Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Securities Available for Sale and Securities Held-to-Maturity

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). Investment securities available-for-sale and held-to-maturity at December 31, 2023 and 2022 are as follows (amounts in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2023:
Securities available-for-sale:
Residential mortgage-backed	$	413,179	$	102	$	(55,981	)	$	357,300
U.S. treasuries		130,713		-		(10,661	)		120,052
U.S. govt. sponsored enterprises		68,751		-		(5,185	)		63,566
State, county, and municipal		73,514		4		(8,857	)		64,661
Corporate debt obligations		17,758		5		(2,251	)		15,512
Totals	$	703,915	$	111	$	(82,935	)	$	621,091

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2023:
Securities held-to-maturity:
Residential mortgage-backed	$	63,953	$	-	$	(12,022	)	$	51,931
State, county, and municipal		62,840		-		(11,597	)		51,243
Totals	$	126,793	$	-	$	(23,619	)	$	103,174

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2022:
Securities available-for-sale:
Residential mortgage-backed	$	449,348	$	-	$	(59,311	)	$	390,037
U.S. treasuries		130,971		-		(13,342	)		117,629
U.S. govt. sponsored enterprises		72,889		-		(6,527	)		66,362
State, county, and municipal		87,347		71		(11,555	)		75,863
Corporate debt obligations		17,873		16		(1,893	)		15,996
Totals	$	758,428	$	87	$	(92,628	)	$	665,887

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2022:
Securities held-to-maturity:
Residential mortgage-backed	$	68,688	$	-	$	(12,624	)	$	56,064
State, county, and municipal		62,893		-		(13,680	)		49,213
Totals	$	131,581	$	-	$	(26,304	)	$	105,277

Schedule of Details Concerning Investment Securities with Unrealized and Unrecognized Losses

The following tables summarize securities with unrealized and unrecognized losses at December 31, 2023 and 2022, aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position (amounts in thousands):

	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2023:
Securities available-for-sale:
Residential mortgage-backed	$	2,028	$	2	$	352,807	$	55,979	$	354,835	$	55,981
U.S. treasuries		-		-		120,053		10,661		120,053		10,661
U.S. govt. sponsored enterprises		1,689		7		61,877		5,178		63,566		5,185
State, county & municipal		-		-		63,657		8,857		63,657		8,857
Corporate debt obligations		926		29		13,131		2,222		14,057		2,251
Totals	$	4,643	$	38	$	611,525	$	82,897	$	616,168	$	82,935
December 31, 2022:
Securities available-for-sale:
Residential mortgage-backed	$	133,675	$	15,215	$	253,994	$	44,096	$	387,669	$	59,311
U.S. treasuries		-		-		117,629		13,342		117,629		13,342
U.S. govt. sponsored enterprises		32,695		2,449		33,523		4,078		66,218		6,527
State, county & municipal		53,744		7,250		17,905		4,305		71,649		11,555
Corporate debt obligations		3,190		310		11,352		1,583		14,542		1,893
Totals	$	223,304	$	25,224	$	434,403	$	67,404	$	657,707	$	92,628

	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2023:
Securities held-to-maturity:
Residential mortgage-backed	$	-	$	-	$	51,931	$	12,022	$	51,931	$	12,022
State, county & municipal		-		-		45,898		11,597		45,898		11,597
Totals	$	-	$	-	$	97,829	$	23,619	$	97,829	$	23,619
December 31, 2022:
Securities held-to-maturity:
Residential mortgage-backed	$	-	$	-	$	56,064	$	12,624	$	56,064	$	12,624
State, county & municipal		10,057		2,706		33,811		10,974		43,868		13,680
Totals	$	10,057	$	2,706	$	89,875	$	23,598	$	99,932	$	26,304

Schedule of Proceeds and Gross Gains and Gross Losses from Sales of Securities Available-for-Sale

The proceeds and gross gains and gross losses from sales of securities available-for-sale for the years ended December 31, 2023 and 2022 are as follows (in thousands):

	Year ended December 31:
	2023			2022
Realized Gains (Losses)-Securities Sales:
Gross gains	$	150		$	1,351
Gross losses		(145	)		(3,417	)
Investment securities gains (losses), net	$	5		$	(2,066	)
Proceeds from sales of investment securities	$	15,252		$	168,627

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities

The amortized cost and estimated fair value of debt securities at December 31, 2023 and 2022, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

	December 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available-for-sale
Less than 1 year	$	2,500	$	2,424	$	1,055	$	1,054
1 to 5 years		163,927		150,501		141,565		127,459
5 to 10 years		51,970		46,415		77,174		68,737
After 10 years		72,339		64,451		89,286		78,600
		290,736		263,791		309,080		275,850
Residential mortgage-backed securities		413,179		357,300		449,348		390,037
Totals	$	703,915	$	621,091	$	758,428	$	665,887