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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at March 31, 2025 and December 31, 2024 were as follows (in thousands):

March 31, 2025
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
for Credit
Losses
    
Fair
Value
  
Available-for-sale securities:
                              
U.S. agency securities
  
$
58,612
    
$
7
    
$
(4,252
)
   $ -    
$
54,367
  
U.S. treasury securities
    
116,813
      
127
      
(4,525
)
     -      
112,415
  
Obligations of state and political subdivisions
    
102,792
      
6
      
(8,459
)
     -      
94,339
  
Corporate obligations
    
11,230
      
276
      
(734
)
     -      
10,772
  
Mortgage-backed securities in government sponsored entities
    
169,940
      
524
      
(11,656
)
     -      
158,808
  
Total available-for-sale securities
  
$
459,387
    
$
940
    
$
(29,626
)
   $ -    
$
430,701
  
                                    
December 31, 2024
    
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
for Credit
Losses
      
Fair
Value
  
Available-for-sale securities:
                          
           
U.S. agency securities
  
$
58,594
    
$
6
    
$
(5,113
)
   $ -    
$
53,487
  
U.S. treasury securities
    
126,220
      
6
      
(5,724
)
     -      
120,502
  
Obligations of state and political subdivisions
    
103,137
      
4
      
(8,239
)
     -      
94,902
  
Corporate obligations
    
11,206
      
297
      
(1,065
)
     -      
10,438
  
Mortgage-backed securities in government sponsored entities
    
160,380
      
232
      
(14,029
)
     -      
146,583
  
Total available-for-sale securities
  
$
459,537
    
$
545
    
$
(34,170
)
   $
-    
$
425,912
  
Unrealized Losses and Fair Value of Investments

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2025 and December 31, 2024 (in thousands). As of March 31, 2025, the Company owned 292 securities whose fair value was less than their cost basis.

March 31, 2025
  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
 
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
-
    
$
-
 
$
52,350
    
$
(4,252
)
  
$
52,350
    
$
(4,252
)
U.S. treasury securities
    
-
      
-
   
102,742
      
(4,525
)
    
102,742
      
(4,525
)
Obligations of state and political subdivisions
    
4,911
      
(155
)
    
81,583
      
(8,304
)
    
86,494
      
(8,459
)
Corporate obligations
    
378
      
(4
)
    
7,271
      
(730
)
    
7,649
      
(734
)
Mortgage-backed securities in government sponsored entities
    
18,417
      
(413
)
    
81,368
      
(11,243
)
    
99,785
      
(11,656
)
Total securities
  
$
23,706
    
$
(572
)
  
$
325,314
    
$
(29,054
)
  
$
349,020
    
$
(29,626
)
                                                 
December 31, 2024
                                                
U.S. agency securities
  
$
-
    
$
-
 
$
51,470
    
$
(5,113
)
  
$
51,470
    
$
(5,113
)
U.S. treasury securities
    5,553       (11 )     110,992       (5,713 )     116,545       (5,724 )
Obligations of states and political subdivisions
    
4,186
      
(39
)
    
86,773
      
(8,200
)
    
90,959
      
(8,239
)
Corporate obligations
    345       (33 )     6,970       (1,032 )     7,315       (1,065 )
Mortgage-backed securities in government sponsored entities
    
35,044
      
(817
)
    
82,425
      
(13,212
)
    
117,469
      
(14,029
)
Total securities
  
$
45,128
    
$
(900
)
  
$
338,630
    
$
(33,270
)
  
$
383,758
    
$
(34,170
)
Unrealized Gains (Losses) Related to Equity Securities

The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three month periods ended March 31, 2025 and 2024, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2025 and 2024 (in thousands):
 
Three Months Ended
March 31,
  
Equity securities
  
2025
    
2024
  
Net (losses) gains recognized in equity securities during the period
  
$
(11
)
  
$
55
  
Less: Net losses realized on the sale of equity securities during the period
    
-
      
(4
)
Net unrealized (losses) gains
  
$
(11
)
  
$
59
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of debt securities at March 31, 2025, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
45,573
    
$
44,801
  
Due after one year through five years
    
132,920
      
126,398
  
Due after five years through ten years
    
82,324
      
74,960
  
Due after ten years
    
198,570
      
184,542
  
Total
  
$
459,387
    
$
430,701