Investment Securities (Tables)

12 Months Ended

Dec. 31, 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:

(dollars in thousands)	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government sponsored enterprises	$	86,833	$	4	$	1,220	$	85,617
State and political subdivisions		18		-		-		18
Mortgage backed securities and collateralized mortgage obligations - residential		239,420		114		26,406		213,128
Corporate bonds		45,033		-		452		44,581
Small Business Administration - guaranteed participation securities		15,471		-		1,330		14,141
Other		688		12		-		700
Total securities available for sale	$	387,463	$	130	$	29,408	$	358,185

(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

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 2024, 2023, and 2022 are as follows:

	Years ended December 31,
(dollars in thousands)	2024		2023		2022
Proceeds from sales	$	-	$	-	$	-
Proceeds from calls/paydowns		68,119		53,503		68,954
Proceeds from maturities		70,608		5,008		15,057
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, 2024
(dollars in thousands)	Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	5,365		$	45		$	104		$	5,306
Total held to maturity		$	5,365		$	45		$	104		$	5,306

	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

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, 2024 that represent greater than 10% of shareholders’ equity:

(dollars in thousands)	Amortized Cost		Fair Value
Federal National Mortgage Association	$	145,419	$	130,046
Federal Home Loan Mortgage Corporation		98,208		89,081

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, 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 are shown separately:

(dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	70,130	$	69,623
Due in after one year through five years		50,442		49,332
Due after five years through ten years		12,000		11,961
Mortgage backed securities and collateralized mortgage obligations - residential		239,420		213,128
Small Business Administration - guaranteed participation securities		15,471		14,141
	$	387,463	$	358,185

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, 2024
	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	$	11,961	$	38	$	68,651	$	1,182	$	80,612	$	1,220
Mortgage backed securities and collateralized mortgage obligations - residential		12,346		280		194,636		26,126		206,982		26,406
Corporate bonds		-		-		44,581		452		44,581		452
Small Business Administration - guaranteed participation securities		-		-		14,141		1,330		14,141		1,330
Total	$	24,307	$	318	$	322,009	$	29,090	$	346,316	$	29,408

(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
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 December 31, 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 shown separately.

(dollars in thousands)	Amortized Cost		Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	5,365		5,306
	$	5,365		5,306

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, 2024
(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		$	592		$	7		$	2,047		$	97		$	2,639		$	104
Total		$	592		$	7		$	2,047		$	97		$	2,639		$	104

	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