000		$	—		$	(10,099,000)		$	30,001,000
Mortgage-backed securities			59,523,000			75,000			(10,443,000)			49,155,000
State and political subdivisions			257,910,000			365,000			(25,357,000)			232,918,000
Corporate securities			34,750,000			—			(2,771,000)			31,979,000
			$	392,283,000		$	440,000		$	(48,670,000)		$	344,053,000
Less allowance for credit losses			(438,000)			—			—			—
Net securities to be held to maturity			$	391,845,000		$	440,000		$	(48,670,000)		$	344,053,000
Restricted equity securities
Federal Home Loan Bank Stock			$	2,837,000		$	—		$	—		$	2,837,000
Federal Reserve Bank Stock			1,037,000			—			—			1,037,000
			$	3,874,000		$	—		$	—		$	3,874,000

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at March 31, 2024:

			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			$	1,496,000					$	1,453,000					$	1,673,000					$	1,670,000
Due in 1 to 5 years			1,966,000						1,901,000						17,009,000						16,294,000
Due in 5 to 10 years			28,781,000						24,960,000						99,113,000						92,330,000
Due after 10 years			296,405,000						246,137,000						261,840,000						217,522,000
			$	328,648,000					$	274,451,000					$	379,635,000					$	327,816,000

The following table summarizes the contractual maturities of investment securities at December 31, 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			$	—					$	—					$	1,674,000					$	1,672,000
Due in 1 to 5 years			3,489,000						3,373,000						16,387,000						15,814,000
Due in 5 to 10 years			28,551,000						25,089,000						99,942,000						93,894,000
Due after 10 years			300,108,000						253,591,000						267,666,000						227,190,000
			$	332,148,000					$	282,053,000					$	385,669,000					$	338,570,000

The following table summarizes the contractual maturities of investment securities at March 31, 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			$	—					$	—					$	1,789,000					$	1,788,000
Due in 1 to 5 years			3,578,000						3,420,000						15,029,000						14,595,000
Due in 5 to 10 years			19,142,000						15,995,000						90,479,000						85,444,000
Due after 10 years			316,835,000						268,827,000						284,986,000						242,226,000
			$	339,555,000					$	288,242,000					$	392,283,000					$	344,053,000

Schedule of Temporary Impairment Losses

The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at March 31, 2024, 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			$	—		$	—		$	19,693,000		$	(6,343,000)		$	19,693,000		$	(6,343,000)
Mortgage-backed securities			4,593,000			(16,000)			202,736,000			(41,619,000)			207,329,000			(41,635,000)
State and political subdivisions			4,520,000			(30,000)			29,161,000			(6,308,000)			33,681,000			(6,338,000)
			$	9,113,000		$	(46,000)		$	251,590,000		$	(54,270,000)		$	260,703,000		$	(54,316,000)

As of December 31, 2023, there were 226 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.

The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at December 31, 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			$	—		$	—		$	19,830,000		$	(6,203,000)		$	19,830,000		$	(6,203,000)
Mortgage-backed securities			1,712,000			(14,000)			208,717,000			(38,477,000)			210,429,000			(38,491,000)
State and political subdivisions			2,082,000			(49,000)			27,700,000			(5,653,000)			29,782,000			(5,702,000)
Asset-backed securities			—			—			1,464,000			(9,000)			1,464,000			(9,000)
			$	3,794,000		$	(63,000)		$	257,711,000		$	(50,342,000)		$	261,505,000		$	(50,405,000)

As of March 31, 2023, there were 232 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.

The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at March 31, 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			$	—		$	—		$	19,518,000		$	(6,509,000)		$	19,518,000		$	(6,509,000)
Mortgage-backed securities			29,453,000			(1,075,000)			199,483,000			(37,636,000)			228,936,000			(38,711,000)
State and political subdivisions			8,540,000			(130,000)			23,076,000			(5,984,000)			31,616,000			(6,114,000)
Asset-backed securities			—			—			3,284,000			(63,000)			3,284,000			(63,000)
			$	37,993,000		$	(1,205,000)		$	245,361,000		$	(50,192,000)		$	283,354,000		$	(51,397,000)

Schedule of Activity in the ACL for Held-to-maturity Debt Securities

The following table presents the activity in the ACL for HTM debt securities by major security type for the three months ended March 31, 2024:

			State and Political Subdivisions			Corporate Securities			Total
Allowance for credit losses:
Beginning balance			$	222,000		$	212,000		$	434,000
Credit loss expense (reduction)			(109,000)			(143,000)			(252,000)
Securities charged-off			—			—			—
Recoveries			—			—			—
Total ending allowance balance			$	113,000		$	69,000		$	182,000

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

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