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v3.24.1

Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule of Investments [Abstract] |
Schedule of Available-for-sale Securities | A summary of investment securities available-for-sale and securities held-to-maturity is as follows: Schedule of Available-for-sale Securities
(Dollars in thousands) |  | As of December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 99,340 |  |  | $ | - |  |  | $ | (3,673 | ) |  | $ | 95,667 |
Municipal obligations, tax exempt |  |  | 122,775 |  |  |  | 186 |  |  |  | (2,338 | ) |  |  | 120,623 |
Municipal obligations, taxable |  |  | 82,926 |  |  |  | 225 |  |  |  | (4,068 | ) |  |  | 79,083 |
Agency mortgage-backed securities |  |  | 169,656 |  |  |  | 247 |  |  |  | (12,507 | ) |  |  | 157,396 |
Total available-for-sale |  | $ | 474,697 |  |  | $ | 658 |  |  | $ | (22,586 | ) |  | $ | 452,769 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | $ | 3,555 |  |  | $ | - |  |  | $ | (506 | ) |  | $ | 3,049 |
Total held-to-maturity |  | $ | 3,555 |  |  | $ | - |  |  | $ | (506 | ) |  | $ | 3,049 |
(Dollars in thousands) |  | As of December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 130,684 |  |  | $ | - |  |  | $ | (7,573 | ) |  | $ | 123,111 |
U. S. federal agency obligations |  |  | 2,002 |  |  |  | - |  |  |  | (14 | ) |  |  | 1,988 |
Municipal obligations, tax exempt |  |  | 130,848 |  |  |  | 59 |  |  |  | (3,645 | ) |  |  | 127,262 |
Municipal obligations, taxable |  |  | 73,520 |  |  |  | 14 |  |  |  | (6,290 | ) |  |  | 67,244 |
Agency mortgage-backed securities |  |  | 185,451 |  |  |  | 172 |  |  |  | (15,922 | ) |  |  | 169,701 |
Total available-for-sale |  | $ | 522,505 |  |  | $ | 245 |  |  | $ | (33,444 | ) |  | $ | 489,306 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | $ | 3,524 |  |  | $ | 5 |  |  | $ | (77 | ) |  | $ | 3,452 |
Total held-to-maturity |  | $ | 3,524 |  |  | $ | 5 |  |  | $ | (77 | ) |  | $ | 3,452 |
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value | The following table summarizes securities available-for-sale in an unrealized loss positions for which an allowance for credit losses has not been recorded at December 31, 2023 along with length of time in a continuous unrealized loss position. Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value
(Dollars in thousands) |  |  |  |  | As of December 31, 2023 |
|  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Available-for-sale |  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
U. S. treasury securities |  |  | 47 |  |  | $ | 1,129 |  |  | $ | (7 | ) |  | $ | 93,833 |  |  | $ | (3,666 | ) |  | $ | 94,962 |  |  | $ | (3,673 | )
Municipal obligations, tax exempt |  |  | 229 |  |  |  | 31,468 |  |  |  | (337 | ) |  |  | 64,962 |  |  |  | (2,001 | ) |  |  | 96,430 |  |  |  | (2,338 | )
Municipal obligations, taxable |  |  | 110 |  |  |  | 17,278 |  |  |  | (151 | ) |  |  | 52,212 |  |  |  | (3,917 | ) |  |  | 69,490 |  |  |  | (4,068 | )
Agency mortgage-backed securities |  |  | 100 |  |  |  | 6,480 |  |  |  | (68 | ) |  |  | 128,512 |  |  |  | (12,439 | ) |  |  | 134,992 |  |  |  | (12,507 | )
Total available-for-sale |  |  | 486 |  |  | $ | 56,355 |  |  | $ | (563 | ) |  | $ | 339,519 |  |  | $ | (22,023 | ) |  | $ | 395,874 |  |  | $ | (22,586 | )
Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position.
(Dollars in thousands) |  |  |  |  | As of December 31, 2022 |
|  |  |  |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | No. of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
Available-for-sale |  | securities |  |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
U. S. treasury securities |  |  | 67 |  |  | $ | 85,988 |  |  | $ | (4,591 | ) |  | $ | 37,123 |  |  | $ | (2,982 | ) |  | $ | 123,111 |  |  | $ | (7,573 | )
U. S. federal agency obligations |  |  | 1 |  |  |  | 1,988 |  |  |  | (14 | ) |  |  | - |  |  |  | - |  |  |  | 1,988 |  |  |  | (14 | )
Municipal obligations, tax exempt |  |  | 274 |  |  |  | 107,262 |  |  |  | (3,020 | ) |  |  | 8,495 |  |  |  | (625 | ) |  |  | 115,757 |  |  |  | (3,645 | )
Municipal obligations, taxable |  |  | 108 |  |  |  | 54,746 |  |  |  | (5,006 | ) |  |  | 7,571 |  |  |  | (1,284 | ) |  |  | 62,317 |  |  |  | (6,290 | )
Agency mortgage-backed securities |  |  | 100 |  |  |  | 78,971 |  |  |  | (4,550 | ) |  |  | 79,882 |  |  |  | (11,372 | ) |  |  | 158,853 |  |  |  | (15,922 | )
Total available-for-sale |  |  | 550 |  |  | $ | 328,955 |  |  | $ | (17,181 | ) |  | $ | 133,071 |  |  | $ | (16,263 | ) |  | $ | 462,026 |  |  | $ | (33,444 | )
Other |  |  | 6 |  |  | $ | 3,009 |  |  | $ | (77 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,009 |  |  | $ | (77 | )
Total |  |  | 6 |  |  | $ | 3,009 |  |  | $ | (77 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,009 |  |  | $ | (77 | )
Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities | The following table provides information on the Company’s allowance for credit losses related to held-to-maturity investment securities. Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities
(Dollars in thousands) |  |  |
Balance at January 1, 2023 |  | $ | - |
Impact of adopting ASC 326 |  |  | 72 |
Provision for credit losses |  |  | 19 |
Balance at December 31, 2023 |  | $ | 91 |
Schedule of Investments Classified by Contractual Maturity Date | Schedule of Investments Classified by Contractual Maturity Date
|  | Amortized |  |  | Estimated |
(Dollars in thousands) |  | cost |  |  | fair value |
Available-for-sale: |  |  |  |  |  |  |  |
Due in less than one year |  | $ | 37,665 |  |  | $ | 37,145 |
Due after one year but within five years |  |  | 244,383 |  |  |  | 232,810 |
Due after five years but within ten years |  |  | 142,669 |  |  |  | 134,262 |
Due after ten years |  |  | 49,980 |  |  |  | 48,552 |
Total available-for-sale |  | $ | 474,697 |  |  | $ | 452,769 |
Held-to-maturity: |  |  |  |  |  |  |  |
Due after five years but within ten years |  | $ | 3,555 |  |  | $ | 3,049 |
Total held-to-maturity |  | $ | 3,555 |  |  | $ | 3,049 |
Schedule of Realized Gain (loss) | The Company has not sold any investment securities subsequent to December 31, 2023 and the date of this filing. Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows: Schedule of Realized Gain (loss)
|  | 2023 |  |  | 2022 |  |  | 2021 |
(Dollars in thousands) |  | Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Sales proceeds |  | $ | 20,913 |  |  | $ | 52,597 |  |  | $ | 16,623 |
Realized gains |  | $ | - |  |  | $ | - |  |  | $ | 1,138 |
Realized losses |  |  | (1,246 | ) |  |  | (1,103 | ) |  |  | - |
Net realized (losses) gains |  | $ | (1,246 | ) |  | $ | (1,103 | ) |  | $ | 1,138 |

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