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Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Securities, Available-for-Sale [Abstract] |
Amortized Costs and Fair Values of Securities Available for Sale | Amortized costs and fair values of securities available for sale at March 31, 2024 and December 31, 2023 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
|  | March 31, 2024 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 8,960 |  |  | $ | — |  |  | $ | (739 | ) |  | $ | 8,221 |
Mortgage-backed securities |  |  | 137,061 |  |  |  | — |  |  |  | (23,330 | ) |  |  | 113,731 |
Obligations of states and political subdivisions |  |  | 6,191 |  |  |  | — |  |  |  | (360 | ) |  |  | 5,831 |
Subordinated debt |  |  | 4,750 |  |  |  | — |  |  |  | (666 | ) |  |  | 4,084 |
|  | $ | 156,962 |  |  | $ | — |  |  | $ | (25,095 | ) |  | $ | 131,867 |
|  | December 31, 2023 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 9,258 |  |  | $ | — |  |  | $ | (667 | ) |  | $ | 8,591 |
Mortgage-backed securities |  |  | 140,052 |  |  |  | — |  |  |  | (21,230 | ) |  |  | 118,822 |
Obligations of states and political subdivisions |  |  | 6,191 |  |  |  | 1 |  |  |  | (261 | ) |  |  | 5,931 |
Subordinated debt |  |  | 4,750 |  |  |  | — |  |  |  | (651 | ) |  |  | 4,099 |
|  | $ | 160,251 |  |  | $ | 1 |  |  | $ | (22,809 | ) |  | $ | 137,443 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of securities at March 31, 2024, by the earlier of contractual maturity or expected maturity, are shown below. The Company has elected to exclude accrued interest receivable, totaling $380 thousand at March 31, 2024, from the amortized cost basis of securities. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Due in one year or less |  | $ | 1,269 |  |  | $ | 1,263 |
Due after one year through five years |  |  | 7,446 |  |  |  | 7,033 |
Due after five years through ten years |  |  | 17,473 |  |  |  | 15,512 |
Due after ten years |  |  | 130,774 |  |  |  | 108,059 |
|  | $ | 156,962 |  |  | $ | 131,867 |
Fair Value and Gross Unrealized Losses for Securities Available for Sale | The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2024 and December 31, 2023 were as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | March 31, 2024 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | — |  |  | $ | — |  |  | $ | 8,221 |  |  | $ | 739 |  |  | $ | 8,221 |  |  | $ | 739 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 113,731 |  |  |  | 23,330 |  |  |  | 113,731 |  |  |  | 23,330 |
Obligations of states and political subdivisions |  |  | 496 |  |  |  | 4 |  |  |  | 5,335 |  |  |  | 356 |  |  |  | 5,831 |  |  |  | 360 |
Subordinated debt |  |  | — |  |  |  | — |  |  |  | 3,584 |  |  |  | 666 |  |  |  | 3,584 |  |  |  | 666 |
|  | $ | 496 |  |  | $ | 4 |  |  | $ | 130,871 |  |  | $ | 25,091 |  |  | $ | 131,367 |  |  | $ | 25,095 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | December 31, 2023 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | — |  |  | $ | — |  |  | $ | 8,591 |  |  | $ | 667 |  |  | $ | 8,591 |  |  | $ | 667 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 118,822 |  |  |  | 21,230 |  |  |  | 118,822 |  |  |  | 21,230 |
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 5,430 |  |  |  | 261 |  |  |  | 5,430 |  |  |  | 261 |
Subordinated debt |  |  | 221 |  |  |  | 29 |  |  |  | 3,378 |  |  |  | 622 |  |  |  | 3,599 |  |  |  | 651 |
|  | $ | 221 |  |  | $ | 29 |  |  | $ | 136,221 |  |  | $ | 22,780 |  |  | $ | 136,442 |  |  | $ | 22,809 |
Schedule Composition of Restricted Investments | The composition of restricted investments at March 31, 2024 and December 31, 2023 was as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
Federal Reserve Bank Stock |  | $ | 344 |  |  | $ | 344 |
Federal Home Loan Bank Stock |  |  | 8,755 |  |  |  | 9,084 |
Community Bankers’ Bank Stock |  |  | 140 |  |  |  | 140 |
|  | $ | 9,239 |  |  | $ | 9,568 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + 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 + Details
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