Investment and Equity Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity

Carrying amounts and fair values of securities available for sale and held to maturity are summarized below:

December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
Securities available for sale
U.S. Treasury	$	32,961	$	—	$	3,067	$	29,894
U.S. Government agencies		42,667		97		1,035		41,729
GSE - Mortgage-backed securities and CMOs		165,561		198		12,970		152,789
Asset-backed securities		23,215		407		44		23,578
State and political subdivisions		94,684		5		15,436		79,253
Corporate bonds		6,000		—		257		5,743
Total securities available for sale	$	365,088	$	707	$	32,809	$	332,986

December 31, 2024	Amortized  Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Amount
	(dollars in thousands)
Securities held to maturity
State and political subdivisions	$	11,813	$	—	$	1,078	$	10,735	$	—	$	11,813
Corporate bonds		15,000		—		1,174		13,826		68		14,932
Total securities held to maturity	$	26,813	$	—	$	2,252	$	24,561	$	68	$	26,745

December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
Securities available for sale
U.S. Treasury	$	54,984	$	—	$	3,479	$	51,505
U.S. Government agencies		43,921		66		969		43,018
GSE - Mortgage-backed securities and CMOs		137,346		170		13,729		123,787
Asset-backed securities		31,469		244		200		31,513
State and political subdivisions		95,581		15		14,196		81,400
Corporate bonds		6,000		—		509		5,491
Total securities available for sale	$	369,301	$	495	$	33,082	$	336,714

December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Amount
	(dollars in thousands)
Securities held to maturity
U.S. Government agencies	$	133	$	—	$	1	$	132	$	—	$	133
State and political subdivisions		13,467		—		985		12,482		—		13,467
Corporate bonds		15,000		—		1,878		13,122		56		14,944
Total securities held to maturity	$	28,600	$	—	$	2,864	$	25,736	$	56	$	28,544

Allowance for Credit Losses on Held to Maturity Securities

There is no allowance for credit losses on available for sale securities. The following table shows a rollforward of the allowance for credit losses on held to maturity securities for the year ended December 31, 2024.

	U.S. government agencies		State and political subdivisions		Corporate bonds		Total
	(dollars in thousands)
Balance, December 31, 2023	$	—	$	—	$	56	$	56
Provision for credit losses		—		—		12		12
Charge-offs of securities		—		—		—		—
Recoveries		—		—		—		—
Balance, December 31, 2024	$	—	$	—	$	68	$	68

Summary of Amortized Cost of Debt Securities Held to Maturity

The following table summarizes the credit ratings of debt securities held to maturity, presented at amortized cost, by major security type at December 31, 2024.

December 31, 2024	U.S. government agencies		State and political subdivisions		Corporate bonds		Total
	(dollars in thousands)
Aaa	$	—	$	—	$	—	$	—
Aa1/Aa2/Aa3		—		11,813		—		11,813
A1/A2		—		—		—		—
BBB		—		—		—		—
Not rated		—		—		15,000		15,000
Total	$	—	$	11,813	$	15,000	$	26,813

Sales of Securities Available for Sale

Results from sales of securities available for sale for the years ended December 31, 2024, 2023 and 2022 are as follows:

	2024		2023			2022
	(dollars in thousands)
Gross proceeds from sales	$	—	$	11,329		$	8,398
Realized gains from sales	$	—	$	54		$	53
Realized losses from sales		—		(96	)		(144	)
Net realized gains (losses)	$	—	$	(42	)	$	(91	)

Gross Unrealized Losses and Fair Value of Investments

The following tables show the gross unrealized losses and estimated fair value of available for sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024 and 2023.

December 31, 2024	Less than 12 Months						12 Months or More						Total
	Number of Securities		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(dollars in thousands)
Securities available for sale
U.S. Treasury		—	$	—	$	—		7	$	29,894	$	3,067	$	29,894	$	3,067
U.S. Government agencies		9		9,956		134		24		19,995		901		29,951		1,035
GSE - Mortgage-backed securities and CMOs		19		32,580		313		57		97,798		12,657		130,378		12,970
Asset-backed securities		2		2,872		21		3		4,189		23		7,061		44
State and political subdivisions		5		7,773		253		57		70,169		15,183		77,942		15,436
Corporate bonds		—		—		—		3		5,743		257		5,743		257
Total securities available for sale		35	$	53,181	$	721		151	$	227,788	$	32,088	$	280,969	$	32,809

December 31, 2023	Less than 12 Months						12 Months or More						Total
	Number of Securities		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(dollars in thousands)
Securities available for sale
U.S. Treasury		—	$	—	$	—		9	$	51,505	$	3,479	$	51,505	$	3,479
U.S. Government agencies		12		16,865		107		18		14,705		862		31,570		969
GSE - Mortgage-backed securities and CMOs		5		7,907		103		59		100,765		13,626		108,672		13,729
Asset-backed securities		2		1,711		5		7		10,140		195		11,851		200
State and political subdivisions		2		2,496		23		60		76,352		14,173		78,848		14,196
Corporate bonds		—		—		—		3		5,491		509		5,491		509
Total securities available for sale		21	$	28,979	$	238		156	$	258,958	$	32,844	$	287,937	$	33,082

Amortized Cost and Fair Value of Available for Sale Securities Portfolio

The following tables show contractual maturities of the investment portfolio as of December 31, 2024:

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Securities available for sale
Due within twelve months	$	9,811	$	9,757
Due after one but within five years		66,938		60,736
Due after five but within ten years		47,365		41,386
Due after ten years		240,974		221,107
	$	365,088	$	332,986

Note 2 - Investment and Equity Securities (Continued)

Unrealized Gains and Losses Related to Equity Securities

The portion of unrealized gains and losses for the twelve months ended December 31, 2024 and 2023 related to equity securities still held at the reporting date is calculated as follows:

		Twelve Months Ended December 31,
		2024		2023
	(dollars in thousands)
Gross proceeds from sales		$	—	$	—
Net gains (losses) recognized during the period on equity securities		$	32	$	10
Less: Net gains (losses) recognized from equity securities sold during the period			—		—
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date		$	32	$	10