Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:

	March 31, 2024
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
Available for Sale:
US Government Agency securities	$	12,743	$	106	$	—		$	—	$	12,849
US Government Treasury securities		4,942		2		—			—		4,944
Obligations of state and political subdivisions		49,231		55		(3,319	)		—		45,967
Mortgage-backed securities in government-sponsored entities		71,276		173		(3,489	)		—		67,960
Other securities		2,250		—		(21	)		—		2,229
	$	140,442	$	336	$	(6,829	)	$	—	$	133,949
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair  Value		Allowance for Credit Losses
Held to Maturity:
Corporate debentures	$	15,000	$	—	$	(1,455	)	$	13,545	$	(507	)
Structured mortgage-backed securities		21,616		—		(892	)		20,724		—
	$	36,616	$	—	$	(2,347	)	$	34,269	$	(507	)
	December 31, 2023
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
Available for Sale:
US Government Agency securities	$	12,711	$	279	$	(5	)	$	—	$	12,985
US Government Treasury securities		4,925		17		—			—		4,942
Obligations of state and political subdivisions		49,640		420		(3,015	)		—		47,045
Mortgage-backed securities in government-sponsored entities		50,795		515		(3,129	)		—		48,181
Other securities		2,301		49		(13	)		—		2,337
	$	120,372	$	1,280	$	(6,162	)	$	—	$	115,490
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
Held to Maturity:
Corporate debentures	$	15,000	$	—	$	(1,592	)	$	13,408	$	(512	)
Structured mortgage-backed securities		21,735		—		(907	)		20,828		—
	$	36,735	$	—	$	(2,499	)	$	34,236	$	(512	)

Summary of Debt Securities in Unrealized Loss position for Which Allowance for Credit Losses Not Recorded

The following tables summarize the Company's debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.

	March 31, 2024
	Less Than Twelve Months					Twelve Months or Greater					Total
(In Thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Available for Sale:
US Government Agency securities	$	-	$	-		$	-	$	-		$	-	$	-
US Government Treasury securities		—		—			—		—			—		—
Obligations of state and political subdivisions		13,306		(325	)		28,394		(2,994	)		41,700		(3,319	)
Mortgage-backed securities in government-sponsored entities		24,632		(197	)		31,369		(3,292	)		56,001		(3,489	)
Other securities		1,672		(9	)		557		(12	)		2,229		(21	)
	$	39,610	$	(531	)	$	60,320	$	(6,298	)	$	99,930	$	(6,829	)
	December 31, 2023
	Less Than Twelve Months					Twelve Months or Greater					Total
(In Thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Available for Sale:
US Government Agency Securities	$	1,995	$	(5	)	$	—	$	—		$	1,995	$	(5	)
Obligations of state and political subdivisions		4,836		(247	)		27,736		(2,768	)		32,572		(3,015	)
Mortgage-backed securities in government-sponsored entities		4,703		(136	)		31,249		(2,993	)		35,952		(3,129	)
Other securities		—		—			601		(13	)		601		(13	)
	$	11,534	$	(388	)	$	59,586	$	(5,774	)	$	71,120	$	(6,162	)

Schedule of Activity in Allowance for Credit Losses for Corporate Debentures Held to Maturity

The following table presents the activity in the allowance for credit losses for corporate debentures held to maturity for the three months ended March 31, 2024 and 2023.

	March 31,
(in Thousands)	2024
Balance, December 31, 2023	$	512
Credit to allowance for credit losses		(5	)
Balance, March 31, 2024	$	507
	March 31,
(in Thousands)	2023
Balance, December 31, 2022	$	-
Impact of adopting ASC 326		601
Securities charged-off		(68	)
Balance, March 31, 2023		533

Summary of Amortized Cost and Fair Value by Contractual Maturity

As of March 31, 2024, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.

	Available for Sale Securities				Held to Maturity Securities
(In Thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	7,846	$	7,846	$	3,000	$	2,956
Due after one year through five years		13,106		12,883		3,000		2,890
Due after five years through ten years		19,421		18,641		9,000		7,698
Due after ten years		27,112		24,947		—		—
Mortgage-backed securities and Collateralized mortgage obligations		71,276		67,960		21,616		20,725
Other securities		1,681		1,672		—		—
	$	140,442	$	133,949	$	36,616	$	34,269

Summary of Sales of Debt Securities

The following table summarizes sales of debt securities for the three months ended March 31, 2023. There were no sales of debt securities for the three months ended March 31, 2024.

(In Thousands)	For the Three Months Ended March 31,
	2023
Proceeds	$	1,847
Gross gains		—
Gross losses		2,370
Net losses	$	(2,370	)