Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments |
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| Schedule of amortized cost, estimated fair value, and allowance for credit losses of available-for-sale and held-to-maturity investment securities |
The amortized cost, fair value and allowance for credit losses related to securities at June 30, 2025 and December 31, 2024, are as follows (in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | June 30, 2025 | | Cost | | Gains | | Losses | | Fair Value | Available for sale securities: | | | | | | | | | | | | | U.S. Treasuries | | $ | 156,707 | | | 113 | | $ | (5,175) | | $ | 151,645 | Mortgage-backed securities | | | 44,774 | | | 31 | | | (3,703) | | | 41,102 | Collateralized mortgage obligations | | | 66,040 | | | 2 | | | (4,251) | | | 61,791 | States and political subdivisions | | | 100,291 | | | — | | | (17,856) | | | 82,435 | Total available for sale securities | | $ | 367,812 | | $ | 146 | | $ | (30,985) | | $ | 336,973 |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | December 31, 2024 | | Cost | | Gains | | Losses | | Fair Value | Available for sale securities: | | | | | | | | | | | | | U.S. Treasuries | | $ | 124,320 | | $ | 150 | | $ | (7,425) | | $ | 117,045 | Mortgage-backed securities | | | 46,845 | | | 35 | | | (4,368) | | | 42,512 | Collateralized mortgage obligations | | | 73,857 | | | 77 | | | (5,070) | | | 68,864 | States and political subdivisions | | | 100,845 | | | — | | | (20,618) | | | 80,227 | Total available for sale securities | | $ | 345,867 | | $ | 262 | | $ | (37,481) | | $ | 308,648 |
| | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | Allowance | | Net | | | Amortized | | Unrealized | | Unrealized | | Estimated | | for Credit | | Carrying | June 30, 2025 | | Cost | | Gains | | Losses | | Fair Value | | Losses | | Amount | Held to maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 19,986 | | $ | 17 | | $ | (196) | | $ | 19,807 | | $ | — | | $ | 19,986 | States and political subdivisions | | | 80,910 | | | 12 | | | (10,666) | | | 70,256 | | | (40) | | | 80,870 | Total held to maturity securities | | $ | 100,896 | | $ | 29 | | $ | (10,862) | | $ | 90,063 | | $ | (40) | | $ | 100,856 |
| | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | Allowance | | Net | | | Amortized | | Unrealized | | Unrealized | | Estimated | | for Credit | | Carrying | December 31, 2024 | | Cost | | Gains | | Losses | | Fair Value | | Losses | | Amount | Held to maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 39,978 | | $ | 20 | | $ | (450) | | $ | 39,548 | | $ | — | | $ | 39,978 | States and political subdivisions | | | 83,218 | | | 14 | | | (11,668) | | | 71,564 | | | (40) | | | 83,178 | Total held to maturity securities | | $ | 123,196 | | $ | 34 | | $ | (12,118) | | $ | 111,112 | | $ | (40) | | $ | 123,156 |
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| Schedule of allowance for credit losses on held-to-maturity securities |
The following table shows a rollforward of the allowance for credit losses on held-to-maturity securities for the six months ended June 30, 2025 and the year ended December 31, 2024 and the six months ended June 30, 2024 and the year ended December 31, 2023 (in thousands): | | | | | | | | | | State and political | | | subdivisions | Balance, December 31, 2024 | | $ | 40 | Provision for credit losses | | | — | Charge-offs of securities | | | — | Recoveries | | | — | Balance, June 30, 2025 | | $ | 40 | | | | |
| | | | | | State and political | | | subdivisions | Balance, December 31, 2023 | | $ | 30 | Provision for credit losses | | | — | Charge-offs of securities | | | — | Recoveries | | | — | Balance, June 30, 2024 | | $ | 30 |
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| Schedule of amortized cost of debt securities held-to-maturity aggregated by credit quality indicators |
The following table summarizes the amortized cost of debt securities held-to-maturity at June 30, 2025 and December 31, 2024, aggregated by credit quality indicators (in thousands): | | | | | | | June 30, 2025 | | December 31, 2024 | Aaa | $ | — | | $ | 39,978 | Aa1/Aa2/Aa3 | | 53,790 | | | 33,961 | A1/A2 | | 3,147 | | | 3,164 | Baa1/Baa2 | | 1,000 | | | 1,000 | Not rated | | 42,959 | | | 45,093 | Total | $ | 100,896 | | $ | 123,196 |
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| Schedule of amortized cost and fair value of debt securities by contractual maturity |
The amortized cost and fair value of debt securities at June 30, 2025, (in thousands) by contractual maturity, are shown below | | | | | | | | | Amortized Cost | | Fair Value | Available for sale securities: | | | | | | | Due in one year or less | | $ | 82,331 | | $ | 82,413 | Due after one year through five years | | | 85,616 | | | 79,556 | Due after five years through ten years | | | 49,157 | | | 41,559 | Due after ten years | | | 39,894 | | | 30,552 | Mortgage-backed securities | | | 44,774 | | | 41,102 | Collaterized mortgage obligations | | | 66,040 | | | 61,791 | Total | | $ | 367,812 | | $ | 336,973 | Held to maturity securities: | | | | | | | Due in one year or less | | $ | 13,714 | | $ | 13,703 | Due after one year through five years | | | 40,395 | | | 38,498 | Due after five years through ten years | | | 28,637 | | | 25,039 | Due after ten years | | | 18,150 | | | 12,823 | Total | | $ | 100,896 | | $ | 90,063 |
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| Schedule of available for sale securities with gross unrealized losses aggregated by investment category and length of time |
Available for sale securities with gross unrealized losses at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | Available for Sale | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | June 30, 2025: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 47,304 | | $ | 31 | | $ | 69,371 | | | 5,145 | | | 116,675 | | $ | 5,176 | Mortgage-backed securities | | | 3,519 | | | 8 | | | 31,357 | | | 3,695 | | | 34,876 | | | 3,703 | Collateralized mortgage obligations | | | 11,358 | | | 34 | | | 49,106 | | | 4,217 | | | 60,464 | | | 4,251 | States and political subdivisions | | | 1,925 | | | 226 | | | 80,510 | | | 17,629 | | | 82,435 | | | 17,855 | Total | | $ | 64,106 | | $ | 299 | | $ | 230,344 | | $ | 30,686 | | $ | 294,450 | | $ | 30,985 |
| | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | Available for Sale | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | December 31, 2024: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | — | | $ | — | | $ | 81,991 | | $ | 7,425 | | | 81,991 | | $ | 7,425 | Mortgage-backed securities | | | 3,993 | | | 20 | | | 36,388 | | | 4,348 | | | 40,381 | | | 4,368 | Collateralized mortgage obligations | | | 1,728 | | | 9 | | | 51,513 | | | 5,061 | | | 53,241 | | | 5,070 | States and political subdivisions | | | — | | | — | | | 80,087 | | | 20,618 | | | 80,087 | | | 20,618 | Total | | $ | 5,721 | | $ | 29 | | $ | 249,979 | | $ | 37,452 | | $ | 255,700 | | $ | 37,481 |
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