Investments Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Unrealized Gain (Loss) on Investments

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
March 31, 2024
Available for Sale:
U.S. government agencies	$	7,000	$	—	$	981	$	—	$	6,019
Residential mortgage-backed agencies		24,261		—		4,407		—		19,854
Commercial mortgage-backed agencies		36,082		—		8,166		—		27,916
Collateralized mortgage obligations		19,320		—		3,431		—		15,889
Obligations of states and political subdivisions		10,481		14		242		—		10,253
Corporate bonds		1,000		—		237		—		763
Collateralized debt obligations		18,651		—		3,765		—		14,886
Total available for sale	$	116,795	$	14	$	21,229	$	—	$	95,580
(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
March 31, 2024
Held to Maturity:
U.S. treasuries	$	7,498	$	—	$	14	$	7,484	$	—
U.S. government agencies		68,085		—		11,443		56,642		—
Residential mortgage-backed agencies		29,258		14		3,389		25,883		—
Commercial mortgage-backed agencies		21,371		—		5,583		15,788		—
Collateralized mortgage obligations		52,364		—		10,016		42,348		—
Obligations of states and political subdivisions		4,605		148		673		4,080		45
Total held to maturity	$	183,181	$	162	$	31,118	$	152,225	$	45

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
December 31, 2023
Available for Sale:
U.S. government agencies	$	7,000	$	—	$	966	$	—	$	6,034
Residential mortgage-backed agencies		24,781		—		4,218		—		20,563
Commercial mortgage-backed agencies		36,258		—		7,841		—		28,417
Collateralized mortgage obligations		19,725		—		3,369		—		16,356
Obligations of states and political subdivisions		10,486		15		189		—		10,312
Corporate bonds		1,000		—		222		—		778
Collateralized debt obligations		18,671		—		3,962		—		14,709
Total available for sale	$	117,921	$	15	$	20,767	$	—	$	97,169

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
December 31, 2023
Held to Maturity:
U.S. treasuries	$	37,462	$	—	$	243	$	37,219	$	—
U.S. government agencies		68,014		—		10,985		57,029		—
Residential mortgage-backed agencies		29,588		42		2,913		26,717		—
Commercial mortgage-backed agencies		21,413		—		5,361		16,052		—
Collateralized mortgage obligations		53,261		—		9,973		43,288		—
Obligations of states and political subdivisions		4,604		177		671		4,110		45
Total held to maturity	$	214,342	$	219	$	30,146	$	184,415	$	45

Gross Unrealized Losses and Fair Values of Securities

	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrealized Losses		Number of Investments	Fair Value		Unrealized Losses		Number of Investments
March 31, 2024
Available for Sale:
U.S. government agencies	$	—		—	—		6,019		981	2
Residential mortgage-backed agencies		—		—	—		19,854		4,407	3
Commercial mortgage-backed agencies		—		—	—		27,916		8,166	8
Collateralized mortgage obligations		—		—	—		15,889		3,431	9
Obligations of states and political subdivisions		882		13	2		7,118		229	4
Corporate Bonds		—		—	—		763		237	1
Collateralized debt obligations		—		—	—		14,886		3,765	9
Total available for sale	$	882	$	13	2	$	92,445	$	21,216	36
	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
March 31, 2024
Held to Maturity:
U.S. treasuries	$	—		—	—		7,484		14	1
U.S. government agencies		—		—	—		56,642		11,443	9
Residential mortgage-backed agencies		1,420		6	1		21,829		3,383	35
Commercial mortgage-backed agencies		—		—	—		15,788		5,583	2
Collateralized mortgage obligations		—		—	—		42,348		10,016	8
Obligations of states and political subdivisions		—		—	—		2,204		673	1
Total held to maturity	$	1,420	$	6	1	$	146,295	$	31,112	56

	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrealized Losses		Number of Investments	Fair Value		Unrealized Losses		Number of Investments
December 31, 2023
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	6,034	$	966	2
Residential mortgage-backed agencies		—		—	—		20,563		4,218	3
Commercial mortgage-backed agencies		—		—	—		28,417		7,841	8
Collateralized mortgage obligations		—		—	—		16,356		3,369	9
Obligations of states and political subdivisions		1,445		20	2		6,668		169	3
Corporate Bonds		—		—	—		778		222	1
Collateralized debt obligations		—		—	—		14,709		3,962	9
Total available for sale	$	1,445	$	20	2	$	93,525	$	20,747	35
	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
December 31, 2023
Held to Maturity:
U.S. treasuries	$	—	$	—	—	$	37,219	$	243	4
U.S. government agencies		—		—	—		57,029		10,985	9
Residential mortgage-backed agencies		—		—	—		22,613		2,913	35
Commercial mortgage-backed agencies		—		—	—		16,052		5,361	2
Collateralized mortgage obligations		—		—	—		43,288		9,973	8
Obligations of states and political subdivisions		—		—	—		2,205		671	1
Total held to maturity	$	—	$	—	—	$	178,406	$	30,146	59

Amortized Cost and Fair Values Classified by Contractual Maturity Date

	March 31, 2024
(in thousands)	Amortized Cost		Fair Value
Available for Sale:
Due in one year or less	$	2,670	$	2,651
Due after one year through five years		5,250		4,943
Due after five years through ten years		4,678		4,410
Due after ten years		24,534		19,917
		37,132		31,921
Residential mortgage-backed agencies		24,261		19,854
Commercial mortgage-backed agencies		36,082		27,916
Collateralized mortgage obligations		19,320		15,889
Total available for sale	$	116,795	$	95,580
Held to Maturity:
Due in one year or less	$	7,498	$	7,485
Due after one year through five years		12,500		11,759
Due after five years through ten years		40,503		34,161
Due after ten years		19,687		14,801
		80,188		68,206
Residential mortgage-backed agencies		29,258		25,883
Commercial mortgage-backed agencies		21,371		15,788
Collateralized mortgage obligations		52,364		42,348
Total held to maturity	$	183,181	$	152,225