Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investment Securities [Abstract]

Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows:

	Amortized		Gross Unrealized
(Dollars in thousands)	Cost		Gains		Losses		Fair Value
As of September 30, 2024
U.S. Government-sponsored securities	$	2,791	$	11	$	14	$	2,788
Mortgage-backed securities (1)		390,440		4,753		17,474		377,719
Collateralized mortgage obligations (1)		5,725		99		10		5,814
Corporate securities		14,786		120		16		14,890
Other		352		-		-		352
Total available-for-sale securities	$	414,094	$	4,983	$	17,514	$	401,563

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

	Amortized		Gross Unrealized
(Dollars in thousands)	Cost		Gains		Losses		Fair Value
As of December 31, 2023
U.S. Government-sponsored securities	$	3,230	$	12	$	18	$	3,224
Mortgage-backed securities (1)		180,543		3,022		19,727		163,838
Collateralized mortgage obligations (1)		548		-		13		535
Corporate securities		14,743		41		179		14,605
Other		310		-		-		310
Total available-for-sale securities	$	199,374	$	3,075	$	19,937	$	182,512

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity

The book values, estimated fair values and unrecognized gains and losses of investments classified as held-to-maturity are as follows:

									Allowance
	Amortized		Gross Unrecognized						for Credit
(Dollars in thousands)	Cost		Gains		Losses		Fair Value		Losses
As of September 30, 2024
Mortgage-backed securities (1)	$	635,630	$	47	$	116,056	$	519,621	$	-
Collateralized mortgage obligations (1)		69,705		-		11,878		57,827		-
Municipal securities		75,175		163		85		75,253		450
Total held-to-maturity securities	$	780,510	$	210	$	128,019	$	652,701	$	450

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

									Allowance
	Amortized		Gross Unrecognized						for Credit
(Dollars in thousands)	Cost		Gains		Losses		Fair Value		Losses
As of December 31, 2023
Mortgage-backed securities(1)	$	664,728	$	30	$	132,043	$	532,715	$	-
Collateralized mortgage obligations(1)		74,170		-		14,017		60,153		-
Municipal securities		78,790		107		180		78,717		450
Total held-to-maturity securities	$	817,688	$	137	$	146,240	$	671,585	$	450

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Gross Unrealized Losses for Available-for-Sale Securities

The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that are less than 12 months and 12 months or more:

	September 30, 2024
	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale Securities
U.S. Government-sponsored securities	$	7	$	-	$	990	$	14	$	997	$	14
Mortgage-backed securities(1)		10,700		61		72,950		17,413		83,650		17,474
Collateralized mortgage obligations(1)		-		-		475		10		475		10
Corporate securities		10,008		16		-		-		10,008		16
Total available-for-sale securities	$	20,715	$	77	$	74,415	$	17,437	$	95,130	$	17,514

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

					December 31, 2023
	Less Than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale Securities
U.S. Government-sponsored securities	$	33	$	-	$	1,235	$	18	$	1,268	$	18
Mortgage-backed securities (1)		1,629		11		80,746		19,716		82,375		19,727
Collateralized mortgage obligations (1)		-		-		535		13		535		13
Corporate securities		-		-		9,853		179		9,853		179
Total available-for-sale securities	$	1,662	$	11	$	92,369	$	19,926	$	94,031	$	19,937

⁽¹⁾ All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government.

Activity in Allowance for Credit Losses for Held-to-Maturity Securities by Major Type

The following table presents the activity in the allowance for credit losses for held-to-maturity securities by major type:

	September 30, 2024
(Dollars in thousands)	Municipal securities		Mortgage-backed securities		Collateralized mortgage obligations		Total
Allowance for credit losses - securities
Beginning balance	$	450	$	-	$	-	$	450
Provision for credit losses		-		-		-		-
Ending Balance	$	450	$	-	$	-	$	450

	December 31, 2023
(Dollars in thousands)	Municipal securities		Mortgage-backed securities		Collateralized mortgage obligations		Total
Allowance for credit losses - securities
Beginning balance	$	393	$	-	$	-	$	393
Provision for credit losses		57		-		-		57
Ending Balance	$	450	$	-	$	-	$	450

Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Final Maturity

The amortized cost and estimated fair values of investment securities at September 30, 2024 by contractual final maturity are shown in the following table:

	Available-for-Sale				Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities maturing in:
One year or less	$	359	$	359	$	982	$	977
After one year through five years		18,598		18,632		22,486		22,283
After five years through ten years		2,233		2,206		14,939		14,403
After ten years		392,904		380,366		742,103		615,038
Total	$	414,094	$	401,563	$	780,510	$	652,701

Amortized Cost of Held-to-Maturity Municipal Securities by Credit Rating

The Company monitors the credit quality of those held-to-maturity securities not issued by the U.S. government or one of its agencies or government sponsored entities, through the use of credit ratings. Credit ratings are reviewed and updated quarterly. The following tables summarizes the amortized cost of held-to-maturity municipal securities by credit rating as of the dates indicated:

	Held-to-Maturity
	Amortized Cost
(Dollars in thousands)	AAA/AA/A		BBB/BB/B		Not Rated		Total
September 30, 2024
Municipal securities	$	19,484	$	401	$	55,290	$	75,175
Total	$	19,484	$	401	$	55,290	$	75,175

As of September 30, 2024, there were no past due principal or interest payments associated with these securities.

	Held-to-Maturity
	Amortized Cost
(Dollars in thousands)	AAA/AA/A		BBB/BB/B			Not Rated			Total
December 31, 2023
Municipal securities	$	20,203		$	395		$	58,192		$	78,790
Total	$	20,203		$	395		$	58,192		$	78,790

Proceeds from Sales and Calls of Investment Securities

Proceeds from sales and calls of investment securities were as follows:

(Dollars in thousands)	Gross Proceeds		Gross Gains		Gross Losses
Nine months ended September 30, 2024	$	70,251	$	839	$	96
Nine months ended September 30, 2023	$	30,482	$	-	$	5,686