XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.25.3

Investments | 9 Months Ended
--- | ---
Sep. 30, 2025
Investments [Abstract] |
Investments | Note 4 – Investments The amortized cost, gross unrealized gains and losses, and fair value of investment securities at September 30, 2025 and December 31, 2024 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Fair |
September 30, 2025 |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 54,652 |  |  | $ | 12 |  |  | $ | (3,247 | ) |  | $ | - |  |  | $ | 51,417 |
U.S. treasury securities |  |  | 96,467 |  |  |  | 234 |  |  |  | (2,774 | ) |  |  | - |  |  |  | 93,927 |
Obligations of state and political subdivisions |  |  | 120,474 |  |  |  | 649 |  |  |  | (6,938 | ) |  |  | - |  |  |  | 114,185 |
Corporate obligations |  |  | 11,280 |  |  |  | 368 |  |  |  | (484 | ) |  |  | - |  |  |  | 11,164 |
Mortgage-backed securities in government sponsored entities |  |  | 189,372 |  |  |  | 1,123 |  |  |  | (9,831 | ) |  |  | - |  |  |  | 180,664 |
Total available-for-sale securities |  | $ | 472,245 |  |  | $ | 2,386 |  |  | $ | (23,274 | ) |  | $ | - |  |  | $ | 451,357 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 58,594 |  |  | $ | 6 |  |  | $ | (5,113 | ) |  | $ | - |  |  | $ | 53,487 |
U.S. treasury securities |  |  | 126,220 |  |  |  | 6 |  |  |  | (5,724 | ) |  |  | - |  |  |  | 120,502 |
Obligations of state and political subdivisions |  |  | 103,137 |  |  |  | 4 |  |  |  | (8,239 | ) |  |  | - |  |  |  | 94,902 |
Corporate obligations |  |  | 11,206 |  |  |  | 297 |  |  |  | (1,065 | ) |  |  | - |  |  |  | 10,438 |
Mortgage-backed securities in government sponsored entities |  |  | 160,380 |  |  |  | 232 |  |  |  | (14,029 | ) |  |  | - |  |  |  | 146,583 |
Total available-for-sale securities |  | $ | 459,537 |  |  | $ | 545 |  |  | $ | (34,170 | ) |  | $ | - |  |  | $ | 425,912 |
The following table shows the 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 September 30, 2025 and December 31, 2024 (in thousands). As of September 30, 2025, the Company owned 272 securities whose fair value was less than their cost basis.
September 30, 2025 |  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. agency securities |  | $ | - |  |  | $ | - |  |  | $ | 46,764 |  |  | $ | (3,247 | ) |  | $ | 46,764 |  |  | $ | (3,247 | )
U.S. treasury securities |  |  | - |  |  |  | - |  |  |  | 84,082 |  |  |  | (2,774 | ) |  |  | 84,082 |  |  |  | (2,774 | )
Obligations of state and political subdivisions |  |  | 2,352 |  |  |  | (124 | ) |  |  | 74,750 |  |  |  | (6,814 | ) |  |  | 77,102 |  |  |  | (6,938 | )
Corporate obligations |  |  | - |  |  |  | - |  |  |  | 6,516 |  |  |  | (484 | ) |  |  | 6,516 |  |  |  | (484 | )
Mortgage-backed securities in government sponsored entities |  |  | 21,970 |  |  |  | (187 | ) |  |  | 86,141 |  |  |  | (9,644 | ) |  |  | 108,111 |  |  |  | (9,831 | )
Total securities |  | $ | 24,322 |  |  | $ | (311 | ) |  | $ | 298,253 |  |  | $ | (22,963 | ) |  | $ | 322,575 |  |  | $ | (23,274 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | - |  |  | $ | - |  |  | $ | 51,470 |  |  | $ | (5,113 | ) |  | $ | 51,470 |  |  | $ | (5,113 | )
U.S. treasury securities |  |  | 5,553 |  |  |  | (11 | ) |  |  | 110,992 |  |  |  | (5,713 | ) |  |  | 116,545 |  |  |  | (5,724 | )
Obligations of states and political subdivisions |  |  | 4,186 |  |  |  | (39 | ) |  |  | 86,773 |  |  |  | (8,200 | ) |  |  | 90,959 |  |  |  | (8,239 | )
Corporate obligations |  |  | 345 |  |  |  | (33 | ) |  |  | 6,970 |  |  |  | (1,032 | ) |  |  | 7,315 |  |  |  | (1,065 | )
Mortgage-backed securities in government sponsored entities |  |  | 35,044 |  |  |  | (817 | ) |  |  | 82,425 |  |  |  | (13,212 | ) |  |  | 117,469 |  |  |  | (14,029 | )
Total securities |  | $ | 45,128 |  |  | $ | (900 | ) |  | $ | 338,630 |  |  | $ | (33,270 | ) |  | $ | 383,758 |  |  | $ | (34,170 | )
Allowance for Credit Losses – Available for Sale Securities The Company measures expected credit losses on available-for-sale debt securities when the Company does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis, which may be maturity. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The Company obtains its forecast data through a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario, and utilizes a single scenario in the model. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance for credit losses on available-for-sale debt securities is included within investment securities available-for-sale on the consolidated balance sheet. Changes in the allowance for credit losses are recorded within Provision for credit losses on the consolidated statement of income. Losses are charged against the allowance when the Company believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. There was no allowance for credit losses for available for sale securities as of September 30, 2025 and December 31, 2024. Accrued interest receivable on available-for-sale debt securities totaled $2,183,000 and $2,135,000 at September 30, 2025 and December 31, 2024 and is included within accrued interest receivable on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. There were no sales of available for sale securities during the three and nine months ended September 30, 2025 and 2024. The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three and nine month periods ended September 30, 2025 and 2024, and the portion of unrealized gains for the period that relates to equity investments held at September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Equity securities |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net gains recognized in equity securities during the period |  | $ | 34 |  |  | $ | 159 |  |  | $ | 56 |  |  | $ | 127 |
Less: Net loss realized on the sale of equity securities during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | )
Net unrealized gains |  | $ | 34 |  |  | $ | 159 |  |  | $ | 56 |  |  | $ | 131 |
Investment securities with an approximate carrying value of $378.6 million and $340.4 million at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public funds, certain other deposits and borrowing lines. 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 September 30, 2025, by contractual maturity, are shown below (in thousands):
|  | Amortized Cost |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 42,421 |  |  | $ | 41,868 |
Due after one year through five years |  |  | 117,691 |  |  |  | 113,554 |
Due after five years through ten years |  |  | 98,279 |  |  |  | 92,846 |
Due after ten years |  |  | 213,854 |  |  |  | 203,089 |
Total |  | $ | 472,245 |  |  | $ | 451,357 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration