Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Securities Available for Sale and Securities Held-to-Maturity

The following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-to-maturity and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss at March 31, 2024 and December 31, 2023 (amounts in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2024:
Securities available-for-sale:
Residential mortgage-backed	$	406,554	$	28	$	(60,105	)	$	346,477
U.S. treasury securities		115,822		-		(10,003	)		105,819
U.S. govt. sponsored enterprises		61,738		-		(5,317	)		56,421
State, county, and municipal		70,397		-		(9,418	)		60,979
Corporate debt obligations		16,744		4		(2,006	)		14,742
Total available-for-sale	$	671,255	$	32	$	(86,849	)	$	584,438

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2024:
Securities held-to-maturity:
Residential mortgage-backed	$	62,884	$	-	$	(12,819	)	$	50,065
State, county, and municipal		62,827		-		(12,354	)		50,473
Total held-to-maturity	$	125,711	$	-	$	(25,173	)	$	100,538

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2023:
Securities available-for-sale:
Residential mortgage-backed	$	413,179	$	102	$	(55,981	)	$	357,300
U.S. treasury securities		130,713		-		(10,661	)		120,052
U.S. govt. sponsored enterprises		68,751		-		(5,185	)		63,566
State, county, and municipal		73,514		4		(8,857	)		64,661
Corporate debt obligations		17,758		5		(2,251	)		15,512
Total available-for-sale	$	703,915	$	111	$	(82,935	)	$	621,091
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2023:
Securities held-to-maturity:
Residential mortgage-backed	$	63,953	$	-	$	(12,022	)	$	51,931
State, county, and municipal		62,840		-		(11,597	)		51,243
Total held-to-maturity	$	126,793	$	-	$	(23,619	)	$	103,174

Schedule of Details Concerning Investment Securities with Unrealized and Unrecognized Losses

The following tables summarize securities with unrealized and unrecognized losses as of March 31, 2024 and December 31, 2023 aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position (amounts in thousands):

	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2024:
Securities available-for-sale:
Residential mortgage-backed	$	6,232	$	38	$	333,411	$	60,067	$	339,643	$	60,105
U.S. treasury securities		-		-		105,819		10,003		105,819		10,003
U.S. govt. sponsored enterprises		-		-		56,421		5,317		56,421		5,317
State, county & municipal		1,497		4		59,483		9,414		60,980		9,418
Corporate debt obligations		-		-		12,329		2,006		12,329		2,006
Total available-for-sale	$	7,729	$	42	$	567,463	$	86,807	$	575,192	$	86,849
Securities held-to-maturity:
Residential mortgage-backed	$	-	$	-	$	50,065	$	12,819	$	50,065	$	12,819
State, county & municipal		-		-		45,127		12,354		45,127		12,354
Total held-to-maturity	$	-	$	-	$	95,192	$	25,173	$	95,192	$	25,173
December 31, 2023:
Securities available-for-sale:
Residential mortgage-backed	$	2,028	$	2	$	352,807	$	55,979	$	354,835	$	55,981
U.S. treasury securities		-		-		120,053		10,661		120,053		10,661
U.S. govt. sponsored enterprises		1,689		7		61,877		5,178		63,566		5,185
State, county & municipal		-		-		63,657		8,857		63,657		8,857
Corporate debt obligations		926		29		13,131		2,222		14,057		2,251
Total available-for-sale	$	4,643	$	38	$	611,525	$	82,897	$	616,168	$	82,935
Securities held-to-maturity:
Residential mortgage-backed	$	-	$	-	$	51,931	$	12,022	$	51,931	$	12,022
State, county & municipal		-		-		45,898		11,597		45,898		11,597
Total held-to-maturity	$	-	$	-	$	97,829	$	23,619	$	97,829	$	23,619

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities

The amortized cost and estimated fair value of debt securities at March 31, 2024 and December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities for residential mortgage backed securities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. These securities are therefore not presented by maturity classification.

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In Thousands)				(In Thousands)
Securities available-for-sale
Less than 1 year	$	-	$	-	$	2,500	$	2,424
1 to 5 years		150,066		137,022		163,927		150,501
5 to 10 years		48,236		42,909		51,970		46,415
After 10 years		66,399		58,030		72,339		64,451
		264,701		237,961		290,736		263,791
Residential mortgage-backed securities		406,554		346,477		413,179		357,300
Total available-for-sale	$	671,255	$	584,438	$	703,915	$	621,091

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In Thousands)				(In Thousands)
Securities held-to-maturity
5 to 10 years	$	21,717	$	17,626	$	19,706	$	16,192
After 10 years		41,110		32,847		43,134		35,051
		62,827		50,473		62,840		51,243
Residential mortgage-backed securities		62,884		50,065		63,953		51,931
Total held-to-maturity	$	125,711	$	100,538	$	126,793	$	103,174