Investment Securities (Tables)

9 Months Ended

Sep. 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:

	September 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
U.S. government sponsored enterprises	$	91,807	$	16	$	1,235	$	90,588
State and political subdivisions		26		-		-		26
Mortgage backed securities and collateralized mortgage obligations - residential		242,429		327		19,915		222,841
Corporate bonds		55,030		-		703		54,327
Small Business Administration - guaranteed participation securities		16,352		-		1,181		15,171
Other		688		15		2		701
Total Securities Available for Sale	$	406,332	$	358	$	23,036	$	383,654

	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 nine months ended September 30, 2024 and 2023 are as follows:

	Three months ended September 30,
(dollars in thousands)	2024		2023
Proceeds from sales	$	-	$	-
Proceeds from calls/paydowns		33,992		9,877
Proceeds from maturities		5,000		-
Gross realized gains		-		-
Gross realized losses		-		-

	Nine months ended September 30,
(dollars in thousands)	2024		2023
Proceeds from sales	$	-	$	-
Proceeds from calls/paydowns		54,486		39,346
Proceeds from maturities		60,000		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:

	September 30, 2024
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	5,636	$	80	$	71	$	5,645
Total held to maturity	$	5,636	$	80	$	71	$	5,645

	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 September 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	$	80,758	$	79,853
Due after one year through five years		54,793		53,810
Due after five years through ten years		12,000		11,979
Due after ten years		-		-
Mortgage backed securities and collateralized mortgage obligations - residential		242,429		222,841
Small Business Administration - guaranteed participation securities		16,352		15,171
	$	406,332	$	383,654

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:

	September 30, 2024
	Less than				12 months
	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(dollars in thousands)	Value		Loss		Value		Loss		Value		Loss
U.S. government sponsored enterprises	$	11,979	$	21	$	68,593	$	1,214	$	80,572	$	1,235
Mortgage backed securities and collateralized mortgage obligations - residential		5,092		83		208,526		19,832		213,618		19,915
Corporate bonds		-		-		54,327		703		54,327		703
Small Business Administration - guaranteed participation securities		-		-		15,171		1,181		15,171		1,181
Other		-		-		648		2		648		2
Total	$	17,071	$	104	$	347,265	$	22,932	$	364,336	$	23,036

	December 31, 2023
	Less than				12 months
	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(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  September 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	$	5,636	$	5,645
	$	5,636	$	5,645

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:

	September 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	$	-	$	-	$	2,240	$	71	$	2,240	$	71
Total	$	-	$	-	$	2,240	$	71	$	2,240	$	71

	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