Securities (Tables)

3 Months Ended

Mar. 31, 2024

Debt Securities, Available-for-Sale [Abstract]

Amortized Costs and Fair Values of Securities Available for Sale

Amortized costs and fair values of securities available for sale at March 31, 2024 and December 31, 2023 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
	March 31, 2024
	(in thousands)
Obligations of U.S. government corporations and agencies	$	8,960	$	—	$	(739	)	$	8,221
Mortgage-backed securities		137,061		—		(23,330	)		113,731
Obligations of states and political subdivisions		6,191		—		(360	)		5,831
Subordinated debt		4,750		—		(666	)		4,084
	$	156,962	$	—	$	(25,095	)	$	131,867

	December 31, 2023
	(in thousands)
Obligations of U.S. government corporations and agencies	$	9,258	$	—	$	(667	)	$	8,591
Mortgage-backed securities		140,052		—		(21,230	)		118,822
Obligations of states and political subdivisions		6,191		1		(261	)		5,931
Subordinated debt		4,750		—		(651	)		4,099
	$	160,251	$	1	$	(22,809	)	$	137,443

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of securities at March 31, 2024, by the earlier of contractual maturity or expected maturity, are shown below. The Company has elected to exclude accrued interest receivable, totaling $380 thousand at March 31, 2024, from the amortized cost basis of securities. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	1,269	$	1,263
Due after one year through five years		7,446		7,033
Due after five years through ten years		17,473		15,512
Due after ten years		130,774		108,059
	$	156,962	$	131,867

Fair Value and Gross Unrealized Losses for Securities Available for Sale

The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2024 and December 31, 2023 were as follows:

	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	March 31, 2024
	(in thousands)
Obligations of U.S. government corporations and agencies	$	—	$	—	$	8,221	$	739	$	8,221	$	739
Mortgage-backed securities		—		—		113,731		23,330		113,731		23,330
Obligations of states and political subdivisions		496		4		5,335		356		5,831		360
Subordinated debt		—		—		3,584		666		3,584		666
	$	496	$	4	$	130,871	$	25,091	$	131,367	$	25,095

	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	December 31, 2023
	(in thousands)
Obligations of U.S. government corporations and agencies	$	—	$	—	$	8,591	$	667	$	8,591	$	667
Mortgage-backed securities		—		—		118,822		21,230		118,822		21,230
Obligations of states and political subdivisions		—		—		5,430		261		5,430		261
Subordinated debt		221		29		3,378		622		3,599		651
	$	221	$	29	$	136,221	$	22,780	$	136,442	$	22,809

Schedule Composition of Restricted Investments

The composition of restricted investments at March 31, 2024 and December 31, 2023 was as follows:

	March 31, 2024		December 31, 2023
	(in thousands)
Federal Reserve Bank Stock	$	344	$	344
Federal Home Loan Bank Stock		8,755		9,084
Community Bankers’ Bank Stock		140		140
	$	9,239	$	9,568