Securities (Tables)

3 Months Ended

Mar. 31, 2025

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:

	March 31, 2025
				Gross			Gross
	Amortized			Unrealized			Unrealized				Fair
(dollars in thousands)	Cost			Gains			(Losses)				Value
U.S. Treasury securities		$	4,029		$	-		$	(89	)		$	3,940
Obligations of U.S. Government agencies			40,807			239			(332	)			40,714
Obligations of state and political subdivisions			56,036			-			(7,833	)			48,203
Mortgage-backed securities			107,728			5			(9,113	)			98,620
Corporate bonds and other securities			31,898			24			(2,481	)			29,441
		$	240,498		$	268		$	(19,848	)		$	220,918

	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

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at March 31, 2025 and December 31, 2024, 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.

	March 31, 2025
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	5,634	$	5,530
Due after one year through five years		17,164		16,185
Due after five through ten years		62,499		56,625
Due after ten years		155,201		142,578
	$	240,498	$	220,918

	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

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 months ended March 31, 2025 and 2024, respectively.

	Three Months Ended
	March 31,
(dollars in thousands)	2025				2024
Realized gains on sales of securities		$	-			$	-
Realized losses on sales of securities			(176	)			-
Net realized loss		$	(176	)		$	-

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 March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:

	March 31, 2025
	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		$	-		$	-		$	89		$	3,940		$	89		$	3,940		1
Obligations of U.S. Government agencies			115			13,254			217			11,299			332			24,553		32
Obligations of state and political subdivisions			63			925			7,770			47,278			7,833			48,203		42
Mortgage-backed securities			276			24,331			8,837			70,716			9,113			95,047		46
Corporate bonds and other securities			182			2,965			2,299			24,201			2,481			27,166		26
Total securities available-for-sale		$	636		$	41,475		$	19,212		$	157,434		$	19,848		$	198,909		147

	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