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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Debt Securities Available-For-Sale
The amortized cost, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at December 31, 2023 and 2022 were as follows:
Total
Amortized
Cost
Gross UnrealizedFair
Value
(in thousands)
GainsLosses
December 31, 2023
U.S. Treasury$1,977 $$— $1,978 
U.S. government and federal agency obligations446 — (19)427 
U.S. government-sponsored enterprises22,042 16 (236)21,822 
Obligations of states and political subdivisions126,396 55 (19,566)106,885 
Mortgage-backed securities51,736 27 (6,123)45,640 
Other debt securities (a)11,825 22 (1,026)10,821 
Bank issued trust preferred securities (a)1,486 — (317)1,169 
Total available-for-sale securities$215,908 $121 $(27,287)$188,742 
December 31, 2022
U.S. Treasury$2,198 $— $(46)$2,152 
U.S. government and federal agency obligations591 — (32)559 
U.S. government-sponsored enterprises26,499 — (2,722)23,777 
Obligations of states and political subdivisions134,994 — (25,554)109,440 
Mortgage-backed securities119,556 (16,864)102,699 
Other debt securities (a)11,825 — (882)10,943 
Bank issued trust preferred securities (a)1,486 — (309)1,177 
Total available-for-sale securities$297,149 $$(46,409)$250,747 
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations.
Schedule of Amortized Cost and Fair Value of Debt Securities Classified as Available-For-Sale by Contractual Maturity Expected
maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(in thousands)
Amortized
Cost
Fair
Value
Due in one year or less$2,102 $2,102 
Due after one year through five years25,465 25,346 
Due after five years through ten years26,216 23,779 
Due after ten years110,389 91,875 
Total164,172 143,102 
Mortgage-backed securities51,736 45,640 
Total available-for-sale securities$215,908 $188,742 
Schedule of Other Securities
(in thousands)20232022
Other securities:
FHLB stock$6,071 $6,156 
MIB stock151 151 
Equity securities with readily determinable fair values78 46 
Total other investment securities$6,300 $6,353 
Schedule of Unrealized Losses
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023 and December 31, 2022 were as follows:
Less than 12 months12 months or moreTotal
Fair
Value
Total
Unrealized
Losses
(in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
At December 31, 2023
U.S. Treasury$997 $— $— $— $997 $— 
U.S. government and federal agency obligations— — 427 (19)427 (19)
U.S. government-sponsored enterprises11,995 (8)1,772 (228)13,767 (236)
Obligations of states and political subdivisions1,501 (158)103,283 (19,408)104,784 (19,566)
Mortgage-backed securities2,935 (40)39,793 (6,083)42,728 (6,123)
Other debt securities— — 8,799 (1,026)8,799 (1,026)
Bank issued trust preferred securities— — 1,169 (317)1,169 (317)
Total$17,428 $(206)$155,243 $(27,081)$172,671 $(27,287)
(in thousands)
At December 31, 2022
      
U.S. Treasury$1,908 $(41)$244 $(5)$2,152 $(46)
U.S. government and federal agency obligations559 (32)— — 559 (32)
U.S. government-sponsored enterprises7,066 (933)16,711 (1,789)23,777 (2,722)
Obligations of states and political subdivisions79,396 (15,421)29,370 (10,133)108,766 (25,554)
Mortgage-backed securities33,334 (3,124)68,911 (13,740)102,245 (16,864)
Other debt securities7,557 (443)3,386 (439)10,943 (882)
Bank issued trust preferred securities— — 1,177 (309)1,177 (309)
Total$129,820 $(19,994)$119,799 $(26,415)$249,619 $(46,409)
Schedule of Components of Investment Securities Gains and Losses
The following table presents the gross realized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
(in thousands)202320222021
Available-for-sale securities:
Gross realized gains$$$122
Gross realized losses(11,562)
Other-than-temporary impairment recognized
Other investment securities:
Fair value adjustments, net32(14)27
Certificates of deposit:
Gross realized gains
Gross realized losses(17)
Investment securities (losses) gains, net$(11,547)$(14)$149