Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investment Securities [Abstract]

Amortized Cost and Fair Value of Securities Available For Sale

The amortized cost and fair value of the securities available for sale are as follows:

(dollars in thousands)	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government sponsored enterprises	$	121,728	$	5	$	3,065	$	118,668
State and political subdivisions		26		-		-		26
Mortgage backed securities and collateralized mortgage obligations - residential		263,182		270		25,775		237,677
Corporate bonds		80,150		-		2,098		78,052
Small Business Administration - guaranteed participation securities		18,740		-		1,554		17,186
Other		687		11		18		680
Total securities available for sale	$	484,513	$	286	$	32,510	$	452,289

(dollars in thousands)	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government sponsored enterprises	$	124,123	$	1	$	5,937	$	118,187
State and political subdivisions		34		-		-		34
Mortgage backed securities and collateralized mortgage obligations - residential		291,431		34		31,149		260,316
Corporate bonds		85,641		-		4,295		81,346
Small Business Administration - guaranteed participation securities		23,115		-		2,138		20,977
Other		686		-		33		653
Total securities available for sale	$	525,030	$	35	$	43,552	$	481,513

Securities, Available-for-sale and Held-to-maturity [Abstract]

Proceeds from Sales, Calls/Paydowns and Maturities of Securities Available for Sale, Gross Realized Gains and Gross Realized Losses

The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during 2023, 2022, and 2021 are as follows:

	Years ended December 31,
(dollars in thousands)	2023		2022		2021
Proceeds from sales	$	-	$	-	$	-
Proceeds from calls/paydowns		53,503		68,954		148,609
Proceeds from maturities		5,008		15,057		9,162
Gross realized losses		-		-		-
Gross realized gains		-		-		-

Amortized Cost and Fair Value of Held to Maturity Securities

The amortized cost and fair value of the held to maturity securities are as follows:

	December 31, 2023
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	6,458	$	74	$	136	$	6,396
Total held to maturity	$	6,458	$	74	$	136	$	6,396

	December 31, 2022
(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	7,707	$	90	$	217	$	7,580
Total held to maturity	$	7,707	$	90	$	217	$	7,580

Securities Held in Available For Sale and Held to Maturity Greater Than 10% of Shareholders Equity

The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2023 that represent greater than 10% of shareholders’ equity:

(dollars in thousands)	Amortized Cost		Fair Value
Federal National Mortgage Association	$	165,146	$	149,532
Federal Home Loan Mortgage Corporation		103,230		95,243
Corporate Bonds		80,150		78,052

Securities Available for Sale [Member]

Securities, Available-for-sale and Held-to-maturity [Abstract]

Debt Securities Based on Securities Contractual Maturity

The following table categorizes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2023, based on the securities’ final maturity.  Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.  Securities not due at a single maturity are shown separately:

(dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	70,701	$	70,059
Due in after one year through five years		131,890		127,367
Mortgage backed securities and collateralized mortgage obligations - residential		263,182		237,677
Small Business Administration - guaranteed participation securities		18,740		17,186
	$	484,513	$	452,289

Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position

Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

(dollars in thousands)	December 31, 2023
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss
U.S. government sponsored enterprises	$	-	$	-	$	116,163	$	3,065	$	116,163	$	3,065
Mortgage backed securities and collateralized mortgage obligations - residential		-		-		227,891		25,775		227,891		25,775
Corporate bonds		-		-		78,052		2,098		78,052		2,098
Other		-		-		631		18		631		18
Small Business Administration - guaranteed participation securities		-		-		17,186		1,554		17,186		1,554
Total	$	-	$	-	$	439,923	$	32,510	$	439,923	$	32,510

(dollars in thousands)	December 31, 2022
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss
U.S. government sponsored enterprises	$	57,849	$	1,290	$	55,337	$	4,647	$	113,186	$	5,937
Mortgage backed securities and collateralized mortgage obligations - residential		164,772		13,010		93,009		18,139		257,781		31,149
Corporate bonds		52,805		2,395		28,542		1,900		81,347		4,295
Small Business Administration - guaranteed participation securities		802		71		20,175		2,067		20,977		2,138
Mortgage backed securities and collateralized mortgage obligations - commercial		-		-		-		-		-		-
Other		49		1		568		32		617		33
Total	$	276,277	$	16,767	$	197,631	$	26,785	$	473,908	$	43,552

Held to Maturity Securities [Member]

Securities, Available-for-sale and Held-to-maturity [Abstract]

Debt Securities Based on Securities Contractual Maturity

The following table categorizes the debt securities included in the held to maturity portfolio as of December 31, 2023, based on the securities’ final maturity.  Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.  Securities not due at a single maturity date are shown separately.

(dollars in thousands)	Amortized Cost		Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	6,458		6,396
	$	6,458		6,396

Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position

Gross unrealized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

	December 31, 2023
(dollars in thousands)	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrec. Loss		Fair Value		Gross Unrec. Loss		Fair Value		Gross Unrec. Loss
Mortgage backed securities and collateralized mortgage obligations - residential	$	283	$	3	$	2,703	$	133	$	2,986	$	136
Total	$	283	$	3	$	2,703	$	133	$	2,986	$	136

	December 31, 2022
(dollars in thousands)	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrec. Loss		Fair Value		Gross Unrec. Loss		Fair Value		Gross Unrec. Loss
Mortgage backed securities and collateralized mortgage obligations - residential	$	3,327	$	206	$	258	$	11	$	3,585	$	217
Total	$	3,327	$	206	$	258	$	11	$	3,585	$	217