Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Securities Available-for-Sale and Restricted Stock

Securities consisted of the following on December 31:

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
2023
Available-for-sale
U.S. Treasury securities	$	18,110	$	—	$	(421	)	$	—	$	17,689
U.S. Government agencies		14,000		—		(848	)		—		13,152
Mortgage-backed securities of government agencies		72,279		98		(7,332	)		—		65,045
Asset-backed securities of government agencies		548		—		(25	)		—		523
State and political subdivisions		17,476		—		(890	)		—		16,586
Corporate bonds		29,135		6		(2,056	)		—		27,085
Total available-for-sale		151,548		104		(11,572	)		—		140,080
Held-to-maturity
U.S. Treasury securities		10,305		—		(798	)		—		9,507
Mortgage-backed securities of government agencies		213,425		—		(30,534	)		—		182,891
State and political subdivisions		2,549		2		(219	)		—		2,332
Total held-to-maturity		226,279		2		(31,551	)		—		194,730
Equity securities		185		74		—			—		259
Restricted stock		1,535		—		—			—		1,535
Total securities	$	379,547	$	180	$	(43,123	)	$	—	$	336,604
2022
Available-for-sale
U.S. Treasury securities	$	23,194	$	—	$	(969	)	N/A		$	22,225
U.S. Government agencies		13,999		—		(1,369	)	N/A			12,630
Mortgage-backed securities of government agencies		77,677		72		(8,859	)	N/A			68,890
Asset-backed securities of government agencies		633		—		(15	)	N/A			618
State and political subdivisions		20,462		—		(985	)	N/A			19,477
Corporate bonds		28,740		—		(2,511	)	N/A			26,229
Total available-for-sale		164,705		72		(14,708	)	N/A			150,069
Held-to-maturity
U.S. Treasury securities		12,753		—		(1,136	)	N/A			11,617
Mortgage-backed securities of government agencies		232,068		—		(34,051	)	N/A			198,017
State and political subdivisions		2,580		1		(261	)	N/A			2,320
Total held-to-maturity		247,401		1		(35,448	)	N/A			211,954
Equity securities		185		59		—		N/A			244
Restricted stock		3,430		—		—		N/A			3,430
Total securities	$	415,721	$	132	$	(50,156	)	N/A		$	365,697

Summary of Amortized Cost and Fair Value of Debt Securities

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

(Dollars in thousands)	Amortized Cost		Fair Value
Available-for-sale
Due in one year or less	$	18,297	$	17,833
Due after one through five years		46,446		44,138
Due after five through ten years		18,931		17,157
Due after ten years		67,874		60,952
Total debt securities available-for-sale	$	151,548	$	140,080
Held-to-maturity
Due in one year or less	$	2,497	$	2,418
Due after one through five years		5,164		4,814
Due after five through ten years		4,905		4,359
Due after ten years		213,713		183,139
Total debt securities held-to-maturity	$	226,279	$	194,730

Summary of Amortized Cost of Held-to Maturity Debt Securities Aggregated by Credit Quality Indicator

The following table summarizes the amortized cost of held-to maturity debt securities at December 31, 2023, aggregated by credit quality indicator:

(Dollars in thousands)	U.S. Treasury securities		Mortgage- backed securities of government agencies		State and political subdivisions
December 31, 2023
Credit rating:
AAA / AA / A	$	10,305	$	213,425	$	2,549
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	10,305	$	213,425	$	2,549

Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities

The following table presents gross unrealized losses, fair value of securities, aggregated by investment category, and length of time individual available-for-sale securities have been in a continuous unrealized loss position, on December 31 2023:

	Less Than 12 Months					12 Months or More					Total
(Dollars in thousands)	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
2023
Available-for-sale
U.S. Treasury securities	$	—		$	—	$	(421	)	$	17,689	$	(421	)	$	17,689
U.S. Government agencies		—			—		(848	)		13,152		(848	)		13,152
Mortgage-backed securities of government    agencies		(3	)		1,909		(7,329	)		52,144		(7,332	)		54,053
Asset-backed securities of government    agencies		—			—		(25	)		523		(25	)		523
State and political subdivisions		(28	)		1,783		(862	)		14,263		(890	)		16,046
Corporate bonds		—			—		(2,056	)		26,586		(2,056	)		26,586
Total temporarily impaired available-for-sale securities	$	(31	)	$	3,692	$	(11,541	)	$	124,357	$	(11,572	)	$	128,049
2022
Available-for-sale
U.S. Treasury securities	$	(798	)	$	17,405	$	(171	)	$	4,820	$	(969	)	$	22,225
U.S. Government agencies		—			—		(1,369	)		12,630		(1,369	)		12,630
Mortgage-backed securities of government    agencies		(1,046	)		16,188		(7,813	)		44,519		(8,859	)		60,707
Asset-backed securities of government    agencies		—			—		(15	)		618		(15	)		618
State and political subdivisions		(189	)		9,079		(796	)		9,848		(985	)		18,927
Corporate bonds		(1,165	)		13,502		(1,346	)		12,727		(2,511	)		26,229
Held-to-maturity
U.S. Treasury securities		—			—		(1,136	)		11,617		(1,136	)		11,617
Mortgage-backed securities of government    agencies		(9,733	)		79,325		(24,318	)		118,692		(34,051	)		198,017
State and political subdivisions		—			—		(261	)		1,903		(261	)		1,903
Total temporarily impaired securities	$	(12,931	)	$	135,499	$	(37,225	)	$	217,374	$	(50,156	)	$	352,873