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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Unrealized Gain (Loss) on Investments | The amortized cost and estimated fair value of debt securities at June 30, 2024 and December 31, 2023 are summarized as follows (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
June 30, 2024 |  |  |  |  |  |  |
Debt Securities, Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 74,946 |  |  | — |  |  | 6,256 |  |  | 68,690 |
U.S. Agency notes | 88,892 |  |  | — |  |  | 7,878 |  |  | 81,014 |
Corporate bonds | 7,450 |  |  | — |  |  | 807 |  |  | 6,643 |
U.S. Agency mortgage-backed securities | 77,629 |  |  | 4 |  |  | 9,924 |  |  | 67,709 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 4,606 |  |  | — |  |  | 260 |  |  | 4,346 |
Taxable | 36,688 |  |  | — |  |  | 3,733 |  |  | 32,955 |
| $ | 290,211 |  |  | 4 |  |  | 28,858 |  |  | 261,357 |
Debt Securities, Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 15,568 |  |  | 1 |  |  | 1,069 |  |  | 14,500 |
Taxable | 3,283 |  |  | — |  |  | 430 |  |  | 2,853 |
| $ | 18,851 |  |  | 1 |  |  | 1,499 |  |  | 17,353 |
December 31, 2023 |  |  |  |  |  |  |
Debt Securities, Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 74,404 |  |  | — |  |  | 6,202 |  |  | 68,202 |
U.S. Agency notes | 88,978 |  |  | — |  |  | 8,077 |  |  | 80,901 |
Corporate Bonds | 7,450 |  |  | — |  |  | 916 |  |  | 6,534 |
U.S. Agency mortgage-backed securities | 81,634 |  |  | 2 |  |  | 8,846 |  |  | 72,790 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 7,416 |  |  | — |  |  | 245 |  |  | 7,171 |
Taxable | 44,923 |  |  | 1 |  |  | 3,921 |  |  | 41,003 |
| $ | 304,805 |  |  | 3 |  |  | 28,207 |  |  | 276,601 |
Debt Securities, Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 13,580 |  |  | 4 |  |  | 872 |  |  | 12,712 |
Taxable | 3,283 |  |  | — |  |  | 316 |  |  | 2,967 |
| $ | 16,863 |  |  | 4 |  |  | 1,188 |  |  | 15,679 |
Schedule of Unrealized Loss on Investments | Information concerning debt securities with gross unrealized losses at June 30, 2024 and December 31, 2023, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (in thousands):
| Less than Twelve Months |  | Twelve Months or Greater
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
June 30, 2024 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 2,165 |  |  | 10 |  |  | 66,525 |  |  | 6,246 |
U.S. Agency notes | — |  |  | — |  |  | 81,014 |  |  | 7,878 |
Corporate bonds | 716 |  |  | 34 |  |  | 5,927 |  |  | 773 |
U.S. Agency mortgage-backed securities | 66 |  |  | 1 |  |  | 67,293 |  |  | 9,923 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | — |  |  | — |  |  | 4,346 |  |  | 260 |
Taxable | — |  |  | — |  |  | 32,835 |  |  | 3,733 |
| $ | 2,947 |  |  | 45 |  |  | 257,940 |  |  | 28,813 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 2,534 |  |  | 24 |  |  | 11,536 |  |  | 1,045 |
Taxable | — |  |  | — |  |  | 2,853 |  |  | 430 |
| $ | 2,534 |  |  | 24 |  |  | 14,389 |  |  | 1,475 |
December 31, 2023 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | — |  |  | — |  |  | 68,202 |  |  | 6,202 |
U.S. Agency notes | — |  |  | — |  |  | 80,901 |  |  | 8,077 |
Corporate Bonds | 734 |  |  | 16 |  |  | 5,800 |  |  | 900 |
U.S. Agency mortgage-backed securities | — |  |  | — |  |  | 72,287 |  |  | 8,846 |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | 1,540 |  |  | 10 |  |  | 5,631 |  |  | 235 |
Taxable | — |  |  | — |  |  | 40,392 |  |  | 3,921 |
| $ | 2,274 |  |  | 26 |  |  | 273,213 |  |  | 28,181 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 6,012 |  |  | 476 |  |  | 5,975 |  |  | 396 |
Taxable | — |  |  | — |  |  | 2,966 |  |  | 316 |
| $ | 6,012 |  |  | 476 |  |  | 8,941 |  |  | 712 |
Investments Classified by Contractual Maturity Date | Contractual maturities of debt securities at June 30, 2024 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 19,223 |  |  | 18,906 |  |  | 1,163 |  |  | 1,148 |
Due from one to five years | 162,591 |  |  | 147,320 |  |  | 1,301 |  |  | 1,264 |
Due from five to ten years | 30,768 |  |  | 27,422 |  |  | 10,568 |  |  | 9,838 |
Due after ten years | — |  |  | — |  |  | 5,819 |  |  | 5,103 |
| 212,582 |  |  | 193,648 |  |  | 18,851 |  |  | 17,353 |
U.S. Agency mortgage-backed securities | 77,629 |  |  | 67,709 |  |  | — |  |  | — |
| $ | 290,211 |  |  | 261,357 |  |  | 18,851 |  |  | 17,353 |
Gain (Loss) on Securities | Certain information concerning the sale of debt securities available-for-sale for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds from sales | $ | — |  |  | — |  |  | $ | 9,615 |  |  | — |
Gross realized gains | — |  |  | — |  |  | — |  |  | — |
Gross realized losses | — |  |  | — |  |  | 214 |  |  | — |
Certain information concerning changes in the fair value of equity securities with a readily determinable fair value for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net losses recognized during the period on equity securities | $ | (14) |  |  | (14) |  |  | $ | (24) |  |  | (45) |
Less net losses recognized during the period on equity securities sold during the period | — |  |  | — |  |  | — |  |  | (61) |
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end | $ | (14) |  |  | (14) |  |  | $ | (24) |  |  | 16 |
Marketable Securities | The amortized cost and estimated fair value of equity securities with a readily determinable fair value at June 30, 2024 and December 31, 2023 are summarized as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mutual Funds | $ | 1,432 |  |  | 1,240 |  |  | 1,415 |  |  | 1,240 |
Equity Securities | 10 |  |  | 90 |  |  | 10 |  |  | 96 |
Total equity securities with a readily determinable fair value | $ | 1,442 |  |  | 1,330 |  |  | 1,425 |  |  | 1,336 |

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