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Investment securities (Tables)

3 Months Ended

Mar. 31, 2025

Investment securities

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


		March 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	164,435		$			$	6,761		$	157,674
State and municipals:
Taxable			74,557			25			9,019			65,563
Tax-exempt			76,091			7			10,969			65,129
Residential mortgage-backed securities:
U.S. government agencies			1,417			1			7			1,411
U.S. government-sponsored enterprises			143,141			258			17,527			125,872
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			1,923						48			1,875
Private collateralized mortgage obligations			34,344			585			127			34,802
Asset backed securities			21,071			40			325			20,786
Corporate debt securities			28,745			1,111			639			29,217
Negotiable certificates of deposit			706			8						714
Total available for sale		$	546,430		$	2,035		$	45,422		$	503,043
Held to maturity:
Tax-exempt state and municipals		$	10,838		$			$	1,119		$	9,719
Residential mortgage-backed securities:
U.S. government agencies			13,473						2,334			11,139
U.S. government-sponsored enterprises			52,378						8,461			43,917
Total held to maturity		$	76,689		$			$	11,914		$	64,775


		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
U.S. government-sponsored enterprises
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

Schedule of maturity distribution


		Amortized			Fair
(Dollars in thousands)		Cost			Value
Within one year		$	75,508		$	74,327
After one but within five years			134,695			127,381
After five but within ten years			75,747			67,787
After ten years			58,584			48,802
			344,534			318,297
Mortgage-backed and other amortizing securities			201,896			184,746
Total		$	546,430		$	503,043


		Amortized			Fair
(Dollars in thousands)		Cost			Value
After one but within five years		$	1,188		$	1,078
After five but within ten years			9,650			8,641
			10,838			9,719
Mortgage-backed securities			65,851			55,056
Total		$	76,689		$	64,775

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


		March 31, 2025
		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				$			$			35		$	157,674		$	6,761		35		$	157,674		$	6,761
State and municipals:
Taxable		2			1,102			1		64			57,137			9,018		66			58,239			9,019
Tax-exempt		7			2,265			44		91			61,452			10,925		98			63,717			10,969
Residential mortgage-backed securities:
U.S. government agencies		1			1,335			6		1			1			1		2			1,336			7
U.S. government-sponsored enterprises		14			23,713			263		31			68,774			17,264		45			92,487			17,527
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										1			1,875			48		1			1,875			48
Private collateralized mortgage obligations		14			11,051			127										14			11,051			127
Asset-backed securities		3			4,602			5		1			1,905			320		4			6,507			325
Corporate debt securities		3			4,363			240		6			3,601			399		9			7,964			639
Total		44		$	48,431		$	686		230		$	352,419		$	44,736		274		$	400,850		$	45,422

Securities Held to Maturity
U.S. government-sponsored enterprises
Tax-exempt		4		$	2,490		$	85		12		$	7,229		$	1,034		16		$	9,719		$	1,119
Residential mortgage-backed securities:
U.S. government agencies										4			11,139			2,334		4			11,139			2,334
U.S. government-sponsored enterprises										8			43,917			8,461		8			43,917			8,461
Total		4		$	2,490		$	85		24		$	62,285		$	11,829		28		$	64,775		$	11,914


		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		$	1,175		233		$	361,723		$	49,250		293		$	428,475		$	50,425

Securities Held to Maturity
Tax-exempt state and municipals		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

Summary of unrealized and realized gains and losses


			For the three months ended
(Dollars in thousands)			March 31, 2025			March 31, 2024
Net gains (losses) recognized on equity securities		$	71		$	(8)
Less: net gains realized on equity securities sold
Unrealized gains (losses) on equity securities		$	71		$	(8)