XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.25.1

Securities & Allowance for Securities Credit Losses (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (dollars in thousands):
| March 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value |  | Allowance for Credit Losses
Securities available for sale: |  |  |  |  |  |  |  |  |
U.S. government and federal agencies | $ | 328,302 |  |  | $ | 355 |  |  | $ | (1,263) |  |  | $ | 327,394 |  |  | $ | — |
Mortgage backed securities | 7,383 |  |  | 1 |  |  | (470) |  |  | 6,914 |  |  | — |
Corporate bonds | 48,488 |  |  | 49 |  |  | (516) |  |  | 48,021 |  |  | — |
State and municipal securities | 100,216 |  |  | 45 |  |  | (3,385) |  |  | 96,876 |  |  | — |
Total securities available for sale | $ | 484,389 |  |  | $ | 450 |  |  | $ | (5,634) |  |  | $ | 479,205 |  |  | $ | — |
Securities held to maturity: |  |  |  |  |  |  |  |  |
U.S. government and federal agencies | $ | 118,455 |  |  | $ | — |  |  | $ | (7,320) |  |  | $ | 111,135 |  |  | $ | — |
Mortgage backed securities | 1,163 |  |  | — |  |  | (32) |  |  | 1,131 |  |  | — |
Corporate bonds | 56,410 |  |  | 53 |  |  | (1,270) |  |  | 55,193 |  |  | (145) |
State and municipal securities | 119,547 |  |  | 8 |  |  | (9,033) |  |  | 110,522 |  |  | (30) |
Total securities held to maturity | $ | 295,575 |  |  | $ | 61 |  |  | $ | (17,655) |  |  | $ | 277,981 |  |  | $ | (175) |
Total securities | $ | 779,964 |  |  | $ | 511 |  |  | $ | (23,289) |  |  | $ | 757,186 |  |  | $ | (175) |
| December 31, 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 | $ | 207,935 |  |  | $ | 29 |  |  | $ | (1,561) |  |  | $ | 206,403 |  |  | $ | — |
Mortgage backed securities | 7,976 |  |  | 1 |  |  | (582) |  |  | 7,395 |  |  | — |
Corporate bonds | 44,707 |  |  | 20 |  |  | (753) |  |  | 43,974 |  |  | — |
State and municipal securities | 104,705 |  |  | 37 |  |  | (4,185) |  |  | 100,557 |  |  | — |
Total securities available for sale | $ | 365,323 |  |  | $ | 87 |  |  | $ | (7,081) |  |  | $ | 358,329 |  |  | $ | — |
Securities held to maturity: |  |  |  |  |  |  |  |  |
U.S. government and federal agencies | $ | 122,452 |  |  | $ | — |  |  | $ | (9,181) |  |  | $ | 113,271 |  |  | $ | — |
Mortgage backed securities | 1,168 |  |  | — |  |  | (51) |  |  | 1,117 |  |  | — |
Corporate bonds | 57,470 |  |  | 43 |  |  | (1,698) |  |  | 55,815 |  |  | (171) |
State and municipal securities | 119,563 |  |  | 5 |  |  | (10,820) |  |  | 108,748 |  |  | (31) |
Total securities held to maturity | $ | 300,653 |  |  | $ | 48 |  |  | $ | (21,750) |  |  | $ | 278,951 |  |  | $ | (202) |
Total securities | $ | 665,976 |  |  | $ | 135 |  |  | $ | (28,831) |  |  | $ | 637,280 |  |  | $ | (202) |
Schedule of Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of debt securities by contractual maturity at March 31, 2025 is as follows (dollars in thousands):
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year | $ | 257,320 |  |  | $ | 256,981 |  |  | $ | 48,008 |  |  | $ | 47,392 |
After one year through five years | 199,790 |  |  | 197,267 |  |  | 162,907 |  |  | 155,064 |
After five years through ten years | 22,495 |  |  | 20,594 |  |  | 80,374 |  |  | 71,865 |
Over ten years | 4,784 |  |  | 4,363 |  |  | 4,286 |  |  | 3,660 |
Total | $ | 484,389 |  |  | $ | 479,205 |  |  | $ | 295,575 |  |  | $ | 277,981 |
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 March 31, 2025 and December 31, 2024 (dollars in thousands):
| March 31, 2025
| 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 | $ | (25) |  |  | $ | 123,291 |  |  | $ | (1,238) |  |  | $ | 18,658 |  |  | $ | (1,263) |  |  | $ | 141,949 |
Mortgage backed securities | — |  |  | — |  |  | (470) |  |  | 6,858 |  |  | (470) |  |  | 6,858 |
Corporate bonds | (43) |  |  | 11,335 |  |  | (473) |  |  | 24,357 |  |  | (516) |  |  | 35,692 |
State and municipal securities | (40) |  |  | 7,941 |  |  | (3,345) |  |  | 72,821 |  |  | (3,385) |  |  | 80,762 |
Total securities available for sale | $ | (108) |  |  | $ | 142,567 |  |  | $ | (5,526) |  |  | $ | 122,694 |  |  | $ | (5,634) |  |  | $ | 265,261 |
| December 31, 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 | $ | (29) |  |  | $ | 141,169 |  |  | $ | (1,532) |  |  | $ | 22,348 |  |  | $ | (1,561) |  |  | $ | 163,517 |
Mortgage backed securities | — |  |  | 26 |  |  | (582) |  |  | 7,338 |  |  | (582) |  |  | 7,364 |
Corporate bonds | (90) |  |  | 6,365 |  |  | (663) |  |  | 30,677 |  |  | (753) |  |  | 37,042 |
State and municipal securities | (77) |  |  | 9,121 |  |  | (4,108) |  |  | 79,790 |  |  | (4,185) |  |  | 88,911 |
Total securities available for sale | $ | (196) |  |  | $ | 156,681 |  |  | $ | (6,885) |  |  | $ | 140,153 |  |  | $ | (7,081) |  |  | $ | 296,834 |
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 three months ended March 31, 2024 (dollars in thousands):
| March 31, 2024
For the three 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 credit losses | — |  |  | — |  |  | 210 |  |  | — |  |  | 210 |
Write offs charged against the allowance | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | (210) |  |  | — |  |  | (210) |
Ending balance, March 31, 2024 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Debt Securities, Held-to-Maturity, Credit Quality Indicator | The following table presents the amortized cost of HTM debt securities as of March 31, 2025 and December 31, 2024 by security type and credit rating (dollars in thousands):
| March 31, 2025
| U.S. Government and Federal Agencies |  | Mortgage Backed Securities |  | Corporate Bonds |  | State and Municipal Securities |  | Total HTM Securities
AAA / AA / A | $ | 118,455 |  |  | $ | 1,163 |  |  | $ | 18,005 |  |  | $ | 119,547 |  |  | $ | 257,170 |
BBB / BB / B | — |  |  | — |  |  | 38,405 |  |  | — |  |  | 38,405 |
Total | $ | 118,455 |  |  | $ | 1,163 |  |  | $ | 56,410 |  |  | $ | 119,547 |  |  | $ | 295,575 |
| December 31, 2024
| U.S. Government and Federal Agencies |  | Mortgage Backed Securities |  | Corporate Bonds |  | State and Municipal Securities |  | Total HTM Securities
AAA / AA / A | $ | 122,452 |  |  | $ | 1,168 |  |  | $ | 18,046 |  |  | $ | 119,563 |  |  | $ | 261,229 |
BBB / BB / B | — |  |  | — |  |  | 39,424 |  |  | — |  |  | 39,424 |
Total | $ | 122,452 |  |  | $ | 1,168 |  |  | $ | 57,470 |  |  | $ | 119,563 |  |  | $ | 300,653 |
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 months ended March 31, 2025 and 2024 (dollars in thousands):
| March 31, 2025
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, December 31, 2024 | $ | — |  |  | $ | — |  |  | $ | 171 |  |  | $ | 31 |  |  | $ | 202 |
Provision for (recapture of) credit losses | — |  |  | — |  |  | (26) |  |  | (1) |  |  | (27) |
Write offs charged against the allowance | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance, March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | 145 |  | $ | — |  | $ | 30 |  | $ | — |  | $ | 175 |
| March 31, 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, December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | 322 |  |  | $ | 26 |  |  | $ | 348 |
Provision for (recapture of) credit losses | — |  |  | — |  |  | 3 |  |  | 8 |  |  | 11 |
Write offs charged against the allowance | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance, March 31, 2024 | $ | — |  |  | $ | — |  |  | $ | 325 |  |  | $ | 34 |  |  | $ | 359 |

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-9 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
Name: | us-gaap_DebtSecuritiesHeldToMaturityCreditQualityIndicatorTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration