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Securities & Allowance for Securities Credit Losses (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 (dollars in thousands):

			June 30, 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			$	317,522					$	291					$	(1,160)					$	316,653					$	—
Mortgage backed securities			6,814						1						(447)						6,368						—
Corporate bonds			49,467						147						(344)						49,270						—
State and municipal securities			99,869						63						(2,931)						97,001						—
Total securities available for sale			$	473,672					$	502					$	(4,882)					$	469,292					$	—
Securities held to maturity:
U.S. government and federal agencies			$	117,457					$	—					$	(6,368)					$	111,089					$	—
Mortgage backed securities			1,159						—						(26)						1,133						—
Corporate bonds			52,856						58						(946)						51,968						(114)
State and municipal securities			117,877						5						(8,006)						109,876						(30)
Total securities held to maturity			$	289,349					$	63					$	(15,346)					$	274,066					$	(144)
Total securities			$	763,021					$	565					$	(20,228)					$	743,358					$	(144)

			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 June 30, 2025 is as follows (dollars in thousands):

			Available for Sale												Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Within one year			$	243,487					$	243,147					$	62,862					$	62,097
After one year through five years			208,049						205,720						159,412						151,868
After five years through ten years			17,584						16,300						62,804						56,452
Over ten years			4,552						4,125						4,271						3,649
Total			$	473,672					$	469,292					$	289,349					$	274,066

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 June 30, 2025 and December 31, 2024 (dollars in thousands):

			June 30, 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			$	(87)					$	176,314					$	(1,073)					$	18,837					$	(1,160)					$	195,151
Mortgage backed securities			—						—						(447)						6,313						(447)						6,313
Corporate bonds			(22)						6,445						(322)						17,960						(344)						24,405
State and municipal securities			(26)						7,039						(2,905)						67,218						(2,931)						74,257
Total securities available for sale			$	(135)					$	189,798					$	(4,747)					$	110,328					$	(4,882)					$	300,126

			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 six months ended June 30, 2024 (dollars in thousands):

			June 30, 2024
For the six 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, June 30, 2024			$	—					$	—					$	—					$	—					$	—

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

The following table presents the amortized cost of HTM debt securities as of June 30, 2025 and December 31, 2024 by security type and credit rating (dollars in thousands):

			June 30, 2025
			U.S. Government and Federal Agencies						Mortgage Backed Securities						Corporate Bonds						State and Municipal Securities						Total HTM Securities
AAA / AA / A			$	117,457					$	1,159					$	18,981					$	117,877					$	255,474
BBB / BB / B			—						—						33,875						—						33,875
Total			$	117,457					$	1,159					$	52,856					$	117,877					$	289,349

			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 and six months ended June 30, 2025 and 2024 (dollars in thousands):

			June 30, 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, March 31, 2025			$	—					$	—					$	145					$	30					$	175
Provision for (recapture of) credit losses			—						—						(31)						—						(31)
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, June 30, 2025			$	—					$	—					$	114					$	30					$	144

			June 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, March 31, 2024			$	—					$	—					$	325					$	34					$	359
Provision for (recapture of) credit losses			—						—						(110)						(1)						(111)
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, June 30, 2024			$	—					$	—					$	215					$	33					$	248

			June 30, 2025
For the six 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			—						—						(57)						(1)						(58)
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, June 30, 2025			$	—					$	—					$	114					$	30					$	144

			June 30, 2024
For the six 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 credit losses			—						—						(107)						7						(100)
Write offs charged against the allowance			—						—						—						—						—
Recoveries of amounts previously written off			—						—						—						—						—
Ending balance, June 30, 2024			$	—					$	—					$	215					$	33					$	248

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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
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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
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-Section 55
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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