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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Schedule of Investments [Abstract]  
Schedule of Available-for-sale and Held to Maturity Securities

A summary of the Company’s investment securities classified as available-for-sale and held-to-maturity as of June 30, 2024 and December 31, 2023 is as follows:

 

(Dollars in thousands)  As of June 30, 2024 
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
Available-for-sale:                    
U. S. treasury securities  $92,783   $-   $(3,458)  $89,325 
Municipal obligations, tax exempt   118,678    41    (4,672)   114,047 
Municipal obligations, taxable   78,557    198    (4,167)   74,588 
Agency mortgage-backed securities   155,228    48    (12,777)   142,499 
Total available-for-sale  $445,246   $287   $(25,074)  $420,459 
                     
Held-to-maturity:                    
Other  $3,613   $-   $(485)  $3,128 
Total held-to-maturity  $3,613   $-   $(485)  $3,128 

 

   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 June 30, 2024 and December 31, 2023 along with the length of time in a continuous loss position:

 

       As of June 30, 2024 
(Dollars in thousands)      Less than 12 months   12 months or longer   Total 
   No. of   Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
   securities   value   losses   value   losses   value   losses 
Available-for-sale:                                   
U.S. treasury securities   48   $2,806   $(13)  $84,219   $(3,445)  $87,025   $(3,458)
Municipal obligations, tax exempt   272    23,719    (524)   87,853    (4,148)   111,572    (4,672)
Municipal obligations, taxable   107    3,489    (31)   62,549    (4,136)   66,038    (4,167)
Agency mortgage-backed securities   103    12,124    (43)   122,213    (12,734)   134,337    (12,777)
Total for available-for-sale   530   $42,138   $(611)  $356,834   $(24,463)  $398,972   $(25,074)

 

       As of December 31, 2023 
       Less than 12 months   12 months or longer   Total 
   No. of   Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
   securities   value   losses   value   losses   value   losses 
Available-for-sale:                                   
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 
   Six months ended 
   June 30, 
(Dollars in thousands)  2024   2023 
Balance at January 1,  $91   $- 
Impact of adopting ASC 326   -    72 
Provision for credit losses   -    19 
Balance at June 30,  $91   $91 
Schedule of Investments Classified by Contractual Maturity Date

 

(Dollars in thousands)  Amortized   Estimated 
   cost   fair value 
Available-for-sale:          
Due in less than one year  $47,090   $46,396 
Due after one year but within five years   237,018    223,301 
Due after five years but within ten years   117,862    109,476 
Due after ten years   43,276    41,286 
Total available-for-sale  $445,246   $420,459 
           
Held-to-maturity:          
Due after one year but within five years   3,613    3,128 
Total held-to-maturity  $3,613   $3,128