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Investment securities (Tables)

12 Months Ended

Dec. 31, 2024

Investment securities

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


		December 31, 2024
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	176,302		$			$	8,751		$	167,551
State and municipals:
Taxable			79,341			39			10,481			68,899
Tax-exempt			76,390			7			10,280			66,117
Residential mortgage-backed securities:
U.S. government agencies			1,403			1			28			1,376
U.S. government-sponsored enterprises			145,831			92			19,547			126,376
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			1,927						71			1,856
Private collateralized mortgage obligations			38,366			358			152			38,572
Asset backed securities			23,586			66			400			23,252
Corporate debt securities			31,442			894			715			31,621
Negotiable certificates of deposit			700			9						709
Total available for sale		$	575,288		$	1,466		$	50,425		$	526,329
Held to maturity:
Tax-exempt state and municipals		$	10,846		$			$	1,103		$	9,743
Residential mortgage-backed securities:
U.S. government agencies			13,847						2,643			11,204
U.S. government-sponsored enterprises			53,491						9,286			44,205
Total held to maturity		$	78,184		$			$	13,032		$	65,152


		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		$	77,505		$	76,127
After one but within five years			147,076			137,382
After five but within ten years			74,391			67,208
After ten years			65,203			54,180
			364,175			334,897
Mortgage-backed and other amortizing securities			211,113			191,432
Total		$	575,288		$	526,329

The maturity distribution of the amortized cost and fair value, of debt securities classified as held to maturity at December 31, 2024, is summarized as follows:


		Amortized			Fair
(Dollars in thousands)		Cost			Value
After one but within five years		$	1,189		$	1,069
After five but within ten years			9,657			8,674
			10,846			9,743
Mortgage-backed securities			67,338			55,409
Total		$	78,184		$	65,152

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


		December 31, 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										38		$	167,551		$	8,751		38		$	167,551		$	8,751
State and municipals:
Taxable		2			1,097			6		64			55,712			10,475		66			56,809			10,481
Tax-exempt		6			1,874			41		91			62,329			10,239		97			64,203			10,280
Residential mortgage-backed securities:
U.S. government agencies		1			1,299			27		1			3			1		2			1,302			28
U.S. government-sponsored enterprises		29			40,886			622		31			68,732			18,925		60			109,618			19,547
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										1			1,856			71		1			1,856			71
Private collateralized mortgage obligations		15			12,854			152										15			12,854			152
Asset-backed securities		2			2,659			11		1			1,939			389		3			4,598			400
Corporate debt securities		5			6,083			316		6			3,601			399		11			9,684			715
Total		60		$	66,752		$	1175		233		$	361,723		$	49,250		293		$	428,475		$	50,425

Securities Held to Maturity
U.S. government-sponsored enterprises
Tax-exempt		4		$	2,508		$	66		12		$	7,235		$	1,037		16		$	9,743		$	1,103
Residential mortgage-backed securities:
U.S. government agencies										4			11,204			2,643		4			11,204			2,643
U.S. government-sponsored enterprises										8			44,205			9,286		8			44,205			9,286
Total		4		$	2,508		$	66		24		$	62,644		$	12,966		28		$	65,152		$	13,032


		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

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:
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



(Dollars in thousands)			2024			2023			2022
Net gains (losses) recognized during the period on equity securities		$	132		$	(11)		$	(31)
Less: net gains recognized during the period on equity securities sold during the period			157
Unrealized losses recognized during the reporting period on equity securities still held at the reporting date		$	(25)		$	(11)		$	(31)