Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

The amortized cost and estimated fair value of debt securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses	Fair Value
March 31, 2024
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	74,308	—		6,502	67,806
U.S. Agency notes	88,929		—		8,339	80,590
Corporate bonds	7,450		—		824	6,626
U.S. Agency mortgage-backed securities	79,727		6		9,940	69,793
Municipal securities:
Non-taxable	4,638		—		235	4,403
Taxable	37,354		—		3,786	33,568
	$	292,406	6		29,626	262,786

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	13,468	2		853	12,617
Taxable	3,283		—		389	2,894
	$	16,751	2		1,242	15,511

December 31, 2023
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	74,404	—		6,202	68,202
U.S. Agency notes	88,978		—		8,077	80,901
Corporate Bonds	7,450		—		916	6,534
U.S. Agency mortgage-backed securities	81,634		2		8,846	72,790
Municipal securities:
Non-taxable	7,416		—		245	7,171
Taxable	44,923		1		3,921	41,003
	$	304,805	$	3	28,207	276,601

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	13,580	4		872	12,712
Taxable	3,283		—		316	2,967
	$	16,863	4		1,188	15,679

Schedule of Unrealized Loss on Investments

Information concerning debt securities with gross unrealized losses at March 31, 2024 and December 31, 2023, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (in thousands):


	Less than Twelve Months			Twelve Months or Greater
	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses
March 31, 2024
Available-for-Sale:
U.S. Treasury notes	$	1,489	7	66,317	6,495
U.S. Agency notes	—		—	80,590	8,339
Corporate bonds	729		21	5,897	803
U.S. Agency mortgage-backed securities	—		—	69,301	9,940
Municipal securities:
Non-taxable	—		—	4,403	235
Taxable	—		—	33,447	3,786
	$	2,218	28	259,955	29,598

Held-to-Maturity:
Municipal securities:
Non-taxable	$	—	—	11,900	853
Taxable	—		—	2,894	389
	$	—	—	14,794	1,242

December 31, 2023
Available-for-Sale:
U.S. Treasury notes	$	—	—	68,202	6,202
U.S. Agency notes	—		—	80,901	8,077
Corporate Bonds	734		16	5,800	900
U.S. Agency mortgage-backed securities	—		—	72,287	8,846
Municipal securities:
Non-taxable	1,540		10	5,631	235
Taxable	—		—	40,392	3,921
	$	2,274	26	273,213	28,181

Held-to-Maturity:
Municipal securities:
Non-taxable	$	6,012	476	5,975	396
Taxable	—		—	2,966	316
	$	6,012	476	8,941	712

Investments Classified by Contractual Maturity Date

Contractual maturities of debt securities at March 31, 2024 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.


	Available-for-Sale			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	15,909	15,531	1,469	1,449
Due from one to five years	163,735		148,059	1,319	1,281
Due from five to ten years	33,035		29,403	2,849	2,699
Due after ten years	—		—	11,114	10,082
	212,679		192,993	16,751	15,511
U.S. Agency mortgage-backed securities	79,727		69,793	—	—
	$	292,406	262,786	16,751	15,511

Gain (Loss) on Securities

Certain information concerning the sale of debt securities available-for-sale for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Proceeds from sales		$	9,615	—
Gross realized gains		—		—
Gross realized losses		214		—

Certain information concerning changes in the fair value of equity securities with a readily determinable fair value for the three and three months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Net losses recognized during the period on equity securities		$	(10)	(31)
Less net losses recognized during the period on equity securities sold during the period		—		(61)
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end		$	(10)	30

Marketable Securities

The amortized cost and estimated fair value of equity securities with a readily determinable fair value at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):


	March 31, 2024			December 31, 2023
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Mutual Funds	$	1,423	1,236	1,415	1,240
Equity Securities	10		98	10	96
Total equity securities with a readily determinable fair value	$	1,433	1,334	1,425	1,336