Securities (Tables)

9 Months Ended

Sep. 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:

	September 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	4,044	$	-	$	(111	)	$	3,933
Obligations of U.S. Government agencies		33,887		235		(288	)		33,834
Obligations of state and political subdivisions		57,814		16		(6,180	)		51,650
Mortgage-backed securities		85,961		121		(7,688	)		78,394
Corporate bonds and other securities		29,000		-		(2,971	)		26,029
	$	210,706	$	372	$	(17,238	)	$	193,840

	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 September 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.

	September 30, 2024
	Amortized			Fair
(dollars in thousands)	Cost			Value
Due in one year or less		$	1,501		$	1,485
Due after one year through five years			19,984			19,053
Due after five through ten years			55,659			49,844
Due after ten years			133,562			123,458
		$	210,706		$	193,840

	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 nine months ended September 30, 2024 and 2023, respectively.

	Three Months Ended							Nine Months Ended
	September 30,							September 30,
(dollars in thousands)	2024			2023				2024			2023
Realized gains on sales of securities		$	-		$	1,061			$	-		$	1,061
Realized losses on sales of securities			-			(1,031	)			-			(1,195	)
Net realized gain (loss)		$	-		$	30			$	-		$	(134	)

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 September 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:

	September 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	$	-	$	-	$	111	$	3,933	$	111	$	3,933		1
Obligations of U.S. Government agencies		7		2,003		281		17,190		288		19,193		32
Obligations of state and political subdivisions		-		-		6,180		50,646		6,180		50,646		42
Mortgage-backed securities		1		1,101		7,687		73,892		7,688		74,993		40
Corporate bonds and other securities		207		2,293		2,764		23,736		2,971		26,029		25
Total securities available-for-sale	$	215	$	5,397	$	17,023	$	169,397	$	17,238	$	174,794		140

	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