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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments [Abstract] |
Amortized Cost and Fair Value of Investment Securities | The amortized cost, gross unrealized gains and losses, and fair value of investment securities at June 30, 2024 and December 31, 2023 were as follows (in thousands):
June 30, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 61,576 |  |  | $ | 3 |  |  | $ | (5,746 | ) |  | $ | - |  |  | $ | 55,833 |
U.S. treasury securities |  |  | 138,582 |  |  |  | - |  |  |  | (8,509 | ) |  |  | - |  |  |  | 130,073 |
Obligations of state and political subdivisions |  |  | 104,668 |  |  |  | 6 |  |  |  | (7,967 | ) |  |  | - |  |  |  | 96,707 |
Corporate obligations |  |  | 13,422 |  |  |  | 273 |  |  |  | (1,245 | ) |  |  | - |  |  |  | 12,450 |
Mortgage-backed securities in government sponsored entities |  |  | 121,321 |  |  |  | 49 |  |  |  | (13,772 | ) |  |  | - |  |  |  | 107,598 |
Total available-for-sale securities |  | $ | 439,569 |  |  | $ | 331 |  |  | $ | (37,239 | ) |  | $ | - |  |  | $ | 402,661 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 66,569 |  |  | $ | 1 |  |  | $ | (5,799 | ) |  | $ | - |  |  | $ | 60,771 |
U.S. treasury securities |  |  | 152,485 |  |  |  | - |  |  |  | (9,197 | ) |  |  | - |  |  |  | 143,288 |
Obligations of state and political subdivisions |  |  | 107,945 |  |  |  | 32 |  |  |  | (6,190 | ) |  |  | - |  |  |  | 101,787 |
Corporate obligations |  |  | 13,394 |  |  |  | 245 |  |  |  | (1,236 | ) |  |  | - |  |  |  | 12,403 |
Mortgage-backed securities in government sponsored entities |  |  | 112,950 |  |  |  | 7 |  |  |  | (13,605 | ) |  |  | - |  |  |  | 99,352 |
Total available-for-sale securities |  | $ | 453,343 |  |  | $ | 285 |  |  | $ | (36,027 | ) |  | $ | - |  |  | $ | 417,601 |
Unrealized Losses and Fair Value of Investments | The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at June 30, 2024 and December 31, 2023 (in thousands). As of June 30, 2024, the Company owned 317 securities whose fair value was less than their cost basis.
June 30, 2024 |  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S. agency securities |  | $ | - |  |  | $ | - |  |  | $ | 53,815 |  |  | $ | (5,746 | ) |  | $ | 53,815 |  |  | $ | (5,746 | )
U.S. treasury securities |  |  | - |  |  |  | - |  |  |  | 130,073 |  |  |  | (8,509 | ) |  |  | 130,073 |  |  |  | (8,509 | )
Obligations of state and political subdivisions |  |  | 3,554 |  |  |  | (23 | ) |  |  | 88,349 |  |  |  | (7,944 | ) |  |  | 91,903 |  |  |  | (7,967 | )
Corporate obligations |  |  | - |  |  |  | - |  |  |  | 9,024 |  |  |  | (1,245 | ) |  |  | 9,024 |  |  |  | (1,245 | )
Mortgage-backed securities in government sponsored entities |  |  | 6,468 |  |  |  | (13 | ) |  |  | 91,736 |  |  |  | (13,759 | ) |  |  | 98,204 |  |  |  | (13,772 | )
Total securities |  | $ | 10,022 |  |  | $ | (36 | ) |  | $ | 372,997 |  |  | $ | (37,203 | ) |  | $ | 383,019 |  |  | $ | (37,239 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | - |  |  | $ | - |  |  | $ | 58,753 |  |  | $ | (5,799 | ) |  | $ | 58,753 |  |  | $ | (5,799 | )
U.S. treasury securities |  |  | - |  |  |  | - |  |  |  | 143,288 |  |  |  | (9,197 | ) |  |  | 143,288 |  |  |  | (9,197 | )
Obligations of states and political subdivisions |  |  | - |  |  |  | - |  |  |  | 93,535 |  |  |  | (6,190 | ) |  |  | 93,535 |  |  |  | (6,190 | )
Corporate obligations |  |  | 1,487 |  |  |  | (265 | ) |  |  | 8,320 |  |  |  | (971 | ) |  |  | 9,807 |  |  |  | (1,236 | )
Mortgage-backed securities in government sponsored entities |  |  | 9,203 |  |  |  | (31 | ) |  |  | 88,553 |  |  |  | (13,574 | ) |  |  | 97,756 |  |  |  | (13,605 | )
Total securities |  | $ | 10,690 |  |  | $ | (296 | ) |  | $ | 392,449 |  |  | $ | (35,731 | ) |  | $ | 403,139 |  |  | $ | (36,027 | )
Gross Gains and Losses on Available-for-sale Securities | The gross gains and losses were as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gross gains on available for sale securities |  | $ | - |  |  | $ | 38 |  |  | $ | - |  |  | $ | 38 |
Gross losses on available for sale securities |  |  | - |  |  |  | (89 | ) |  |  | - |  |  |  | (89 | )
Net losses |  | $ | - |  |  | $ | (51 | ) |  | $ | - |  |  | $ | (51 | )
Unrealized Gains (Losses) Related to Equity Securities | The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three and six month periods ended June 30, 2024 and 2023, and the portion of unrealized gains for the period that relates to equity investments held at June 30, 2024 and 2023(in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Equity securities |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net losses recognized in equity securities during the period |  | $ | (87 | ) |  | $ | (74 | ) |  | $ | (32 | ) |  | $ | (292 | )
Less: Net (losses) gains realized on the sale of equity securities during the period |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | 5 |
Net unrealized losses |  | $ | (87 | ) |  | $ | (74 | ) |  | $ | (28 | ) |  | $ | (297 | )
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of debt securities at June 30, 2024, by contractual maturity, are shown below (in thousands):
|  | Amortized Cost |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 48,416 |  |  | $ | 47,437 |
Due after one year through five years |  |  | 143,357 |  |  |  | 132,756 |
Due after five years through ten years |  |  | 85,933 |  |  |  | 77,550 |
Due after ten years |  |  | 161,863 |  |  |  | 144,918 |
Total |  | $ | 439,569 |  |  | $ | 402,661 |

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