Investments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments |
|
| Schedule of amortized cost, estimated fair value, and allowance for credit losses of available-for-sale and held-to-maturity investment securities |
Amortized Cost and Estimated Fair Value (dollars in thousands, unaudited) | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Estimated Fair
Value | Available-for-sale | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 18,370 | | $ | — | | $ | (287) | | $ | — | | $ | 18,083 | Mortgage-backed securities | | | 275,398 | | | 807 | | | (4,256) | | | — | | | 271,949 | State and political subdivisions | | | 59,784 | | | 312 | | | (5,215) | | | — | | | 54,881 | Corporate bonds | | | 86,780 | | | 359 | | | (3,120) | | | — | | | 84,019 | Collateralized loan obligations | | | 182,665 | | | 293 | | | (68) | | | — | | | 182,890 | Total available-for-sale securities | | $ | 622,997 | | $ | 1,771 | | $ | (12,946) | | $ | — | | $ | 611,822 | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrecognized
Gains | | Gross
Unrecognized
Losses | | Estimated Fair
Value | | Allowance for Credit Losses | Held-to-maturity | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 4,320 | | $ | — | | $ | (462) | | $ | 3,858 | | $ | — | Mortgage-backed securities | | | 108,476 | | | — | | | (8,471) | | | 100,005 | | | — | State and political subdivisions | | | 170,098 | | | 4,787 | | | — | | | 174,885 | | | (14) | Total held-to-maturity securities | | $ | 282,894 | | $ | 4,787 | | $ | (8,933) | | $ | 278,748 | | $ | (14) |
| | | | | | | | | | | | | | | | | | December 31, 2025 | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Estimated Fair
Value | Available-for-sale | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 33,000 | | $ | 35 | | $ | (134) | | $ | — | | $ | 32,901 | Mortgage-backed securities | | | 259,386 | | | 2,491 | | | (2,117) | | | — | | | 259,760 | State and political subdivisions | | | 52,610 | | | 68 | | | (5,757) | | | — | | | 46,921 | Corporate bonds | | | 90,114 | | | 293 | | | (3,940) | | | — | | | 86,467 | Collateralized loan obligations | | | 198,968 | | | 364 | | | (51) | | | — | | | 199,281 | Total available-for-sale securities | | $ | 634,078 | | $ | 3,251 | | $ | (11,999) | | $ | — | | $ | 625,330 | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrecognized
Gains | | Gross
Unrecognized
Losses | | Estimated Fair
Value | | Allowance for Credit Losses | Held-to-maturity | | | | | | | | | | | | | | | | U.S. government agencies | | $ | 4,523 | | $ | — | | $ | (413) | | $ | 4,110 | | $ | — | Mortgage-backed securities | | | 115,228 | | | 20 | | | (7,002) | | | 108,246 | | | — | State and political subdivisions | | | 171,075 | | | 3,030 | | | — | | | 174,105 | | | (15) | Total held-to-maturity securities | | $ | 290,826 | | $ | 3,050 | | $ | (7,415) | | $ | 286,461 | | $ | (15) |
|
| Schedule of amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating |
Held-To-Maturity by Credit Rating (dollars in thousands, unaudited) | | | | | | | | | Held-To-Maturity | | | June 30, 2026 | | December 31, 2025 | State and political subdivisions | | | | | | | AAA/Aaa | | $ | 57,793 | | $ | 59,367 | AA/Aa | | | 107,557 | | | 110,255 | A/A2 | | | 1,483 | | | 523 | Not rated | | | 927 | | | 930 | Total (1) | | $ | 167,760 | | $ | 171,075 |
| (1) | Prerefunded and escrowed to maturity bonds with an amortized cost of $2.3 million are excluded. |
|
| Schedule of gross realized gains and losses as well as gross proceeds from the sales of securities |
Investment Portfolio - Realized Gains/(Losses) (dollars in thousands, unaudited) | | | | | | | | | | | | | | | Three months ended June 30, | | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Proceeds from sales, calls and maturities of securities available for sale | | $ | 12,104 | | $ | 6,000 | | $ | 24,104 | | $ | 11,000 | Gross gains on sales, calls and maturities of securities available for sale | | | — | | | 1 | | | — | | | 124 | Gross losses on sales, calls and maturities of securities available for sale | | | — | | | — | | | — | | | — | Net gain (loss) on sale of securities available for sale | | $ | — | | $ | 1 | | $ | — | | $ | 124 |
|
| Information Pertaining to Investment Securities Aggregated by Investment Category and Length of Time that Individual Securities in a Continuous Loss Position |
Investment Portfolio - Unrealized Losses (dollars in thousands, unaudited) | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | Less than twelve months | | Twelve months or more | | Total | | Number of Securities | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | Available-for-sale | | | | | | | | | | | | | | | | | | | | U.S. government agencies | 5 | | $ | (109) | | $ | 10,760 | | $ | (178) | | $ | 7,323 | | $ | (287) | | $ | 18,083 | Mortgage-backed securities | 106 | | | (2,610) | | | 158,628 | | | (1,646) | | | 25,451 | | | (4,256) | | | 184,079 | State and political subdivisions | 49 | | | (26) | | | 1,739 | | | (5,189) | | | 36,286 | | | (5,215) | | | 38,025 | Corporate bonds | 70 | | | (427) | | | 21,696 | | | (2,693) | | | 43,502 | | | (3,120) | | | 65,198 | Collateralized loan obligations | 8 | | | (55) | | | 58,408 | | | (13) | | | 9,987 | | | (68) | | | 68,395 | Total available-for-sale | 238 | | $ | (3,227) | | $ | 251,231 | | $ | (9,719) | | $ | 122,549 | | $ | (12,946) | | $ | 373,780 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Less than twelve months | | Twelve months or more | | Total | | Number of Securities | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | Available-for-sale | | | | | | | | | | | | | | | | | | | | U.S. government agencies | 5 | | $ | (10) | | $ | 5,990 | | $ | ($124) | | $ | 14,375 | | $ | (134) | | $ | 20,365 | Mortgage-backed securities | 72 | | | (755) | | | 92,185 | | | (1,362) | | | 28,712 | | | (2,117) | | | 120,897 | State and political subdivisions | 51 | | | (14) | | | 1,481 | | | (5,743) | | | 37,029 | | | (5,757) | | | 38,510 | Corporate bonds | 70 | | | (483) | | | 25,381 | | | (3,457) | | | 41,993 | | | (3,940) | | | 67,374 | Collateralized loan obligations | 7 | | | (51) | | | 59,209 | | | — | | | — | | | (51) | | | 59,209 | Total available-for-sale | 205 | | $ | (1,313) | | $ | 184,246 | | $ | (10,686) | | $ | 122,109 | | $ | (11,999) | | $ | 306,355 |
|
| Schedule of amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity grouped by the remaining time to contractual maturity dates |
| | | | | | | | | | | | | | | June 30, 2026 | | | Available-for-Sale | | Held-to-Maturity | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Maturing within one year | | $ | 285 | | $ | 285 | | $ | 1,331 | | $ | 1,328 | Maturing after one year through five years | | | 19,702 | | | 19,886 | | | 6,446 | | | 6,341 | Maturing after five years through ten years | | | 81,422 | | | 78,051 | | | 17,607 | | | 16,853 | Maturing after ten years | | | 63,525 | | | 58,761 | | | 149,034 | | | 154,221 | Securities not due at a single maturity date: | | | | | | | | | | | | | Mortgage-backed securities | | | 275,398 | | | 271,949 | | | 108,476 | | | 100,005 | Collateralized loan obligations | | | 182,665 | | | 182,890 | | | — | | | — | Total | | $ | 622,997 | | $ | 611,822 | | $ | 282,894 | | $ | 278,748 |
| | | | | | | | | | | | | | | December 31, 2025 | | | Available-for-Sale | | Held-to-Maturity | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Maturing within one year | | $ | 10,285 | | $ | 10,320 | | $ | 824 | | $ | 825 | Maturing after one year through five years | | | 19,667 | | | 19,907 | | | 5,014 | | | 4,902 | Maturing after five years through ten years | | | 82,725 | | | 78,553 | | | 17,806 | | | 17,020 | Maturing after ten years | | | 63,047 | | | 57,509 | | | 151,954 | | | 155,468 | Securities not due at a single maturity date: | | | | | | | | | | | | | Mortgage-backed securities | | | 259,386 | | | 259,760 | | | 115,228 | | | 108,246 | Collateralized loan obligations | | | 198,968 | | | 199,281 | | | — | | | — | Total | | $ | 634,078 | | $ | 625,330 | | $ | 290,826 | | $ | 286,461 |
|