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Investment securities (Tables)

6 Months Ended

Jun. 30, 2025

Investment securities

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


		June 30, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)		Cost			Gains			Losses			Value
Available for sale:
U.S. Treasury securities		$	150,570		$			$	5,389		$	145,181
State and municipals:
Taxable			70,773			18			8,339			62,452
Tax-exempt			79,052			21			10,821			68,252
Residential mortgage-backed securities:
U.S. government agencies			10,161			53			12			10,202
U.S. government-sponsored enterprises			151,827			262			17,361			134,728
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			1,919						39			1,880
Private collateralized mortgage obligations			36,997			652			214			37,435
Asset backed securities			20,172			23			305			19,890
Corporate debt securities			24,525			581			665			24,441
Negotiable certificates of deposit			713			7						720
Total available for sale		$	546,709		$	1,617		$	43,145		$	505,181
Held to maturity:
Tax-exempt state and municipals		$	10,829		$			$	903		$	9,926
Residential mortgage-backed securities:
U.S. government agencies			13,069						2,152			10,917
U.S. government-sponsored enterprises			51,239						7,829			43,410
Total held to maturity		$	75,137		$			$	10,884		$	64,253


		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		$	77,671		$	76,485
After one but within five years			113,620			107,609
After five but within ten years			74,776			67,002
After ten years			59,566			49,950
			325,633			301,046
Mortgage-backed and other amortizing securities			221,076			204,135
Total		$	546,709		$	505,181


		Amortized			Fair
(Dollars in thousands)		Cost			Value
After one but within five years		$	1,186		$	1,096
After five but within ten years			9,643			8,830
			10,829			9,926
Mortgage-backed securities			64,308			54,327
Total		$	75,137		$	64,253

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


		June 30, 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				$			$			32		$	145,181		$	5,389		32		$	145,181		$	5,389
State and municipals:
Taxable										64			57,734			8,339		64			57,734			8,339
Tax-exempt		5			3,893			23		91			61,868			10,798		96			65,761			10,821
Residential mortgage-backed securities:
U.S. government agencies		1			6,349			11		1			1			1		2			6,350			12
U.S. government-sponsored enterprises		14			43,714			454		41			67,327			16,907		55			111,041			17,361
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises										1			1,880			39		1			1,880			39
Private collateralized mortgage obligations		15			13,336			190		1			777			24		16			14,113			214
Asset-backed securities		3			5,040			20		3			4,402			285		6			9,442			305
Corporate debt securities										9			7,951			665		9			7,951			665
Total		38		$	72,332		$	698		243		$	347,121		$	42,447		281		$	419,453		$	43,145

Securities Held to Maturity
Tax-exempt state and municipals		3		$	2,339		$	26		13		$	7,587		$	877		16		$	9,926		$	903
Residential mortgage-backed securities:
U.S. government agencies										4			10,917			2,152		4			10,917			2,152
U.S. government-sponsored enterprises										8			43,410			7,829		8			43,410			7,829
Total		3		$	2,339		$	26		25		$	61,914		$	10,858		28		$	64,253		$	10,884


		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

(Dollars in thousands)
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						For the six months ended
(Dollars in thousands)			June 30,2025			June 30,2024			June 30,2025			June 30,2024
Net (losses) gains recognized on equity securities		$	(7)		$	(12)		$	64		$	(20)
Less: net gains realized on equity securities sold
Unrealized (losses) gains on equity securities		$	(7)		$	(12)		$	64		$	(20)