Investment Securities (Tables)

12 Months Ended

Dec. 31, 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:

			Gross Unrealized
(Dollars in thousands)	Amortized Cost		Gains		Losses		Fair Value
As of December 31, 2024
U.S. Government-sponsored securities	$	2,657	$	4	$	17	$	2,644
Mortgage-backed securities(1)		466,302		464		26,908		439,858
Commercial mortgage-backed obligations(1)		1,228		-		16		1,212
Collateralized mortgage obligations(1)		5,653		-		156		5,497
Corporate securities		14,800		56		-		14,856
Other		352		-		5		347
Total available-for-sale securities	$	490,992	$	524	$	27,102	$	464,414

⁽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
(Dollars in thousands)	Amortized 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)		178,392		3,015		19,726		161,681
Commercial mortgage-backed obligations(1)		2,151		7		1		2,157
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 December 31, 2024
Mortgage-backed securities(1)	$	626,427	$	-	$	143,544	$	482,883	$	-
Collateralized mortgage obligations(1)		68,377		-		13,876		54,501		-
Municipal securities		74,639		46		1,116		73,569		450
Total held-to-maturity securities	$	769,443	$	46	$	158,536	$	610,953	$	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 have been in an unrealized loss position for less than 12 months or 12 months or more:

	December 31, 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	$	600	$	1	$	888	$	16	$	1,488	$	17
Mortgage-backed securities(1)		324,202		5,772		67,319		21,136		391,521		26,908
Commerical mortgage-backed securities(1)		1,212		16		-		-		1,212		16
Collateralized mortgage obligations(1)		5,043		147		454		9		5,497		156
Other		347		5		-		-		347		5
Total available-for-sale securities	$	331,404	$	5,941	$	68,661	$	21,161	$	400,065	$	27,102

⁽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)		406		10		80,746		19,716		81,152		19,726
Commerical mortgage-backed securities(1)		1,223		1		-		-		1,223		1
Collateralized mortgage obligations		-		-		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:

	December 31, 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 December 31, 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	$	429	$	423	$	1,180	$	1,169
After one year through five years		17,968		17,963		21,791		21,306
After five years through ten years		2,272		2,228		14,489		13,682
After ten years		470,323		443,800		731,983		574,796
Total	$	490,992	$	464,414	$	769,443	$	610,953

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

The following tables summarize 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
December 31, 2024
Municipal securities	$	19,022	$	403	$	55,214	$	74,639
Total	$	19,022	$	403	$	55,214	$	74,639

	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
2024	$	70,721	$	839	$	96
2023	$	39,901	$	-	$	8,199
2022	$	51,359	$	2	$	10,691