Securities (Tables)

12 Months Ended

Dec. 31, 2024

Securities [Abstract]

Amortized Cost and Fair Value, with Gross Unrealized Gains and Losses of Securities Available-for-Sale

The amortized cost and fair value, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated were as follows:

	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	4,037	$	-	$	(120	)	$	3,917
Obligations of U.S. Government agencies		41,388		245		(342	)		41,291
Obligations of state and political subdivisions		57,710		-		(8,075	)		49,635
Mortgage-backed securities		105,492		2		(10,656	)		94,838
Corporate bonds and other securities		31,142		22		(2,762	)		28,402
	$	239,769	$	269	$	(21,955	)	$	218,083

	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 December 31, 2024 and 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.

	December 31, 2024
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	2,008	$	1,982
Due after one year through five years		20,931		19,608
Due after five through ten years		58,428		51,576
Due after ten years		158,402		144,917
	$	239,769	$	218,083

	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 and Losses on Sale of Investments

The following table shows realized gains and losses on the sale of investment securities during the years ended December 31, 2024 and 2023, respectively.

	Years Ended
	December 31, 2024
(dollars in thousands)	2024			2023
Realized gains on sales of securities		$	-		$	1,061
Realized losses on sales of securities			-			(1,195	)
Net realized loss		$	-		$	(134	)

Available-for-Sale Securities, 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 December 31, 2024 and 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:

	December 31, 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	$	-	$	-	$	120	$	3,917	$	120	$	3,917		1
Obligations of U.S. Government agencies		69		11,147		273		13,155		342		24,302		32
Obligations of state and political subdivisions		14		975		8,062		48,660		8,076		49,635		43
Mortgage-backed securities		621		24,568		10,035		69,827		10,656		94,395		46
Corporate bonds and other securities		209		2,934		2,553		23,947		2,762		26,881		26
Total securities available-for-sale	$	913	$	39,624	$	21,043	$	159,506	$	21,956	$	199,130		148

Securities in an unrealized loss position at December 31, 2023, by duration of the period of unrealized loss, are shown below.

	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