XML 24 R17.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Securities (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Securities Available-for-Sale and Restricted Stock

Securities consist of the following on March 31, 2024 and December 31, 2023:

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Credit Losses

 

 

Fair
Value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

16,087

 

 

$

 

 

$

(341

)

 

$

 

 

$

15,746

 

U.S. Government agencies

 

 

14,000

 

 

 

 

 

 

(788

)

 

 

 

 

 

13,212

 

Mortgage-backed securities of government agencies

 

 

69,367

 

 

 

30

 

 

 

(7,712

)

 

 

 

 

 

61,685

 

Asset-backed securities of government agencies

 

 

519

 

 

 

 

 

 

(11

)

 

 

 

 

 

508

 

State and political subdivisions

 

 

17,453

 

 

 

 

 

 

(891

)

 

 

 

 

 

16,562

 

Corporate bonds

 

 

29,112

 

 

 

6

 

 

 

(1,905

)

 

 

 

 

 

27,213

 

Total available-for-sale

 

 

146,538

 

 

 

36

 

 

 

(11,648

)

 

 

 

 

 

134,926

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

10,317

 

 

$

 

 

$

(830

)

 

$

 

 

$

9,487

 

Mortgage-backed securities of government agencies

 

 

209,236

 

 

 

 

 

 

(32,116

)

 

 

 

 

 

177,120

 

State and political subdivisions

 

 

2,542

 

 

 

 

 

 

(207

)

 

 

 

 

 

2,335

 

Total held-to-maturity

 

 

222,095

 

 

 

 

 

 

(33,153

)

 

 

 

 

 

188,942

 

Equity securities

 

 

185

 

 

 

68

 

 

 

 

 

 

 

 

 

253

 

Restricted stock

 

 

1,530

 

 

 

 

 

 

 

 

 

 

 

 

1,530

 

Total securities

 

$

370,348

 

 

$

104

 

 

$

(44,801

)

 

$

 

 

$

325,651

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

18,110

 

 

$

 

 

$

(421

)

 

$

 

 

$

17,689

 

U.S. Government agencies

 

 

14,000

 

 

 

 

 

 

(848

)

 

 

 

 

 

13,152

 

Mortgage-backed securities of government agencies

 

 

72,279

 

 

 

98

 

 

 

(7,332

)

 

 

 

 

 

65,045

 

Asset-backed securities of government agencies

 

 

548

 

 

 

 

 

 

(25

)

 

 

 

 

 

523

 

State and political subdivisions

 

 

17,476

 

 

 

 

 

 

(890

)

 

 

 

 

 

16,586

 

Corporate bonds

 

 

29,135

 

 

 

6

 

 

 

(2,056

)

 

 

 

 

 

27,085

 

Total available-for-sale

 

 

151,548

 

 

 

104

 

 

 

(11,572

)

 

 

 

 

 

140,080

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

10,305

 

 

 

 

 

 

(798

)

 

 

 

 

 

9,507

 

Mortgage-backed securities of government agencies

 

 

213,425

 

 

 

 

 

 

(30,534

)

 

 

 

 

 

182,891

 

State and political subdivisions

 

 

2,549

 

 

 

2

 

 

 

(219

)

 

 

 

 

 

2,332

 

Total held-to-maturity

 

 

226,279

 

 

 

2

 

 

 

(31,551

)

 

 

 

 

 

194,730

 

Equity securities

 

 

185

 

 

 

74

 

 

 

 

 

 

 

 

 

259

 

Restricted stock

 

 

1,535

 

 

 

 

 

 

 

 

 

 

 

 

1,535

 

Total securities

 

$

379,547

 

 

$

180

 

 

$

(43,123

)

 

$

 

 

$

336,604

 

Summary of Amortized Cost and Fair Value of Debt Securities

The amortized cost and fair value of debt securities on March 31, 2024, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

(Dollars in thousands)

 

Amortized cost

 

 

Fair value

 

Available-for-sale

 

 

 

 

 

 

Due in one year or less

 

$

16,275

 

 

$

15,939

 

Due after one through five years

 

 

46,315

 

 

 

44,048

 

Due after five through ten years

 

 

18,663

 

 

 

17,015

 

Due after ten years

 

 

65,285

 

 

 

57,924

 

Total debt securities available-for-sale

 

$

146,538

 

 

$

134,926

 

Held-to-maturity

 

 

 

 

 

 

Due in one year or less

 

$

2,498

 

 

$

2,439

 

Due after one through five years

 

 

5,170

 

 

 

4,812

 

Due after five through ten years

 

 

5,352

 

 

 

4,727

 

Due after ten years

 

 

209,075

 

 

 

176,964

 

Total debt securities held-to-maturity

 

$

222,095

 

 

$

188,942

 

Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities

The following table presents gross unrealized losses and fair value of securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, on March 31, 2024 and December 31, 2023:

 

 

 

Securities in a continuous unrealized loss position

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(Dollars in thousands)

 

Gross
unrealized
losses

 

 

Fair
value

 

 

Gross
unrealized
losses

 

 

Fair
value

 

 

Gross
unrealized
losses

 

 

Fair
value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

 

 

$

 

 

$

(341

)

 

$

15,746

 

 

$

(341

)

 

$

15,746

 

U.S. Government agencies

 

 

 

 

 

 

 

 

(788

)

 

 

13,212

 

 

 

(788

)

 

 

13,212

 

Mortgage-backed securities of government agencies

 

 

(56

)

 

 

6,055

 

 

 

(7,656

)

 

 

51,753

 

 

 

(7,712

)

 

 

57,808

 

Asset-backed securities of government agencies

 

 

 

 

 

 

 

 

(11

)

 

 

508

 

 

 

(11

)

 

 

508

 

State and political subdivisions

 

 

(3

)

 

 

422

 

 

 

(888

)

 

 

16,025

 

 

 

(891

)

 

 

16,447

 

Corporate bonds

 

 

 

 

 

 

 

 

(1,905

)

 

 

26,713

 

 

 

(1,905

)

 

 

26,713

 

Total temporarily impaired available-for-sale securities

 

$

(59

)

 

$

6,477

 

 

$

(11,589

)

 

$

123,957

 

 

$

(11,648

)

 

$

130,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

 

 

$

 

 

$

(421

)

 

$

17,689

 

 

$

(421

)

 

$

17,689

 

U.S. Government agencies

 

 

 

 

 

 

 

 

(848

)

 

 

13,152

 

 

 

(848

)

 

 

13,152

 

Mortgage-backed securities of government agencies

 

 

(3

)

 

 

1,909

 

 

 

(7,329

)

 

 

52,144

 

 

 

(7,332

)

 

 

54,053

 

Asset-backed securities of government agencies

 

 

 

 

 

 

 

 

(25

)

 

 

523

 

 

 

(25

)

 

 

523

 

State and political subdivisions

 

 

(28

)

 

 

1,783

 

 

 

(862

)

 

 

14,263

 

 

 

(890

)

 

 

16,046

 

Corporate bonds

 

 

 

 

 

 

 

 

(2,056

)

 

 

26,586

 

 

 

(2,056

)

 

 

26,586

 

Total temporarily impaired available-for-sale securities

 

$

(31

)

 

$

3,692

 

 

$

(11,541

)

 

$

124,357

 

 

$

(11,572

)

 

$

128,049

 

Summary of Amortized Cost of Held-to Maturity Debt Securities Aggregated by Credit Quality Indicator The following table summarizes the amortized cost of held-to maturity debt securities at March 31, 2024 and December 31, 2023, aggregated by credit quality indicator:

 

(Dollars in thousands)

 

U.S. Treasury securities

 

 

Mortgage- backed securities of government agencies

 

 

State and political subdivisions

 

March 31, 2024

 

 

 

 

 

 

 

 

 

Credit rating:

 

 

 

 

 

 

 

 

 

AAA / AA / A

 

$

10,317

 

 

$

209,236

 

 

$

2,542

 

BBB / BB / B

 

 

 

 

 

 

 

 

 

Lower than B

 

 

 

 

 

 

 

 

 

Non-rated

 

 

 

 

 

 

 

 

 

Total

 

$

10,317

 

 

$

209,236

 

 

$

2,542

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Credit rating:

 

 

 

 

 

 

 

 

 

AAA / AA / A

 

$

10,305

 

 

$

213,425

 

 

$

2,549

 

BBB / BB / B

 

 

 

 

 

 

 

 

 

Lower than B

 

 

 

 

 

 

 

 

 

Non-rated

 

 

 

 

 

 

 

 

 

Total

 

$

10,305

 

 

$

213,425

 

 

$

2,549