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Investment securities (Tables)

9 Months Ended

Sep. 30, 2024

Investment securities

Schedule of amortized cost and fair value of investment securities aggregated by investment category


		September 30, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	189,190		$			$	8,375		$	180,815
U.S. government-sponsored enterprises
State and municipals:
Taxable			85,468			109			8,186			77,391
Tax-exempt			76,570			67			8,467			68,170
Residential mortgage-backed securities:
U.S. government agencies			1,451			30						1,481
U.S. government-sponsored enterprises			144,244			1,362			15,536			130,070
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			4,608						60			4,548
Private collateralized mortgage obligations			42,624			635			12			43,247
Asset backed securities			24,115			44			314			23,845
Corporate debt securities			32,307			622			717			32,212
Negotiable certificates of deposit			693			14						707
Total available for sale		$	601,270		$	2,883		$	41,667		$	562,486
Held to maturity:
Tax-exempt state and municipals		$	11,175		$			$	835		$	10,340
Residential mortgage-backed securities:
U.S. government agencies			14,151						2,298			11,853
U.S. government-sponsored enterprises			54,535						7,694			46,841
Total held to maturity		$	79,861		$			$	10,827		$	69,034


		December 31, 2023
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	197,920		$			$	13,863		$	184,057
U.S. government-sponsored enterprises			2,539						387			2,152
State and municipals:
Taxable			67,831						10,731			57,100
Tax-exempt			75,742						8,618			67,124
Residential mortgage-backed securities:
U.S. government agencies			758						34			724
U.S. government-sponsored enterprises			89,935						17,264			72,671
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			11,729						360			11,369
Corporate debt securities			4,000						270			3,730
Total available for sale		$	450,454		$			$	51,527		$	398,927
Held to maturity:
Tax-exempt state and municipals		$	11,201		$	1		$	660		$	10,542
Residential mortgage-backed securities:
U.S. government agencies			15,400						2,653			12,747
U.S. government-sponsored enterprises			58,250						9,841			48,409
Total held to maturity		$	84,851		$	1		$	13,154		$	71,698

Schedule of maturity distribution


		Amortized			Fair
(Dollars in thousands)		Cost			Value
Within one year		$	74,667		$	73,596
After one but within five years			163,400			154,865
After five but within ten years			77,493			71,741
After ten years			68,668			59,093
			384,228			359,295
Mortgage-backed and other amortizing securities			217,042			203,191
Total		$	601,270		$	562,486


		Amortized			Fair
(Dollars in thousands)		Cost			Value
After one but within five years		$	1,191		$	1,096
After five but within ten years			9,984			9,244
			11,175			10,340
Mortgage-backed securities			68,686			58,694
Total		$	79,861		$	69,034

Schedule of fair value and unrealized losses of investment securities in continuous unrealized loss position


		September 30, 2024
		Less than Twelve Months								Twelve Months or Longer								Total
		Total # in a loss					Unrealized			Total # in a loss					Unrealized			Total # in a loss					Unrealized
(Dollars in thousands)		Position			Fair Value		Losses			Position			Fair Value		Losses			Position			Fair Value		Losses
Securities Available for Sale
U.S. Treasury securities										41		$	180,815		$	8,375		41		$	180,815		$	8,375
State and municipals:
Taxable										64			58,033			8,186		64			58,033			8,186
Tax-exempt		1			680					91			64,293			8,467		92			64,973			8,467
Residential mortgage-backed securities:
U.S. government agencies										1			6			0		1			6			0
U.S. government-sponsored enterprises		1			3,601			41		31			73,997			15,495		32			77,598			15,536
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										2			4,548			60		2			4,548			60
Private collateralized mortgage obligations		9			7,699			12										9			7,699			12
Asset-backed securities		3			2,818			11		1			2,024			303		4			4,842			314
Corporate debt securities		6			6,034			315		6			3,599			402		12			9,633			717
Total		20		$	20,832		$	379		237		$	387,315		$	41,288		257		$	408,147		$	41,667

Securities Held to Maturity
U.S. government-sponsored enterprises
Tax-exempt		4		$	1,182		$	7		12		$	7,453		$	828		16		$	8,635		$	835
Residential mortgage-backed securities:
U.S. government agencies										4			11,853			2,298		4			11,853			2,298
U.S. government-sponsored enterprises										8			46,841			7,694		8			46,841			7,694
Total		4		$	1,182		$	7		24		$	66,147		$	10,820		28		$	67,329		$	10,827


		December 31, 2023
		Less than Twelve Months								Twelve Months or Longer								Total
		Total # in a loss						Unrealized		Total # in a loss						Unrealized		Total # in a loss						Unrealized
(Dollars in thousands)		Position			Fair Value			Losses		Position			Fair Value			Losses		Position			Fair Value			Losses
Securities Available for Sale
U.S. Treasury securities										43		$	184,057		$	13,863		43		$	184,057		$	13,863
U.S. government-sponsored enterprises										2			2,152			387		2			2,152			387
State and municipals:
Taxable		1		$	995		$	6		65			56,105			10,725		66			57,100			10,731
Tax-exempt		2			575			5		93			66,393			8,613		95			66,968			8,618
Residential mortgage-backed securities:
U.S. government agencies										3			724			34		3			724			34
U.S. government-sponsored enterprises										32			72,671			17,264		32			72,671			17,264
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										4			11,369			360		4			11,369			360
Corporate debt securities										6			3,730			270		6			3,730			270
Total		3		$	1,570		$	11		248		$	397,201		$	51,516		251		$	398,771		$	51,527

(Dollars in thousands)
Securities Held to Maturity
State and municipals:
Tax-exempt		2		$	1,438		$	36		10		$	6,209		$	624		12		$	7,647		$	660
Residential mortgage-backed securities:										0			0			0		0			0			0
U.S. government agencies										4			12,747			2,653		4			12,747			2,653
U.S. government-sponsored enterprises										8			48,409			9,841		8			48,409			9,841
Total		2		$	1,438		$	36		22		$	67,365		$	13,118		24		$	68,803		$	13,154

Summary of unrealized and realized gains and losses


			For the three months ended						For the nine months ended
(Dollars in thousands)			September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Net gains (losses) recognized on equity securities		$	175					$	155		$	(17)
Less: net gains realized on equity securities sold			54						54
Unrealized gains (losses) on equity securities		$	121					$	101		$	(17)