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Investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 is as follows:

 

(Dollars in thousands)  As of September 30, 2024 
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
Available-for-sale:                    
U. S. treasury securities  $85,457   $1   $(1,705)  $83,753 
Municipal obligations, tax exempt   114,184    94    (2,152)   112,126 
Municipal obligations, taxable   76,753    723    (2,347)   75,129 
Agency mortgage-backed securities   147,928    421    (8,345)   140,004 
Total available-for-sale  $424,322   $1,239   $(14,549)  $411,012 
                     
Held-to-maturity:                    
Other  $3,643   $-   $(512)  $3,131 
Total held-to-maturity  $3,643   $-   $(512)  $3,131 

 

   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 September 30, 2024 and December 31, 2023 along with the length of time each category of securities has been in a continuous loss position:

 

       As of September 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   45   $1,764   $(4)  $81,295   $(1,701)  $83,059   $(1,705)
Municipal obligations, tax exempt   231    13,705    (97)   82,828    (2,055)   96,533    (2,152)
Municipal obligations, taxable   76    -    -    47,358    (2,347)   47,358    (2,347)
Agency mortgage-backed securities   96    -    -    114,329    (8,345)   114,329    (8,345)
Total for available-for-sale   448   $15,469   $(101)  $325,810   $(14,448)  $341,279   $(14,549)

 

       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 
   Nine months ended 
   September 30, 
(Dollars in thousands)  2024   2023 
Balance at January 1,  $91   $- 
Impact of adopting ASC 326   -    72 
Provision for credit losses   -    19 
Balance at September 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  $49,872   $49,319 
Due after one year but within five years   237,634    228,782 
Due after five years but within ten years   98,484    95,207 
Due after ten years   38,332    37,704 
Total available-for-sale  $424,322   $411,012 
           
Held-to-maturity:          
Due after one year but within five years   3,643    3,131 
Total held-to-maturity  $3,643   $3,131