Investment Securities (Tables)
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3 Months Ended |
Mar. 31, 2024 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Available-For-Sale |
The amortized cost and estimated
fair values of investment securities are summarized below. As of March 31, 2024 and December 31, 2023, there was no allowance
for credit losses on available-for-sale securities.
Schedule of Amortized Cost and Estimated Fair Values of
Investment Securities Available-For-Sale
AVAILABLE-FOR-SALE:
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
| |
(Dollars in thousands) | |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
March 31, 2024 | |
| | | |
| | | |
| | | |
| | |
US Treasury securities | |
$ | 15,800 | | |
$ | — | | |
$ | (2,670 | ) | |
$ | 13,130 | |
Small Business Administration pools | |
| 15,173 | | |
| 23 | | |
| (493 | ) | |
| 14,703 | |
Corporate and other securities | |
| 8,758 | | |
| — | | |
| (1,063 | ) | |
| 7,695 | |
Total | |
$ | 295,711 | | |
$ | 37 | | |
$ | (21,399 | ) | |
$ | 274,349 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
| |
(Dollars in thousands) | |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
US Treasury securities | |
$ | 20,791 | | |
$ | — | | |
$ | (2,445 | ) | |
$ | 18,346 | |
Small Business Administration pools | |
| 16,108 | | |
| 24 | | |
| (411 | ) | |
| 15,721 | |
Corporate and other securities | |
| 8,759 | | |
| | | |
| (888 | ) | |
| 7,871 | |
Total | |
$ | 303,915 | | |
$ | 39 | | |
$ | (21,728 | ) | |
$ | 282,226 | |
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Schedule of Amortized Cost and Estimated Fair Values of Investment Securities Held-To-Maturity |
HELD-TO-MATURITY:
Schedule of Amortized Cost and Estimated Fair Values of
Investment Securities Held-To-Maturity
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
| |
(Dollars in thousands) | |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
March 31, 2024 | |
| | | |
| | | |
| | | |
| | |
State and local government | |
| 104,449 | | |
| 41 | | |
| (4,177 | ) | |
| 100,313 | |
Total | |
$ | 215,230 | | |
$ | 41 | | |
$ | (13,518 | ) | |
$ | 201,753 | |
| |
| | | |
| | | |
| | | |
| | |
(Dollars in thousands) | |
Amortized Cost | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Fair Value | |
December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
State and local government | |
| 104,430 | | |
| 283 | | |
| (3,445 | ) | |
| 101,268 | |
Total | |
$ | 217,170 | | |
| 283 | | |
| (11,935 | ) | |
$ | 205,518 | |
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Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position. |
The following tables show gross unrealized
losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated
by investment category and length of time that individual securities have been in a continuous loss position, as of March 31,
2024.
Schedule of gross unrealized losses
and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss
position.
| |
| | |
| | |
| | |
| | |
| | |
| |
March 31, 2024 | |
Less than 12 months | | |
12 months or more | | |
Total | |
Available-for-sale securities: | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
(Dollars in thousands) | |
Value | | |
Loss | | |
Value | | |
Loss | | |
Value | | |
Loss | |
US Treasury Securities | |
$ | — | | |
$ | — | | |
$ | 13,130 | | |
$ | 2,670 | | |
$ | 13,130 | | |
$ | 2,670 | |
Small Business Administration pools | |
| 4,540 | | |
| 100 | | |
| 7,044 | | |
| 393 | | |
| 11,584 | | |
| 493 | |
Corporate and other securities | |
| 3,374 | | |
| 372 | | |
| 4,316 | | |
| 691 | | |
| 7,690 | | |
| 1,063 | |
Total | |
$ | 17,693 | | |
$ | 1,028 | | |
$ | 248,994 | | |
$ | 20,371 | | |
$ | 266,687 | | |
$ | 21,399 | |
The following table shows gross unrealized
losses by fair values of available-for-sale securities, aggregated by investment category and length of time that individual securities
have been in a continuous loss position as of December 31, 2023.
| |
| | |
| | |
| | |
| | |
| | |
| |
December 31, 2023 | |
Less than 12 months | | |
12 months or more | | |
Total | |
Available-for-sale securities: | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
(Dollars in thousands) | |
Value | | |
Loss | | |
Value | | |
Loss | | |
Value | | |
Loss | |
US Treasury Securities | |
$ | — | | |
$ | — | | |
$ | 18,346 | | |
$ | 2,445 | | |
$ | 18,346 | | |
$ | 2,445 | |
Small Business Administration pools | |
| 4,253 | | |
| 45 | | |
| 7,638 | | |
| 366 | | |
| 11,891 | | |
| 411 | |
Corporate and other securities | |
| 1,880 | | |
| 115 | | |
| 4,236 | | |
| 773 | | |
| 6,116 | | |
| 888 | |
Total | |
$ | 14,297 | | |
$ | 583 | | |
$ | 256,193 | | |
$ | 21,145 | | |
$ | 270,490 | | |
$ | 21,728 | |
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Schedule of allowance for credit losses on held to maturity securities |
The following table shows
a roll forward of the allowance for credit losses on held to maturity securities for the three months ended March 31, 2024 and
2023.
Schedule of allowance for credit losses on held to maturity securities
| |
Three Months | |
| |
Ended | |
(Dollars in thousands) | |
March 31, 2024 | |
Allowance for Credit Losses on Held-to-Maturity Securities: | |
| | |
State and local government | |
| | |
Beginning balance, December 31, 2023 | |
$ | (30 | ) |
Recovery of (provision) for credit losses | |
| 1 | |
Ending balance, March 31, 2024 | |
$ | (29 | ) |
| |
| | |
| |
Three Months | |
| |
Ended | |
(Dollars in thousands) | |
March 31, 2023 | |
Allowance for Credit Losses on Held-to-Maturity Securities: | |
| | |
State and local government | |
| | |
Beginning balance, December 31, 2022 | |
$ | — | |
Adjustment for adoption of ASC 326 | |
| (43 | ) |
Recovery of (provision) for credit losses | |
| 1 | |
Ending balance, March 31, 2023 | |
$ | (42 | ) |
| |
| | |
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Schedule of Credit Quality Rating |
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Schedule of Amortized Cost and Fair Value of Investment Securities |
The following table shows
the amortized cost and fair value of investment securities at March 31, 2024, by expected maturity. Expected maturities differ
from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment
penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life.
Schedule of Amortized
Cost and Fair Value of Investment Securities
| |
Available-for-sale | |
March 31, 2024 | |
Amortized | | |
Fair | |
(Dollars in thousands) | |
Cost | | |
Value | |
Due in one year or less | |
$ | 6 | | |
$ | 6 | |
Due after one year through five years | |
| 10,106 | | |
| 9,760 | |
Due after five years through ten years | |
| 38,168 | | |
| 33,656 | |
Due after ten years | |
| 247,431 | | |
| 230,927 | |
Total | |
$ | 295,711 | | |
$ | 274,349 | |
| |
| |
| |
Held-To-Maturity | |
March 31, 2024 | |
Amortized | | |
Fair | |
(Dollars in thousands) | |
Cost | | |
Value | |
Due in one year or less | |
$ | 2,718 | | |
$ | 2,672 | |
Due after one year through five years | |
| 48,943 | | |
| 46,815 | |
Due after five years through ten years | |
| 65,572 | | |
| 62,564 | |
Due after ten years | |
| 98,026 | | |
| 89,731 | |
Allowance for Credit Losses on Held-to-Maturity Securities | |
| (29 | ) | |
| (29 | ) |
Total | |
$ | 215,230 | | |
$ | 201,753 | |
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