Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments

Unrealized Gain (Loss) on Investments

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
June 30, 2024
Available for Sale:
U.S. government agencies	$	7,000	$	—	$	965	$	—	$	6,035
Residential mortgage-backed agencies		23,825		—		4,542		—		19,283
Commercial mortgage-backed agencies		35,901		—		8,593		—		27,308
Collateralized mortgage obligations		18,927		—		3,478		—		15,449
Obligations of states and political subdivisions		10,476		—		309		—		10,167
Corporate bonds		1,000		—		263		—		737
Collateralized debt obligations		18,660		—		4,685		—		13,975
Total available for sale	$	115,789	$	—	$	22,835	$	—	$	92,954

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
June 30, 2024
Held to Maturity:
U.S. government agencies	$	68,157	$	—	$	11,374	$	56,783	$	—
Residential mortgage-backed agencies		28,841		—		3,517		25,324		—
Commercial mortgage-backed agencies		21,223		—		5,715		15,508		—
Collateralized mortgage obligations		51,513		—		10,068		41,445		—
Obligations of states and political subdivisions		4,508		143		681		3,970		45
Total held to maturity	$	174,242	$	143	$	31,355	$	143,030	$	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
June 30, 2024
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	6,035	$	965	2
Residential mortgage-backed agencies		—		—	—		19,283		4,542	3
Commercial mortgage-backed agencies		—		—	—		27,308		8,593	8
Collateralized mortgage obligations		—		—	—		15,449		3,478	9
Obligations of states and political subdivisions		2,205		30	3		5,041		279	4
Corporate Bonds		—		—	—		737		263	1
Collateralized debt obligations		—		—	—		13,975		4,685	9
Total available for sale	$	2,205	$	30	3	$	87,828	$	22,805	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
June 30, 2024
Held to Maturity:
U.S. government agencies	$	—	$	—	—	$	56,783	$	11,374	9
Residential mortgage-backed agencies		3,923		15	2		21,320		3,502	35
Commercial mortgage-backed agencies		—		—	—		15,508		5,715	2
Collateralized mortgage obligations		—		—	—		41,445		10,068	8
Obligations of states and political subdivisions		—		—	—		2,198		681	1
Total held to maturity	$	3,923	$	15	2	$	137,254	$	31,340	55

	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

	June 30, 2024
(in thousands)	Amortized Cost		Fair Value
Available for Sale:
Due in one year or less	$	2,670	$	2,670
Due after one year through five years		5,250		4,955
Due after five years through ten years		4,670		4,313
Due after ten years		24,546		18,976
		37,136		30,914
Residential mortgage-backed agencies		23,825		19,283
Commercial mortgage-backed agencies		35,901		27,308
Collateralized mortgage obligations		18,927		15,449
Total available for sale	$	115,789	$	92,954
Held to Maturity:
Due after one year through five years	$	12,500	$	11,794
Due after five years through ten years		40,451		34,116
Due after ten years		19,714		14,843
		72,665		60,753
Residential mortgage-backed agencies		28,841		25,324
Commercial mortgage-backed agencies		21,223		15,508
Collateralized mortgage obligations		51,513		41,445
Total held to maturity	$	174,242	$	143,030