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Securities & Allowance for Securities Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule Of Marketable Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, fair value and allowance for credit losses of AFS and HTM debt securities at September 30, 2024 and December 31, 2023 (dollars in thousands):

			September 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized (Losses)						Fair Value						Allowance for Credit Losses
Securities available for sale:
U.S. government and federal agencies			$	131,089					$	52					$	(1,416)					$	129,725					$	—
Mortgage backed securities			8,658						—						(429)						8,229						—
Corporate bonds			53,283						62						(750)						52,595						—
State and municipal securities			107,323						88						(3,206)						104,205						—
Total securities available for sale			$	300,353					$	202					$	(5,801)					$	294,754					$	—
Securities held to maturity:
U.S. government and federal agencies			$	122,447					$	6					$	(7,236)					$	115,217					$	—
Mortgage backed securities			1,173						—						(1)						1,172						—
Corporate bonds			58,409						90						(1,545)						56,954						(230)
State and municipal securities			120,580						23						(8,166)						112,437						(31)
Total securities held to maturity			$	302,609					$	119					$	(16,948)					$	285,780					$	(261)
Total securities			$	602,962					$	321					$	(22,749)					$	580,534					$	(261)

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized (Losses)						Fair Value						Allowance for Credit Losses
Securities available for sale:
U.S. government and federal agencies			$	95,129					$	32					$	(2,864)					$	92,297					$	—
Mortgage backed securities			9,247						11						(609)						8,649						—
Corporate bonds			57,304						5						(1,837)						55,472						—
State and municipal securities			106,472						34						(4,810)						101,696						—
Total securities available for sale			$	268,152					$	82					$	(10,120)					$	258,114					$	—
Securities held to maturity:
U.S. government and federal agencies			$	123,938					$	—					$	(10,069)					$	113,869					$	—
Mortgage backed securities			1,190						—						(17)						1,173						—
Corporate bonds			59,629						59						(3,027)						56,661						(322)
State and municipal securities			123,649						6						(11,442)						112,213						(26)
Total securities held to maturity			$	308,406					$	65					$	(24,555)					$	283,916					$	(348)
Total securities			$	576,558					$	147					$	(34,675)					$	542,030					$	(348)

Schedule of Proceeds, Realized Gain and Loss

The proceeds, gross realized gains and losses from sales of debt securities during the three and nine months ended September 30, 2024 and 2023 were as follows (dollars in thousands):

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			Available for Sale			Held to Maturity			Available for Sale			Held to Maturity
Proceeds from sales of securities			$	—		$	953		$	—		$	953
Gross gains			—			—			—			—
Gross losses			—			(65)			—			(65)
Net losses on sale of a securities			$	—		$	(65)		$	—		$	(65)
Income tax benefit attributable to realized net losses on sale of securities			$	—		$	14		$	—		$	14

			Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
			Available for Sale			Held to Maturity			Available for Sale			Held to Maturity
Proceeds from sales of securities			$	977		$	—		$	1,929		$	—
Gross gains			—			—			—			—
Gross losses			(30)			—			(312)			—
Net losses on sale of a securities			$	(30)		$	—		$	(312)		$	—
Income tax benefit attributable to realized net losses on sale of securities			$	6		$	—		$	66		$	—

Schedule of Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of debt securities by contractual maturity at September 30, 2024 is as follows (dollars in thousands):

			Available for Sale												Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Within one year			$	166,593					$	166,033					$	16,873					$	16,668
After one year through five years			98,391						95,808						189,090						181,392
After five years through ten years			29,950						27,843						92,329						83,923
Over ten years			5,419						5,070						4,317						3,797
Total			$	300,353					$	294,754					$	302,609					$	285,780

Schedule of Available-for-sale in Continuous Unrealized Loss Position

The following table shows the gross unrealized losses and fair value of the Company’s AFS debt securities with unrealized losses aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023 (dollars in thousands):

			September 30, 2024
			Less Than Twelve Months												Over Twelve Months												Total
			Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value
Securities available for sale:
U.S. government and federal agencies			$	(1)					$	10,997					$	(1,415)					$	46,445					$	(1,416)					$	57,442
Mortgage backed securities			—						27						(429)						8,170						(429)						8,197
Corporate bonds			(17)						5,454						(733)						37,865						(750)						43,319
State and municipal securities			(27)						6,061						(3,179)						83,089						(3,206)						89,150
Total securities available for sale			$	(45)					$	22,539					$	(5,756)					$	175,569					$	(5,801)					$	198,108

			December 31, 2023
			Less Than Twelve Months												Over Twelve Months												Total
			Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value
Securities available for sale:
U.S. government and federal agencies			$	(16)					$	5,860					$	(2,848)					$	70,906					$	(2,864)					$	76,766
Mortgage backed securities			—						—						(609)						8,604						(609)						8,604
Corporate bonds			(3)						2,482						(1,834)						51,987						(1,837)						54,469
State and municipal securities			(31)						3,675						(4,779)						89,828						(4,810)						93,503
Total securities available for sale			$	(50)					$	12,017					$	(10,070)					$	221,325					$	(10,120)					$	233,342

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss

The table below presents a rollforward by major security type of the allowance for credit losses on AFS debt securities for the nine months ended September 30, 2024 and 2023 (dollars in thousands):

			September 30, 2024
For the nine months ended			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total AFS Securities
Allowance for credit losses:
Beginning balance, December 31, 2023			$	—					$	—					$	—					$	—					$	—
Provision for (recapture of) credit losses			—						—						(210)						—						(210)
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						210						—						210
Ending balance, September 30, 2024			$	—					$	—					$	—					$	—					$	—

At September 30, 2024, there was no allowance for credit losses on AFS debt securities recorded. During the nine months ended September 30, 2024, the Bank received proceeds totaling $210 thousand for a bond that was fully charged off during 2023, and recorded a recovery of credit loss. The entire ACL recovery during 2024 was recorded in the first quarter.

			September 30, 2023
For the nine months ended			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total AFS Securities
Allowance for credit losses:
Beginning balance, December 31, 2022			$	—					$	—					$	—					$	—					$	—
Impact of adopting ASC 326			—						—						—						—						—
Provision for credit losses			—						—						785						—						785
Write offs charged against the allowance			—						—						(785)						—						(785)
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, September 30, 2023			$	—					$	—					$	—					$	—					$	—

Schedule of Debt Securities, Held-to-Maturity, Credit Quality Indicator

The following table presents the amortized cost of HTM debt securities as of September 30, 2024 and December 31, 2023 by security type and credit rating (dollars in thousands):

			September 30, 2024
			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
AAA / AA / A			$	122,447					$	1,173					$	18,447					$	120,580					$	262,647
BBB / BB / B			—						—						39,962						—						39,962
Total			$	122,447					$	1,173					$	58,409					$	120,580					$	302,609

			December 31, 2023
			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
AAA / AA / A			$	123,938					$	1,190					$	20,091					$	123,168					$	268,387
BBB / BB / B			—						—						39,538						481						40,019
Total			$	123,938					$	1,190					$	59,629					$	123,649					$	308,406

Schedule of Amortized Cost of HTM Debt Securities

The following tables summarize the change in the allowance for credit losses on HTM debt securities for the three and nine months ended September 30, 2024 and 2023 and the twelve months ended December 31, 2023 (dollars in thousands):

			September 30, 2024
For the three months ended			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
Allowance for credit losses:
Beginning balance, June 30, 2024			$	—					$	—					$	215					$	33					$	248
Provision for (recapture of) credit losses			—						—						15						(2)						13
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, September 30, 2024			$	—					$	—					$	230		$	—		$	31		$	—		$	261

			September 30, 2023
For the three months ended			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
Allowance for credit losses:
Beginning balance, June 30, 2023			$	—					$	—					$	316					$	26					$	342
Provision for (recapture of) credit losses			—						—						(8)						14						6
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, September 30, 2023			—						—						308						40						348

			September 30, 2024
For the nine months ended			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
Allowance for credit losses:
Beginning balance, December 31, 2023			$	—					$	—					$	322					$	26					$	348
Provision for (recapture of) credit losses			—						—						(92)						5						(87)
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, September 30, 2024			$	—					$	—					$	230					$	31					$	261

			September 30, 2023
For the nine months ended			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
Allowance for credit losses:
Beginning balance, December 31, 2022			$	—					$	—					$	—					$	—					$	—
Impact of adopting ASC 326			—						—						303						26						329
Provision for credit losses			—						—						5						14						19
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, September 30, 2023			$	—					$	—					$	308					$	40					$	348

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Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
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