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SECURITIES | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The following tables present amortized cost and estimated fair value of securities available for sale as of March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
U.S. Treasury notes and bonds |  | $ | 59,898 |  |  | $ | — |  |  | $ | 2,327 |  |  | $ | — |  |  | $ | 57,571 |
Mortgage-backed securities, residential |  | 432,271 |  |  | 25 |  |  | 65,925 |  |  | — |  |  | 366,371 |
Obligations of states and political subdivisions |  | 36,867 |  |  | — |  |  | 1,599 |  |  | — |  |  | 35,268 |
Corporate bonds and notes |  | 24,750 |  |  | 165 |  |  | 3,056 |  |  | — |  |  | 21,859 |
SBA loan pools |  | 49,340 |  |  | 26 |  |  | 2,108 |  |  | — |  |  | 47,258 |
Total |  | $ | 603,126 |  |  | $ | 216 |  |  | $ | 75,015 |  |  | $ | — |  |  | $ | 528,327 |
|  | December 31, 2024
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
U.S. Treasury notes and bonds |  | $ | 59,880 |  |  | $ | — |  |  | $ | 2,974 |  |  | $ | — |  |  | $ | 56,906 |
Mortgage-backed securities, residential |  | 441,191 |  |  | 14 |  |  | 75,271 |  |  | — |  |  | 365,934 |
Obligations of states and political subdivisions |  | 37,059 |  |  | — |  |  | 1,554 |  |  | — |  |  | 35,505 |
Corporate bonds and notes |  | 25,750 |  |  | — |  |  | 3,734 |  |  | — |  |  | 22,016 |
SBA loan pools |  | 53,391 |  |  | 35 |  |  | 2,345 |  |  | — |  |  | 51,081 |
Total |  | $ | 617,271 |  |  | $ | 49 |  |  | $ | 85,878 |  |  | $ | — |  |  | $ | 531,442 |
The following tables present amortized cost and estimated fair value of securities held to maturity as of March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025
|  | Amortized Cost |  | Unrecognized Gains |  | Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
Obligations of states and political subdivisions |  | $ | 808 |  |  | $ | — |  |  | $ | — |  |  | $ | 808 |  |  | $ | — |
|  | December 31, 2024
|  | Amortized Cost |  | Unrecognized Gains |  | Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
Obligations of states and political subdivisions |  | $ | 808 |  |  | $ | — |  |  | $ | — |  |  | $ | 808 |  |  | $ | — |
The amortized cost and estimated fair value of debt securities are shown below by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | March 31, 2025
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 2,541 |  |  | $ | 2,533 |  |  | $ | 200 |  |  | $ | 200 |
After one, but within five years |  | 73,405 |  |  | 70,288 |  |  | 48 |  |  | 48 |
After five, but within ten years |  | 44,588 |  |  | 40,975 |  |  | 560 |  |  | 560 |
After ten years |  | 981 |  |  | 902 |  |  | — |  |  | — |
|  | 121,515 |  |  | 114,698 |  |  | 808 |  |  | 808 |
Mortgage-backed securities, residential |  | 432,271 |  |  | 366,371 |  |  | — |  |  | — |
SBA loan pools |  | 49,340 |  |  | 47,258 |  |  | — |  |  | — |
Total |  | $ | 603,126 |  |  | $ | 528,327 |  |  | $ | 808 |  |  | $ | 808 |
There were no proceeds from sales and calls of securities resulting in gains or losses for the three month periods ended March 31, 2025 and 2024. The following tables summarize the investment securities available for sale with unrealized losses as of March 31, 2025 and December 31, 2024 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):
|  | Less than 12 months |  | 12 months or longer |  | Total
March 31, 2025 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury notes and bonds |  | $ | — |  |  | $ | — |  |  | $ | 57,571 |  |  | $ | 2,327 |  |  | $ | 57,571 |  |  | $ | 2,327 |
Mortgage-backed securities, residential |  | 157 |  |  | — |  |  | 360,067 |  |  | 65,925 |  |  | 360,224 |  |  | 65,925 |
Obligations of states and political subdivisions |  | 107 |  |  | 2 |  |  | 35,161 |  |  | 1,597 |  |  | 35,268 |  |  | 1,599 |
Corporate bonds and notes |  | — |  |  | — |  |  | 16,694 |  |  | 3,056 |  |  | 16,694 |  |  | 3,056 |
SBA loan pools |  | 480 |  |  | 2 |  |  | 42,923 |  |  | 2,106 |  |  | 43,403 |  |  | 2,108 |
Total |  | $ | 744 |  |  | $ | 4 |  |  | $ | 512,416 |  |  | $ | 75,011 |  |  | $ | 513,160 |  |  | $ | 75,015 |
|  | Less than 12 months |  | 12 months or longer |  | Total
December 31, 2024 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury notes and bonds |  | $ | — |  |  | $ | — |  |  | $ | 56,906 |  |  | $ | 2,974 |  |  | $ | 56,906 |  |  | $ | 2,974 |
Mortgage-backed securities, residential |  | 5,006 |  |  | 111 |  |  | 359,722 |  |  | 75,160 |  |  | 364,728 |  |  | 75,271 |
Obligations of states and political subdivisions |  | 107 |  |  | 3 |  |  | 35,398 |  |  | 1,551 |  |  | 35,505 |  |  | 1,554 |
Corporate bonds and notes |  | 1,921 |  |  | 79 |  |  | 20,095 |  |  | 3,655 |  |  | 22,016 |  |  | 3,734 |
SBA loan pools |  | 564 |  |  | 1 |  |  | 46,018 |  |  | 2,344 |  |  | 46,582 |  |  | 2,345 |
Total |  | $ | 7,598 |  |  | $ | 194 |  |  | $ | 518,139 |  |  | $ | 85,684 |  |  | $ | 525,737 |  |  | $ | 85,878 |
Assessment of Available for Sale Debt Securities for Credit Risk Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility in earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether potential credit losses exist. The following is a discussion of the credit quality characteristics of portfolio segments carrying material unrealized losses as of March 31, 2025. Obli g ations of U.S. Governmental a g encies and sponsored enterprises: As of March 31, 2025, the majority of the Corporation’s unrealized losses in available for sale investment securities related to mortgage-backed securities, issued by government-sponsored entities and agencies. Declines in fair value were attributable to changes in interest rates and illiquidity, not credit quality. The Corporation does not have the intent, and it is not likely to be required to, sell these securities prior to anticipated recovery. Due to affiliations with U.S. governmental agencies and or enterprises, the Corporation considers these obligations to carry zero loss estimates, and has not recorded an allowance for credit losses as of March 31, 2025. Corporate bonds and notes: The Corporation's corporate bonds and notes portfolio is comprised of subordinated debt issues of community and regional banks. Management considers the credit quality of these investments on an individual basis. Management reviewed the collectability of these securities, taking into consideration such factors as the financial condition of issuers, reported regulatory capital ratios of issuers, and credit ratings when available, among other pertinent factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The decrease in market value is attributable to changes in interest rates. Therefore, the Corporation considers the potential credit risk of these issuers to be immaterial, and has not recorded an allowance for credit losses as of March 31, 2025. Equity Investments The Corporation holds a non-qualified deferred compensation plan to allow a select group of management and employees the opportunity to defer all or a portion of their annual compensation, and treats assets held under this plan as equity investments. As of March 31, 2025 and December 31, 2024, the fair value of investments held in relation to the deferred compensation plan was $2.7 million and $2.6 million, respectively. The Corporation also held $0.6 million of marketable securities as equity investments as of both March 31, 2025 and December 31, 2024.

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