XML 32 R20.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Schedule of Investments [Abstract]  
Schedule of Available-for-sale and Held to Maturity Securities

A summary of investment securities available-for-sale and held-to-maturity is as follows:

 

(Dollars in thousands)  As of March 31, 2024 
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
Available-for-sale:                    
U. S. treasury securities  $97,535   $-   $(3,852)  $93,683 
Municipal obligations, tax exempt   121,586    77    (3,218)   118,445 
Municipal obligations, taxable   79,882    129    (4,640)   75,371 
Agency mortgage-backed securities   162,658    66    (12,947)   149,777 
Total available-for-sale  $461,661   $272   $(24,657)  $437,276 
                     
Held-to-maturity:                    
Other  $3,584   $-   $(480)  $3,104 
Total held-to-maturity  $3,584   $-   $(480)  $3,104 

 

   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 
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value

The following table summarizes available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2024 and December 31, 2023 along with the length of time in a continuous loss position.

 

       As of March 31, 2024 
(Dollars in thousands)      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   52   $1,959   $(4)  $91,724   $(3,848)  $93,683   $(3,852)
Municipal obligations, tax exempt   267    22,079    (193)   88,067    (3,025)   110,146    (3,218)
Municipal obligations, taxable   115    15,016    (243)   55,090    (4,397)   70,106    (4,640)
Agency mortgage-backed securities   103    10,440    (21)   128,458    (12,926)   138,898    (12,947)
Total for available-for-sale   537   $49,494   $(461)  $363,339   $(24,196)  $412,833   $(24,657)

 

       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 for available-for-sale   486    56,355    (563)   339,519    (22,023)   395,874    (22,586)
Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities

(Dollars in thousands)  2024   2023 
  

Three months ended

March 31,

 
(Dollars in thousands)  2024   2023 
Balance at January 1,  $91   $- 
Impact of adopting ASC 326   -    72 
Provision for credit losses   -    19 
Balance at March 31,  $91   $91 
Schedule of Investments Classified by Contractual Maturity Date

(Dollars in thousands)  Amortized   Estimated 
Available-for-sale:  cost   fair value 
Due in less than one year  $43,396   $42,807 
Due after one year but within five years   216,817    204,500 
Due after five years but within ten years   155,502    145,894 
Due after ten years   45,946    44,075 
Total available-for-sale  $461,661   $437,276 
           
Held-to-maturity:          
Due after one year but within five years   3,584    3,104 
Total held-to-maturity  $3,584   $3,104