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Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of debt securities classified as available-for-sale at December 31, 2024 and 2023 were as follows:
Total
Amortized
Cost		Gross UnrealizedFair
Value
(dollars in thousands)GainsLosses
December 31, 2024
U.S. Treasury$4,937 $— $(22)$4,915 
U.S. government and federal agency obligations408 — (7)401 
U.S. government-sponsored enterprises13,020 11 (227)12,804 
Obligations of states and political subdivisions125,559 7 (23,080)102,486 
Mortgage-backed securities84,729 59 (6,678)78,110 
Other debt securities (a)19,419 49 (781)18,687 
Bank issued trust preferred securities (a)1,486 — (237)1,249 
Total available-for-sale securities$249,558 $126 $(31,032)$218,652 
December 31, 2023
U.S. Treasury$1,977 $1 $— $1,978 
U.S. government and federal agency obligations446 — (19)427 
U.S. government-sponsored enterprises22,042 16 (236)21,822 
Obligations of states and political subdivisions126,396 55 (19,566)106,885 
Mortgage-backed securities51,736 27 (6,123)45,640 
Other debt securities (a)11,825 22 (1,026)10,821 
Bank issued trust preferred securities (a)1,486 — (317)1,169 
Total available-for-sale securities$215,908 $121 $(27,287)$188,742 
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations.
The Company's investment securities are classified as available-for-sale. Agency bonds and notes, SBA-guaranteed loan certificates, residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations include securities issued by the Government National Mortgage Association, a U.S. government agency, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the FHLB, which are U.S. government-sponsored enterprises
Debt securities with carrying values aggregating approximately $82.4 million and $89.2 million at December 31, 2024 and December 31, 2023, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law.
The amortized cost and fair value of debt securities classified as available-for-sale at December 31, 2024, by contractual maturity are shown below. Accrued interest on investments totaled $1.6 million and $1.4 million at December 31, 2024 and December 31, 2023, respectively, and is included in the accrued interest receivable and other assets on the Company's consolidated balance sheets. The total amount of accrued interest is excluded from the amortized cost basis of investments presented below. Further, the Company has elected not to measure an allowance for credit losses for accrued interest
receivable. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
(dollars in thousands)Amortized
Cost		Fair
Value
Due in one year or less$4,275 $4,270 
Due after one year through five years19,715 19,480 
Due after five years through ten years37,506 34,431 
Due after ten years103,333 82,361 
Total164,829 140,542 
Mortgage-backed securities84,729 78,110 
Total available-for-sale securities$249,558 $218,652 
Other Investment Securities
Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in FHLB stock and MIB stock, that do not have readily determinable fair values, are required for membership in those organizations.
(dollars in thousands)20242023
FHLB stock$4,924 $6,071 
MIB stock151 151 
Equity securities with readily determinable fair values74 78 
Total other investment securities$5,149 $6,300 
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024 and December 31, 2023 were as follows:
Less than 12 months12 months or moreTotal
Fair
Value		Total
Unrealized
Losses
(dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
At December 31, 2024
U.S. Treasury$4,915 $(22)$— $— $4,915 $(22)
U.S. government and federal agency obligations— — 401 (7)401 (7)
U.S. government-sponsored enterprises996 (5)1,778 (222)2,774 (227)
Obligations of states and political subdivisions2,791 (163)98,442 (22,917)101,233 (23,080)
Mortgage-backed securities37,759 (563)33,612 (6,115)71,371 (6,678)
Other debt securities4,900 (58)9,101 (723)14,001 (781)
Bank issued trust preferred securities— — 1,249 (237)1,249 (237)
Total$51,361 $(811)$144,583 $(30,221)$195,944 $(31,032)
(in thousands)
At December 31, 2023
      
U.S. Treasury$997 $— $— $— $997 $— 
U.S. government and federal agency obligations— — 427 (19)427 (19)
U.S. government-sponsored enterprises11,995 (8)1,772 (228)13,767 (236)
Obligations of states and political subdivisions1,501 (158)103,283 (19,408)104,784 (19,566)
Mortgage-backed securities2,935 (40)39,793 (6,083)42,728 (6,123)
Other debt securities— — 8,799 (1,026)8,799 (1,026)
Bank issued trust preferred securities— — 1,169 (317)1,169 (317)
Total$17,428 $(206)$155,243 $(27,081)$172,671 $(27,287)
The total available-for-sale portfolio consisted of approximately 398 securities at December 31, 2024. The portfolio included 375 securities having an aggregate fair value of $195.9 million that were in a loss position at December 31, 2024. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $144.6 million at fair value at December 31, 2024. The $31.0 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2024 was caused by interest rate fluctuations.
The decline in fair value is attributable to changes in interest rates and not credit quality. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date, or if market yields for such investments decline. The Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities.
The following table presents the gross realized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
(dollars in thousands)202420232022
Available-for-sale securities:
Gross realized gains$—$—$—
Gross realized losses—(11,562)—
Credit losses recognized———
Other investment securities:
Fair value adjustments, net(4)32(14)
Certificates of deposit:
Gross realized gains———
Gross realized losses—(17)—
Investment securities (losses) gains, net$(4)$(11,547)$(14)