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Investment Securities (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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