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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

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- 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

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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