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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized as follows:


		March 31, 2025
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	72,073			$	279			$	(3,172	)		$	69,180
State and political subdivisions			35,279				15				(2,861	)			32,433
Corporate			10,946				156				(217	)			10,885
Asset backed securities			18,687				7				(219	)			18,475
Residential mortgage-backed - US agency			50,090				258				(1,128	)			49,220
Collateralized mortgage obligations - US agency			15,809				166				(778	)			15,197
Collateralized mortgage obligations - Private label			90,170				218				(1,933	)			88,455
Total			293,054				1,099				(10,308	)			283,845
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Total			206				-				-				206
Total available-for-sale		$	293,260			$	1,099			$	(10,308	)		$	284,051

Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	3,593			$	-			$	(235	)		$	3,358
State and political subdivisions			16,580				8				(1,648	)			14,940
Corporate			41,168				17				(1,501	)			39,684
Asset backed securities			12,566				12				(494	)			12,084
Residential mortgage-backed - US agency			9,484				34				(590	)			8,928
Collateralized mortgage obligations - US agency			11,556				2				(1,077	)			10,481
Collateralized mortgage obligations - Private label			61,014				54				(1,495	)			59,573
Total			155,961				127				(7,040	)			149,048
Less: Allowance for credit losses			257
Total held-to-maturity, net of allowance for credit losses		$	155,704


		December 31, 2024
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	73,888			$	371			$	(3,834	)		$	70,425
State and political subdivisions			35,128				122				(1,928	)			33,322
Corporate			10,956				209				(284	)			10,881
Asset backed securities			18,934				26				(473	)			18,487
Residential mortgage-backed - US agency			40,636				35				(1,500	)			39,171
Collateralized mortgage obligations - US agency			14,376				45				(891	)			13,530
Collateralized mortgage obligations - Private label			85,426				158				(2,275	)			83,309
Total			279,344				966				(11,185	)			269,125
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Total			206				-				-				206
Total available-for-sale		$	279,550			$	966			$	(11,185	)		$	269,331

Held-to-Maturity Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	3,648			$	-			$	(282	)		$	3,366
State and political subdivisions			17,153				10				(1,833	)			15,330
Corporate			43,628				23				(1,740	)			41,911
Asset backed securities			13,050				8				(557	)			12,501
Residential mortgage-backed - US agency			9,575				32				(728	)			8,879
Collateralized mortgage obligations - US agency			11,940				3				(1,223	)			10,720
Collateralized mortgage obligations - Private label			59,946				40				(1,670	)			58,316
Total			158,940				116				(8,033	)			151,023
Less: Allowance for credit losses			257
Total held-to-maturity, net of allowance for credit losses		$	158,683

Schedule of Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity

The amortized cost and estimated fair value of debt investments at March 31, 2025 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.


		Available-for-Sale								Held-to-Maturity
		Amortized				Estimated				Amortized				Estimated
(In thousands)		Cost				Fair Value				Cost				Fair Value
Due in one year or less		$	6,558			$	6,665			$	5,929			$	5,913
Due after one year through five years			35,380				32,126				36,509				35,261
Due after five years through ten years			14,904				14,103				18,179				16,378
Due after ten years			80,143				78,079				13,290				12,514
Sub-total			136,985				130,973				73,907				70,066
Residential mortgage-backed - US agency			50,090				49,220				9,484				8,928
Collateralized mortgage obligations - US agency			15,809				15,197				11,556				10,481
Collateralized mortgage obligations - Private label			90,170				88,455				61,014				59,573
Totals		$	293,054			$	283,845			$	155,961			$	149,048

Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position

The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:


		March 31, 2025
		Less than Twelve Months												Twelve Months or More												Total
		Number of												Number of												Number of
		Individual				Unrealized				Fair				Individual				Unrealized				Fair				Individual				Unrealized				Fair
(In thousands)		Securities				Losses				Value				Securities				Losses				Value				Securities				Losses				Value
Available-for-Sale Portfolio
US Treasury, agencies and GSEs			1			$	(1	)		$	209				8			$	(3,171	)		$	26,938				9			$	(3,172	)		$	27,147
State and political subdivisions			7				(157	)			4,261				21				(2,704	)			26,292				28				(2,861	)			30,553
Corporate			-				-				-				4				(217	)			3,472				4				(217	)			3,472
Asset backed securities			5				(91	)			8,833				6				(128	)			5,936				11				(219	)			14,769
Residential mortgage-backed - US agency			7				(283	)			13,920				10				(845	)			9,634				17				(1,128	)			23,554
Collateralized mortgage obligations - US agency			-				-				-				11				(778	)			6,754				11				(778	)			6,754
Collateralized mortgage obligations - Private label			20				(115	)			36,598				18				(1,818	)			20,515				38				(1,933	)			57,113
Totals			40			$	(647	)		$	63,821				78			$	(9,661	)		$	99,541				118			$	(10,308	)		$	163,362
Held-to-Maturity Portfolio
US Treasury, agencies and GSEs			-			$	-			$	-				2			$	(235	)		$	3,358				2			$	(235	)		$	3,358
State and political subdivisions			3				(4	)			358				16				(1,644	)			12,675				19				(1,648	)			13,033
Corporate			-				-				-				35				(1,501	)			28,829				35				(1,501	)			28,829
Asset backed securities			1				(3	)			491				5				(491	)			6,840				6				(494	)			7,331
Residential mortgage-backed - US agency			1				(50	)			2,863				6				(540	)			4,801				7				(590	)			7,664
Collateralized mortgage obligations - US agency			-				-				-				9				(1,077	)			9,957				9				(1,077	)			9,957
Collateralized mortgage obligations - Private label			6				(54	)			12,300				23				(1,441	)			30,844				29				(1,495	)			43,144
Totals			11			$	(111	)		$	16,012				96			$	(6,929	)		$	97,304				107			$	(7,040	)		$	113,316


		December 31, 2024
		Less than Twelve Months												Twelve Months or More												Total
		Number of												Number of												Number of
		Individual				Unrealized				Fair				Individual				Unrealized				Fair				Individual				Unrealized				Fair
(In thousands)		Securities				Losses				Value				Securities				Losses				Value				Securities				Losses				Value
Available-for-Sale Portfolio
US Treasury, agencies and GSEs			2			$	(132	)		$	18,790				8			$	(3,702	)		$	26,748				10			$	(3,834	)		$	45,538
State and political subdivisions			6				(3	)			900				21				(1,925	)			25,211				27				(1,928	)			26,111
Corporate			-				-				-				4				(284	)			3,410				4				(284	)			3,410
Asset backed securities			3				(328	)			3,608				7				(145	)			8,343				10				(473	)			11,951
Residential mortgage-backed - US agency			13				(794	)			29,628				9				(706	)			6,107				22				(1,500	)			35,735
Collateralized mortgage obligations - US agency			1				(15	)			1,937				11				(876	)			6,972				12				(891	)			8,909
Collateralized mortgage obligations - Private label			9				(43	)			15,561				20				(2,232	)			23,309				29				(2,275	)			38,870
Totals			34			$	(1,315	)		$	70,424				80			$	(9,870	)		$	100,100				114			$	(11,185	)		$	170,524
Held-to-Maturity Portfolio
US Treasury, agencies and GSE's			-			$	-			$	-				2			$	(282	)		$	3,366				2			$	(282	)		$	3,366
State and political subdivisions			6				(5	)			1,438				16				(1,828	)			12,561				22				(1,833	)			13,999
Corporate			1				(7	)			993				35				(1,733	)			28,603				36				(1,740	)			29,596
Asset backed securities			2				(5	)			2,241				5				(552	)			6,862				7				(557	)			9,103
Residential mortgage-backed - US agency			1				(115	)			2,808				7				(613	)			4,866				8				(728	)			7,674
Collateralized mortgage obligations - US agency			-				-				-				9				(1,223	)			10,121				9				(1,223	)			10,121
Collateralized mortgage obligations - Private label			3				(55	)			8,644				26				(1,615	)			34,539				29				(1,670	)			43,183
Totals			13			$	(187	)		$	16,124				100			$	(7,846	)		$	100,918				113			$	(8,033	)		$	117,042

Schedule of Allowance for Credit Losses on Investment Securities Classified as Held-to-maturity

The following tables provide a rollforward of the allowance for credit losses on investment securities classified as held-to-maturity for the three months ended March 31, 2025 and 2024:


(In thousands)	Government Issued and Government Sponsored Enterprise Securities			Mortgage and Asset-backed Securities			Securities Issued By State and Political Subdivisions			Corporate Securities			Total
Balance, December 31, 2024	$	-		$	-		$	1		$	256		$	257
Provision for credit losses		-			-			-			-			-
Allowance on purchased financial assets with credit deterioration		-			-			-			-			-
Charge-offs of securities		-			-			-			-			-
Recoveries		-			-			-			-			-
Balance, March 31, 2025	$	-		$	-		$	1		$	256		$	257


	Government Issued and Government Sponsored Enterprise Securities			Mortgage and Asset-backed Securities			Securities Issued By State and Political Subdivisions			Corporate Securities			Total
Balance, December 31, 2023	$	-		$	-		$	2		$	350		$	352
Provision for credit losses		-			-			-			15			15
Allowance on purchased financial assets with credit deterioration		-			-			-			-			-
Charge-offs of securities		-			-			-			-			-
Recoveries		-			-			-			-			-
Balance, March 31, 2024	$	-		$	-		$	2		$	365		$	367

Schedule of Amortized Cost of Debt Securities Categorized as Held-to-maturity Aggregated by Credit Quality

The following tables summarize the amortized cost of debt securities categorized as HTM at March 31, 2025 and December 31, 2024, aggregated by credit quality indicators:


(In thousands)	March 31, 2025			December 31, 2024
AAA or equivalent	$	33,877		$	38,304
AA or equivalent, including securities issued by the United States Government or Government Sponsored Enterprises		44,874			40,429
A or equivalent		8,717			12,602
BBB or equivalent		12,031			15,265
BB or equivalent		1,487			1,487
Unrated		54,975			50,853
Total	$	155,961		$	158,940

Schedule of Gross Realized Gains (Losses) on Sale and Redemptions of Securities

Gross realized (losses) gains on sales and redemptions of available-for-sale and held-to-maturity securities for the indicated periods are detailed below:


		For the three months
		ended March 31,
(In thousands)		2025				2024
Realized gains on investments		$	-			$	734
Realized losses on investments			(8	)			(882	)
Total		$	(8	)		$	(148	)