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Investment Securities (Tables)

12 Months Ended

Dec. 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 December 31, 2024:

			Amortized			Unrealized			Unrealized			Fair Value
As of December 31, 2024			Cost			Gains			Losses			(Estimated)
Securities available for sale
U.S. Treasury & Agency securities			$	26,042,000		$	—		$	(6,246,000)		$	19,796,000
Mortgage-backed securities			260,267,000			141,000			(41,026,000)			219,382,000
State and political subdivisions			40,148,000			—			(6,896,000)			33,252,000
Asset-backed securities			2,236,000			14,000			—			2,250,000
			$	328,693,000		$	155,000		$	(54,168,000)		$	274,680,000
Securities to be held to maturity
U.S. Treasury & Agency securities			$	38,100,000		$	—		$	(9,938,000)		$	28,162,000
Mortgage-backed securities			52,370,000			15,000			(11,360,000)			41,025,000
State and political subdivisions			252,180,000			83,000			(31,739,000)			220,524,000
Corporate securities			27,250,000			—			(1,968,000)			25,282,000
			$	369,900,000		$	98,000		$	(55,005,000)		$	314,993,000
Less allowance for credit losses			(196,000)			—			—			—
Net securities to be held to maturity			$	369,704,000		$	98,000		$	(55,005,000)		$	314,993,000
Restricted equity securities
Federal Home Loan Bank Stock			$	6,166,000		$	—		$	—		$	6,166,000
Federal Reserve Bank Stock			1,037,000			—			—			1,037,000
			$	7,203,000		$	—		$	—		$	7,203,000

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

			Amortized			Unrealized			Unrealized			Fair Value
As of December 31, 2023			Cost			Gains			Losses			(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

Schedule of Contractual Maturities of Investment Securities

The following table summarizes the contractual maturities of investment securities at December 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			$	2,997,000					$	2,967,000					$	2,683,000					$	2,694,000
Due in 1 to 5 years			294,000						293,000						20,488,000						19,335,000
Due in 5 to 10 years			29,768,000						25,700,000						99,505,000						92,362,000
Due after 10 years			295,634,000						245,720,000						247,224,000						200,602,000
			$	328,693,000					$	274,680,000					$	369,900,000					$	314,993,000

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

Schedule of Securities Gains and Losses

The following table shows securities gains and losses for 2024, 2023 and 2022:

			2024						2023						2022
Proceeds from sales of securities			$	—					$	—					$	1,301,000
Gross realized gains			—						—						8,000
Gross realized losses			—						—						(1,000)
Net gain			$	—					$	—					$	7,000
Related income taxes			$	—					$	—					$	1,000

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 December 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			Unrealized			Fair			Unrealized			Fair			Unrealized
As of December 31, 2024			Value			Losses			Value			Losses			Value			Losses
U.S. Treasury & Agency securities			$	—		$	—		$	19,796,000		$	(6,246,000)		$	19,796,000		$	(6,246,000)
Mortgage-backed securities			18,544,000			(222,000)			186,155,000			(40,804,000)			204,699,000			(41,026,000)
State and political subdivisions			4,968,000			(70,000)			28,104,000			(6,826,000)			33,072,000			(6,896,000)
			$	23,512,000		$	(292,000)		$	234,055,000		$	(53,876,000)		$	257,567,000		$	(54,168,000)

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			Unrealized			Fair			Unrealized			Fair			Unrealized
As of December 31, 2023			Value			Losses			Value			Losses			Value			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)

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 years ended December 31, 2024 and 2023:

For the years ended December 31,			2024									2023
			State and Political Subdivisions			Corporate Securities			Total			State and Political Subdivisions			Corporate Securities			Total
Allowance for credit losses:
Beginning balance			$	212,000		$	222,000		$	434,000		$	—		$	—		$	—
Impact of adopting ASC 326			—			—			—			209,000			229,000			438,000
Credit loss (reduction) expense			(132,000)			(106,000)			(238,000)			3,000			(7,000)			(4,000)
Securities charged-off			—			—			—			—			—			—
Recoveries			—			—			—			—			—			—
Total ending allowance balance			$	80,000		$	116,000		$	196,000		$	212,000		$	222,000		$	434,000

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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