Securities (Tables)

6 Months Ended

Jun. 30, 2024

Securities [Abstract]

Debt Securities Classified as Available for Sale

The Company’s debt securities all of which are classified as available-for-sale, are summarized as follows:

	June 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	4,052	$	-	$	(201	)	$	3,851
Obligations of U.S. Government agencies		36,875		247		(360	)		36,762
Obligations of state and political subdivisions		57,918		-		(7,692	)		50,226
Mortgage-backed securities		87,679		30		(10,403	)		77,306
Corporate bonds and other securities		27,500		-		(3,518	)		23,982
	$	214,024	$	277	$	(22,174	)	$	192,127

	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	4,068	$	-	$	(211	)	$	3,857
Obligations of U.S. Government agencies		43,233		167		(665	)		42,735
Obligations of state and political subdivisions		58,292		13		(7,708	)		50,597
Mortgage-backed securities		91,328		84		(10,105	)		81,307
Corporate bonds and other securities		27,500		-		(3,765	)		23,735
	$	224,421	$	264	$	(22,454	)	$	202,231

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at June 30, 2024 and December 31, 2023, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

	June 30, 2024
	Amortized			Fair
(dollars in thousands)	Cost			Value
Due in one year or less		$	1,702		$	1,665
Due after one year through five years			19,909			18,386
Due after five through ten years			54,125			46,856
Due after ten years			138,288			125,220
		$	214,024		$	192,127

	December 31, 2023
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	1,570	$	1,541
Due after one year through five years		12,962		12,178
Due after five through ten years		63,248		54,806
Due after ten years		146,641		133,706
	$	224,421	$	202,231

Net Realized Gains or Losses on Sale of Investments

The following table shows realized gains or losses on the sale of investment securities during the three and six months ended June 30, 2024 and 2023, respectively.

	Three Months Ended							Six Months Ended
	June 30,							June 30,
(dollars in thousands)	2024			2023				2024			2023
Realized gains on sales of securities		$	-		$	-			$	-		$	-
Realized losses on sales of securities			-			(164	)			-			(164	)
Net realized loss		$	-		$	(164	)		$	-		$	(164	)

Available-for-Sale Securities, Continuous Unrealized Loss Position

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an ACL has not been recorded as of June 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:

	June 30, 2024
	Less than 12 months				12 months or more				Total
	Gross				Gross				Gross				Number
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		of
(dollars in thousands)	Losses		Value		Losses		Value		Losses		Value		Securities
U.S. Treasury securities	$	201	$	3,851	$	-	$	-	$	201	$	3,851		1
Obligations of U.S. Government agencies		185		17,180		175		3,025		360		20,205		33
Obligations of state and political subdivisions		7,642		49,775		50		450		7,692		50,225		43
Mortgage-backed securities		10,403		73,920		-		-		10,403		73,920		40
Corporate bonds and other securities		3,518		23,982		-		-		3,518		23,982		24
Total securities available-for-sale	$	21,949	$	168,708	$	225	$	3,475	$	22,174	$	172,183		141

	December 31, 2023
	Less than 12 months				12 months or more				Total
	Gross				Gross				Gross				Number
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		of
(dollars in thousands)	Losses		Value		Losses		Value		Losses		Value		Securities
U.S. Treasury securities	$	-	$	-	$	211	$	3,857	$	211	$	3,857		1
Obligations of U.S. Government agencies		91		8,803		574		22,817		665		31,620		43
Obligations of state and political subdivisions		-		-		7,708		49,597		7,708		49,597		43
Mortgage-backed securities		96		4,423		10,009		73,347		10,105		77,770		40
Corporate bonds and other securities		-		-		3,765		22,735		3,765		22,735		23
Total securities available-for-sale	$	187	$	13,226	$	22,267	$	172,353	$	22,454	$	185,579		150