Investment Securities (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2024
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
Available for Sale:
US Government Agency securities	$	11,935	$	442	$	—		$	—	$	12,377
Obligations of state and political subdivisions		51,124		134		(2,663	)		—		48,595
Mortgage-backed securities in government-sponsored entities		88,528		1,333		(2,033	)		—		87,828
Other securities		524		—		(9	)		—		515
	$	152,111	$	1,909	$	(4,705	)	$	—	$	149,315
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair  Value		Allowance for Credit Losses
Held to Maturity:
Corporate debentures	$	15,000	$	—	$	(1,198	)	$	13,802	$	(471	)
Structured mortgage-backed securities		19,626		2		(607	)		19,021		—
	$	34,626	$	2	$	(1,805	)	$	32,823	$	(471	)
	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.

	September 30, 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:
Obligations of state and political subdivisions		5,216		(76	)		32,544		(2,587	)		37,760		(2,663	)
Mortgage-backed securities in government-sponsored entities		4,146		—			32,078		(2,033	)		36,224		(2,033	)
Other securities		—		—			481		(9	)		481		(9	)
	$	9,362	$	(76	)	$	65,103	$	(4,629	)	$	74,465	$	(4,705	)
	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 tables present the activity in the allowance for credit losses for corporate debentures held to maturity for the three and nine months ended September 30, 2024 and 2023.

	For the Three Months Ended September 30,
(in Thousands)	2024
Balance, June 30, 2024	$	502
Changes in the allowance for credit losses		(31	)
Balance September 30, 2024	$	471
	For the Three Months Ended September 30,
(in Thousands)	2023
Balance, June 30, 2023	$	586
Changes in the allowance for credit losses		(74	)
Balance September 30, 2023	$	512

	For the Nine Months Ended September 30,
(in Thousands)	2024
Balance, December 31, 2023	$	512
Changes in the allowance for credit losses		(41	)
Balance September 30, 2024	$	471
	For the Nine Months Ended September 30,
(in Thousands)	2023
Balance, December 31, 2022	$	-
Impact of adopting ASC 326		602
Changes in the allowance for credit losses		51
Securities charged-off		(141	)
Balance, September 30, 2023	$	512

Summary of Amortized Cost and Fair Value by Contractual Maturity

As of September 30, 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	$	2,072	$	2,068	$	3,000	$	2,980
Due after one year through five years		13,693		13,621		3,000		2,959
Due after five years through ten years		20,162		19,749		9,000		7,863
Due after ten years		27,132		25,534		—		—
Mortgage-backed securities and Collateralized mortgage obligations		88,528		87,828		19,626		19,021
Other securities		524		515		—		—
	$	152,111	$	149,315	$	34,626	$	32,823

Summary of Sales of Debt Securities

The following tables summarize sales of debt securities for the three and nine months ended September 30, 2024 and 2023. There were no sales of debt securities for the three months ended September 30, 2024 and 2023.

	For the Nine Months Ended September 30,
(In Thousands)	2024		2023
Proceeds	$	1,691		$	1,847
Gross gains		4			—
Gross losses		—			2,370
Net gains (losses)	$	4		$	(2,370	)