Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

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:

	June 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
U.S. government sponsored enterprises	$	109,281	$	-	$	2,485	$	106,796
State and political subdivisions		26		-		-		26
Mortgage backed securities and collateralized mortgage obligations - residential		246,142		128		27,959		218,311
Corporate bonds		55,054		-		1,290		53,764
Small Business Administration - guaranteed participation securities		17,222		-		1,630		15,592
Other		688		8		8		688
Total Securities Available for Sale	$	428,413	$	136	$	33,372	$	395,177

	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		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

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

Proceeds from Sales and Calls of Securities Available For Sale, Gross Realized Gains and Gross Realized Losses

The proceeds from sales and calls and maturities of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three and six months ended June 30, 2024 and 2023 are as follows:

	Three months ended June 30,
(dollars in thousands)	2024		2023
Proceeds from sales	$	-	$	-
Proceeds from calls/paydowns		11,653		14,811
Proceeds from maturities		20,000		5,000
Gross realized gains		-		-
Gross realized losses		-		-

	Six months ended June 30,
(dollars in thousands)	2024		2023
Proceeds from sales	$	-	$	-
Proceeds from calls/paydowns		20,494		29,469
Proceeds from maturities		55,000		5,000
Gross realized gains		-		-
Gross realized losses		-		-

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:

	June 30, 2024
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	5,921	$	38	$	140	$	5,819
Total held to maturity	$	5,921	$	38	$	140	$	5,819

	December 31, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		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

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 debt securities included in the available for sale portfolio as of June 30, 2024, 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 presented separately:

	Amortized			Fair
(dollars in thousands)	Cost			Value
Due in one year or less		$	65,788		$	64,715
Due after one year through five years			99,261			96,559
Mortgage backed securities and collateralized mortgage obligations - residential			246,142			218,311
Small Business Administration - guaranteed participation securities			17,222			15,592
		$	428,413		$	395,177

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:

	June 30, 2024
	Less than				12 months
	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unreal.
(dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
U.S. government sponsored enterprises	$	19,955	$	45	$	86,841	$	2,440	$	106,796	$	2,485
Mortgage backed securities and collateralized mortgage obligations - residential		2,399		29		209,057		27,930		211,456		27,959
Corporate bonds		-		-		53,764		1,290		53,764		1,290
Small Business Administration - guaranteed participation securities		-		-		15,592		1,630		15,592		1,630
Other		-		-		642		8		642		8
Total	$	22,354	$	74	$	365,896	$	33,298	$	388,250	$	33,372

	December 31, 2023
	Less than				12 months
	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unreal		Fair		Unreal		Fair		Unreal.
(dollars in thousands)	Value		Loss		Value		Loss		Value		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
Small Business Administration - guaranteed participation securities		-		-		17,186		1,554		17,186		1,554
Other		-		-		631		18		631		18
Total	$	-		-	$	439,923	$	32,510	$	439,923	$	32,510

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  June 30, 2024, 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 presented separately:

(dollars in thousands)	Amortized		Fair
	Cost		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	5,921	$	5,819
	$	5,921	$	5,819

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

Gross unrecognized 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:

	June 30, 2024
	Less than				12 months
(dollars in thousands)	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrec.		Fair		Unrec.		Fair		Unrec.
	Value		Loss		Value		Loss		Value		Loss
Mortgage backed securities and collateralized mortgage obligations - residential	$	879	$	3	$	2,481	$	137	$	3,360	$	140
Total	$	879	$	3	$	2,481	$	137	$	3,360	$	140

	December 31, 2023
	Less than				12 months
(dollars in thousands)	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrec.		Fair		Unrec.		Fair		Unrec.
	Value		Loss		Value		Loss		Value		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