Investments (Tables)

9 Months Ended

Sep. 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
September 30, 2024
Available for Sale:
U.S. government agencies	$	7,000	$	—	$	761	$	—	$	6,239
Residential mortgage-backed agencies		23,202		—		3,559		—		19,643
Commercial mortgage-backed agencies		35,721		—		7,368		—		28,353
Collateralized mortgage obligations		18,533		—		2,853		—		15,680
Obligations of states and political subdivisions		7,803		14		91		—		7,726
Corporate bonds		1,000		—		260		—		740
Collateralized debt obligations		18,658		—		3,879		—		14,779
Total available for sale	$	111,917	$	14	$	18,771	$	—	$	93,160

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
September 30, 2024
Held to Maturity:
U.S. government agencies	$	68,229	$	—	$	8,662	$	59,567	$	—
Residential mortgage-backed agencies		29,866		79		2,455		27,490		—
Commercial mortgage-backed agencies		21,177		—		5,008		16,169		—
Collateralized mortgage obligations		50,332		—		8,334		41,998		—
Obligations of states and political subdivisions		4,509		218		603		4,124		59
Total held to maturity	$	174,113	$	297	$	25,062	$	149,348	$	59

(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
September 30, 2024
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	6,239	$	761	2
Residential mortgage-backed agencies		—		—	—		19,643		3,559	3
Commercial mortgage-backed agencies		—		—	—		28,353		7,368	8
Collateralized mortgage obligations		—		—	—		15,680		2,853	9
Obligations of states and political subdivisions		243		2	1		3,959		89	3
Corporate bonds		—		—	—		740		260	1
Collateralized debt obligations		—		—	—		14,779		3,879	9
Total available for sale	$	243	$	2	1	$	89,393	$	18,769	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
September 30, 2024
Held to Maturity:
U.S. government agencies	$	—	$	—	—	$	59,567	$	8,662	9
Residential mortgage-backed agencies		—		—	—		21,549		2,455	35
Commercial mortgage-backed agencies		—		—	—		16,169		5,008	2
Collateralized mortgage obligations		—		—	—		41,998		8,334	8
Obligations of states and political subdivisions		—		—	—		2,277		603	1
Total held to maturity	$	—	$	—	—	$	141,560	$	25,062	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

	September 30, 2024
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for Sale:
Due in one year or less	$	1,270	$	1,270
Due after one year through five years		5,250		5,077
Due after five years through ten years		3,396		3,117
Due after ten years		24,545		20,020
		34,461		29,484
Residential mortgage-backed agencies		23,202		19,643
Commercial mortgage-backed agencies		35,721		28,353
Collateralized mortgage obligations		18,533		15,680
Total available for sale	$	111,917	$	93,160
Held to Maturity:
Due after one year through five years	$	12,500	$	12,115
Due after five years through ten years		40,498		35,862
Due after ten years		19,740		15,714
		72,738		63,691
Residential mortgage-backed agencies		29,866		27,490
Commercial mortgage-backed agencies		21,177		16,169
Collateralized mortgage obligations		50,332		41,998
Total held to maturity	$	174,113	$	149,348